Investment events:
(1) China's new national venture capital fund has increased its capital by 500 million yuan and has a 75% stake in China Sea Heng. The National Venture Capital Fund indirectly controls Haihong Holdings by controlling Zhonghai Heng, and China Guoxin becomes the actual controller of Haihong Holdings. (2) adjust the non-public offering plan: no more than 71 million shares will be issued to no more than 10 investors, the unit price is 35.44 yuan per share, the total raised funds shall not exceed 2.5 billion yuan, and the share lock-up period is 36 months. The investment project is a real-time intelligent audit platform construction project.
Change the actual controller, the company has entered a new era. China Guoxin's national venture capital fund holding Zhonghai Heng became the controlling shareholder of Haihong Holdings. China Guoxin has become the actual controller of Haihong Holdings, while China Guoxin is a wholly owned subsidiary of SASAC. Now the company has the background of state-owned assets. The replacement of the actual controller will inject more resources into the company and help the company enter a new era in the areas of health insurance control and health care.
Streamline business + raise funds, fully develop PBM and health big data business. In order to focus on the main business of PBM, the company transferred 55% equity of Guangdong Haihong Pharmaceutical Electronic Commerce Co., Ltd and 100% equity of Haihong Pharmaceutical Electronic Trading Center Co., Ltd. to Wang Zhongyong at a price of 168.0635 million yuan and 1 yuan respectively. The company spun off some of the assets of traditional medicine e-commerce and trading business, focusing on PBM business and big data application business. And the company will issue no more than 71 million shares at a unit price of 35.44 yuan per share and raise no more than 2.5 billion yuan to invest in the real-time intelligent audit platform construction project to help the company's PBM and medical and health big data business development.
With the payment side to cut into the medical health ecology, open up the space for business growth. The company actively distributes the field of medical insurance payment. at present, the company has carried out 201 medical insurance service projects in 23 provinces and 149 overall planning units (8 provinces, 96 prefecture-level cities and 45 county-level cities). With the development of commercial health insurance, the company is expected to enter the field of commercial health insurance audit and fee control by virtue of the layout of health insurance business and product advantages. The payment side is an important link in the big health ecology, and the company is expected to cut into the big health field relying on the layout of the payment side, which will open up the company's business growth space.
Investment suggestion: it is estimated that the company will have an "over-holding" rating of RMB 0.15 for the company's 2017 EPS, 2018, 2018, and 2019, corresponding to PE 5878.88, 1758.80, 288.88.
Risk hint: business development is not as expected