After the change of the actual controller of the national venture capital fund last week, the company quickly restarted the non-public offering plan this week, and the pace of the transformation of the company from a private enterprise to a central enterprise holding far exceeded the market expectations, continuously reflecting China Guoxin's determination to vigorously promote the company's PBM business and speed up the landing of health insurance audit services after fully entering the country, and constantly verify the certainty that the company will grow into the "national team" of medical and health big data service in the future.
Event: the company issued a non-public offering plan (revised version) to adjust the non-public offering plan in 2016. the stock price was adjusted from not less than 44.10 yuan per share to 35.44 yuan per share, the number of shares issued was adjusted from no more than 57 million shares to no more than 71 million shares, and the net raised funds did not exceed 2.5 billion yuan. It is intended to be used in the construction project of the real-time intelligent audit platform, with a total investment period of 1.5 years.
The advance speed is faster than expected, showing super executive power. After the company announced a series of actions such as the reorganization of major shareholders and the replacement of actual controllers in December 2018, New Year's Day immediately announced the resumption of the previously suspended private placement plan, focusing on PBM business, a series of actions that demonstrated the company's strong execution after the reorganization. Although the market is still worried about the landing of the company's business model, we believe that after the central enterprise China Guoxin entered the company, the speed of the company's business progress obviously exceeded the market expectations. we are firmly optimistic about the effective improvement of the company's execution and business landing ability after the central enterprises are stationed.
Focus on the main business and highlight the landing of business. We believe that the resumption of SEOs and heavy investment in PBM immediately after the replacement of the actual controller shows the recognition of the new major shareholders of the central enterprise to the company's health insurance fee control business, and reflects the willingness to increase investment. The real-time intelligent audit platform of the company's fund-raising construction can provide the supervision function covering the whole process of medical service (pre-diagnosis prompt, clinic warning, post-diagnosis audit and audit). At the same time, the establishment of medical insurance physician medical service quality evaluation management system and insured intelligent medical file service system will promote the standardization of medical treatment behavior and improve the independent management level of medical service institutions. Speed up the realization of reasonable cost control of the medical insurance fund, and speed up the promotion of the company's third-party fund management model, and increase the contribution of PBM business to the company's income. At the same time, with the continuous expansion of real-time intelligent audit business, the company continues to accumulate massive diagnosis and treatment data, which establishes a solid foundation for the company to promote medical big data service, which is conducive to the promotion of new health TPA and other business in the future, and the company's profit level will be greatly improved.
"highly recommended-A" rating: we believe that the company's resumption of fixed growth will speed up the improvement of PBM business service level and promotion in the country, and enhance the company's profitability and operating performance. It is estimated that the net profit for 2017-19 will be 0.21 million RMB 167pm, maintaining the "highly recommended-A" rating.
Risk tips: 1, the non-public offering of shares still needs to be approved by the China Securities Regulatory Commission; 2, the landing of PBM business charging model is not up to expectations; 3, the promotion speed of commercial insurance business is slow, and the market competition intensifies.