Event: the company released its mid-year report in 2010. during the reporting period, its revenue fell by 25.97% with 89.07 million yuan, and the net profit attributed to shareholders of listed companies was-7.71 million yuan, compared with 6.16 million yuan in the same period last year. At the same time, the company announced that it intends to acquire a total of 51% of the shares held by Tibet Daming and Xue Weiwei in Tianyuan Maternity Hospital, with an initial estimate of 165 million yuan.
Income recognition is a drag on performance, assisted reproduction or the next city.
Affected by the epidemic and revenue recognition and other factors, the company's revenue declined significantly in the first half of the year. Q2 realized revenue of 72.69 million yuan with a drop of 8%, narrowing the decline of-60% compared with Q1. In terms of sub-structure, the proportion of homemade software revenue increased during the reporting period, while the proportion of overall solution revenue decreased, and the comprehensive gross profit margin of medical IT products increased to 80.95% from 76.01% in the same period last year. The company's production capacity has returned to normal in previous years, and the company's medical IT business is expected to recover quarter by quarter as new demand such as the five major emergency centers increases.
Tianyuan Obstetrics and Gynecology Hospital to be purchased by the company is a tertiary gynecology and obstetrics hospital in Heilongjiang Province, which has good technical reserves in the three major fields of obstetrics and gynaecology, assisted reproduction and infertility and pediatrics, among which the department of assisted reproduction and infertility has been approved to carry out husband sperm artificial insemination (AIH). The company has acquired Haikou Mary Hospital and plans to invest in Beijing Guowei Reproductive Health specialist Hospital Co., Ltd. Tianyuan Hospital is expected to become a new important layout of the company in the field of assisted reproduction.
Long-term growth of two-wheel drive
The company implements the two-wheel drive strategy: in the field of CIS, it accelerates the development of "operating room", "ICU" and "emergency first aid", continuously strengthens the product advantages and market barriers in the operating room, improves the ICU market penetration, and uses the emergency first aid in the five specialty centers to realize the coordination between the hospital and the hospital. In the field of assisted reproduction, Hainan Mary Hospital as the starting point, including Beijing Guowei Hospital, Tianyuan Hospital is an important layout in this direction. The industry concentration in the field of assisted reproduction is low, and the company is expected to achieve rapid expansion by means of extension with the help of the advantages of listing platform.
Investment advice:
Maintain the EPS of 0.67,0.81,0.95 yuan per share respectively from 2020 to 2022, and maintain the "overweight" rating.
Risk Tips:
Mary Hospital integrates the risk of falling short of expectations, the risk of systematic fluctuation in the market, the risk of intensified competition in the homemade software market, and the risk of shareholder reduction.