Main points of investment
Investment events: (1) the income in the first three quarters was 293 million yuan, an increase of 27.18% over the same period last year; the net profit was 34.6734 million yuan, an increase of 34.98% over the same period last year; and the non-return net profit was 28.6865 million yuan, an increase of 28.44% over the same period last year. (2) in the third quarter, the income was 107 million yuan, up 25.17% from the same period last year; the net profit from returning to the mother was 13.4419 million yuan, up 16.78% from the same period last year; and deducting 9.5336 million yuan from the same period last year, down 6.
75%. (3) the company plans to issue no more than 23.4612 million shares and raise no more than 555 million yuan in non-public offerings, and the investment project is "Intelligent Hospital Integration Construction Project based on Internet of things and big data Technology".
Three quarters reported good growth, with a double increase in gross net profit margin. Medical IT boom, the company as a high-quality medical IT industry enterprises, business to achieve rapid development. In the first three quarters of 2019, the company's revenue grew by 27.18%, and its net profit grew by 34.98%. In the first three quarters, the gross profit margin and net profit margin were 46.40% and 11.68% respectively, an increase of 2.41 percentage points and 2.13 percentage points respectively over the same period last year.
Proposed non-public offering, fund-raising project business space is broad, open the company's business development space. The company plans to issue no more than 23.4612 million shares and raise no more than 555 million yuan in total. The project is "Integrated Construction Project of Intelligent Hospital based on Internet of things and big data Technology". Internet of things, big data and other new technologies have begun to affect the medical field, medical institutions have a strong demand for related products. According to the current market situation, the amount of transformation projects of medical institutions based on the Internet of things, big data and other technologies is usually as high as 10 million. There are a large number of data from domestic medical institutions, with more than 10,000 data from secondary hospitals and above. With the development of technology and the improvement of product penetration, the market space of related products is broad. The company raises funds to develop and optimize the solutions of smart hospitals based on the Internet of things and big data technology, which will help to enhance the company's overall competitive advantage and open up new space for business development.
Strategic cooperation with China Unicom, Tencent and other industry giants to jointly create an ecological system of smart medical industry. In April 2019, the company cooperated strategically with Unicom Sichuan Branch to cooperate in the field of information construction of medical institutions and health care departments in Sichuan Province. including the development of large-scale medical institutions in Sichuan hospital information system, regional medical information platform and so on. In June 2019, the company signed a strategic cooperation agreement with Tencent Cloud to carry out comprehensive cooperation in the medical field around products and capabilities such as medical wisdom cloud, artificial intelligence, big data and medical security, relying on existing technologies and achievements. The company cooperates strategically with China Unicom, Tencent and other industry giants to borrow strength in many ways to benefit the development of the company's smart medical business.
Investment advice: the company is expected to have a "buy" rating of RMB 0.69, 0.99, EPS 1.41 yuan, corresponding to PE39.19/27.37/19.11 times, in 2021.
Risk hint: business development is not as expected, and the landing of fund-raising projects is slow