The company's 2017 performance forecast is basically in line with expectations, after the state-owned holding company will focus on the main business PBM business development in 2018, 149co-ordinated regional health insurance fund audit service charging model can be landed, the company's profitability will usher in a historic breakthrough.
Event: the company issued a performance forecast for 2017, which is expected to achieve a return net profit of 6-18 million yuan for the whole year, down 36% RMB79% year-on-year before restructuring. After simulated restructuring (the sale of 55% equity in Guangdong Haihong and 100% equity in the trading center), it increased by 6224% year on year. The investment income of this year's major asset restructuring has increased significantly compared with the same period last year. The company's 17-year performance is basically in line with market expectations.
In order to deepen the reform of medical insurance payment mode, "intelligence" will go first. In June 2017, the State Council printed and published the guidance on further deepening the Reform of payment methods of basic Medical Insurance, which issued a document on the reform of medical insurance payment for the first time. The "opinion" points out that it will further strengthen the revenue and expenditure budget management of the basic medical insurance fund, finely manage the medical insurance payment process, standardize medical service behavior, and control the unreasonable growth of medical expenses. The company's "intelligent" medical insurance fund intelligent audit platform realizes the comprehensive audit and monitoring of medical treatment behavior and medical insurance fund payment, completely changes the traditional manual audit mode of medical insurance fund, and greatly saves time cost and labor cost. help local health insurance funds to improve management efficiency, achieve remarkable results in fee control. After years of painstaking layout in the field of medical insurance control fees, the company has brought the "intelligent" medical insurance fund audit service to 149 health insurance areas, and has passed the most difficult stage of service promotion. With the state-owned assets holding, the transformation of the company's identity from "private enterprise" to "central enterprise" is expected to help the landing of the PBM third-party service charging model, and the golden age of the company's PBM business harvest is coming.
Divest the traditional medicine e-commerce business and focus on the PBM business. In 2017, the company's traditional medicine e-commerce and trading business revenue decreased significantly due to policy reasons, in order to meet the overall strategic planning and requirements for the company to concentrate resources on the development of PBM business and big data application after the arrival of the central enterprise China Guoxin, the company has sold this part of its pharmaceutical e-commerce assets through major asset restructuring, focusing on PBM business. The company's PBM business income has increased greatly in the past 17 years, which is mainly due to the growth of platform construction and maintenance fees and a low base for 16 years, but due to the company's continuous investment in market expansion, labor, venues and other costs, the 17-year PBM business is still in a state of loss.
Maintain the "highly recommended-A" rating: the net profit in 2017-19 is expected to be RMB 167,882,000,000, the charging model for the company's health insurance fund audit services is expected to be launched in 2018, and the PBM business segment will achieve overall growth, maintaining the "highly recommended-A" rating.
Risk tips: 1, the landing of PBM business charging model does not meet expectations; 2, the promotion speed of commercial insurance business is slow, and the market competition intensifies.
