Event: controlling shareholder Beida Medical Industry Group Co., Ltd. increased its holdings of 1092404 shares of the company through competitive bidding on the Shenzhen Stock Exchange from July 23 to July 24, 2015, accounting for 0.18% of the company's total shares, with an increase of 19.96 million yuan. After the completion of this increase, Peking University Medical directly and indirectly holds 40.38% of the total share capital of the company. Peking University Medical plans to implement a plan to increase its holdings within three months, with a cumulative increase of no more than 2% of the company's total issued shares.
Divest the API business and create an efficient collaborative pharmaceutical industry chain: as the asset securitization platform of the medical service sector of founder Group, the company undertakes the important task of integrating the group's internal medical service resources in the future. After the company strips off the API business, it will form the layout of the whole industry chain of "preparation-circulation-medical service". In the future, the company will actively look for high-quality resources in line with the main development areas of the company's characteristic drugs, circulation and medical services, seek business cooperation and strategic M & An opportunities, and create an efficient and collaborative pharmaceutical industry chain.
The resources are unique and the group strategy is clear: the future strategy of Peking University Medical Group in the field of medical services is very clear: (1) through the acquisition / cooperation / new mode, the comprehensive + specialist hospital network will be formed to acquire the general hospital as the lead. the general hospital has a large volume, a complete department and a high value of the industrial chain, with the third-level general hospital as the center, and cooperation and trusteeship can be extended to lower-level hospitals in the future. And radiation community health care, and finally form a three-level diagnosis and treatment system in the region, covering the needs of residents in the area, such as medical treatment, pension, rehabilitation, health management and so on. With acquisition, cooperation, new specialist medical institutions as assistance, urology and tumor as the breakthrough, rapid chain replication through the cooperation center model, followed by extension to neurological, orthopaedic, psychological and other areas of advantage.
(2) through the extension of the hospital network value chain, the whole industry chain integration effect can be formed around the hospital value chain to carry out a series of layouts, such as drugs, consumable materials distribution, equipment financial leasing, logistics management, informatization, old-age rehabilitation, health management and so on. form the synergy of the whole industry chain.
The oncology medical service market is over 100 billion, the investment barrier of the specialist hospital is high, and the return is high: the total amount of the oncology medical service market is more than 100 billion, and the added value of the industrial chain is high, while the oncology hospital has the characteristics of "total shortage, public strength and two-level differentiation". Taking into account the high barrier characteristics of the tumor hospital, in the acquisition, new construction, joint venture center, trusteeship and other modes, we believe that the cooperation center model is conducive to rapid replication, and the company will rely on Peking University tumor Management Company in the future. with Beijing-Tianjin-Hebei as the core, through the establishment of a cooperation center to carry out chain oncology specialist medical management and other business, establish a brand oncology specialist medical network. We believe that the top physician resources and excellent management system of Peking University, the capital advantages of listed companies and industrial M & A funds will be the guarantee and competitive barriers for the company to achieve this market share.
Investment suggestion: only calculate the business income of preparation, circulation and service, and it is estimated that the EPS in 15-17 years is 0.14 yuan (excluding the performance increase caused by the one-time income of divestiture), 0.20,0.25yuan, corresponding to PE is 134,93 and 73 times. Considering the whole industry chain layout of oncology medical service and the value of group resource integration platform, the company is given a "buy" rating.
Risk hints: post-acquisition hospital integration risk, the layout of oncology specialist medical institutions is slower than the expected risk, and the merger and acquisition of circulation and equipment business is slower than the expected risk.