Key points of investment:
Acquire Shixuan Technology, enter medical informatization, and lay out smart medical care. The company used “equity+cash” to acquire 100% of Shixuan Technology's shares with 690 million yuan. Shixuan Technology promised that 2015-2017 net profit would not be less than 4688/5859/734 million yuan, which is 0.94/1.17/1.46 times the net profit of the listed company in 14 years, respectively. Shixuan Technology is a leading provider of medical informatization solutions in China. Its business covers digital hospitals, regional hospitals, personal health services, etc., with outstanding competitive advantages.
Use synergistic effects to deepen the Big Health layout. In the healthcare sector, the company has invested in Daqian Biology (in vitro diagnostic reagents) and Exxon Biology (diagnostic instruments), holding 40% and 51% of the shares respectively. Acquiring 100% of Shixuan Technology's shares to enter smart healthcare, and the tripartite collaboration will enhance the company's comprehensive strength in the field of smart healthcare.
The competitive advantage of Shixuan Technology is obvious. Shixuan Technology has a complete product line. Self-developed products such as HIS, PACS, RIS, LIS, EMR, clinical pathways, mobile medical systems, medical examination information systems, integrated platforms, and data centers have been widely used in many medical institutions across the country. With its comprehensive competitive advantage in the medical informatization industry, Shixuan Technology has strong business expansion and replication capabilities. Through continuous expansion into new regions and fields, its business has now spread across 22 provinces, municipalities directly under the Central Government, and autonomous regions across the country.
Profit forecast:
The company has accelerated the transformation of health care and formed a “smart medical+smart grid” two-wheel drive pattern. Performance growth is rapid and is expected to continue, and healthcare is expected to become a new growth point for the company's performance. It took a stake in Daqian Biology and held Exemb to improve the in-vitro diagnosis layout, then acquired Shang Shixuan Technology, a leader in medical informatization, to achieve business collaboration and promotion with in vitro diagnosis, and actively entered the C-side health management business. The 2015-2017 EPS is expected to be 0.32 yuan, 0.47 yuan, and 0.60 yuan. In the context of the “Healthy China” strategy, the company was given an “increase in holdings” rating for the first time.
Risk warning: The development of industries such as medical informatization, in vitro diagnosis, distribution network construction, etc., and the company's related performance did not meet expectations.