Medical informatization enables assisted reproduction, has great potential for development, covers for the first time, gives the "buy" rating company as the leader in the subdivision of medical informatization, and transforms the layout of the market for assisted reproductive services. the use of information technology to enable assisted reproduction has great potential for development. It is estimated that the income from 2020 to 2022 will be 355 million, 690 million and 976 million respectively, the net profit from home will be 53 million, 128 million and 191 million respectively, and the EPS will be 0.37, 0.87 and 1.31 yuan, respectively. The current stock price corresponding to Pmax E will be times that of 117-49-33, with a "buy" rating for the first time.
The resources of assisted reproductive services are unevenly distributed, and the management ability and the team of doctors are more important than the number of licenses. According to the demand, China's penetration rate in 2018 is only 7%, and there is more room for expansion in the future. From the supply point of view, the industry is highly dispersed, 80% of the assisted reproductive center business is not saturated, compared with the number of licenses, improving the passenger capacity and operating capacity of each assisted reproductive center is the key to future development. The four core elements of the assisted reproductive center are license, doctor, operation and brand. The total number of licenses is overmatched, and the application process is long and difficult, so the barrier is high; the ovulation induction program has high requirements for doctors, but the doctor training model can be replicated; the purpose of operation is to improve customer satisfaction and form a differentiated competitive advantage; a good brand can improve customer acquisition ability. It is expected that in the future, the industry will develop rapidly under the promotion of commercial insurance, Internet +, industrial chain expansion and other factors.
McGrady Technology: license plate, doctor, operation and brand work together in four dimensions. IT enabling and whole-course management can break through the treatment regionality, and the medical couplet model helps the future license integration.
In terms of license, the company has acquired and plans to acquire three assisted reproductive hospitals, forming a layout of one south, two north, and will continue to deepen the formation of a national layout in the future. In terms of the doctor team, Professor Kuang Yanping, director of the assisted Reproductive Center of the Shanghai Ninth Hospital, is a specially invited consultant of the company. its first PPOS program is one of the three major ovulation induction technologies in the world, which is safe and easy to popularize, and can break through regional restrictions and improve the technical level of doctors. At present, the company has cooperated with Professor Kuang in related fields. As for the operation team, the team with rich experience in assisted reproductive medicine and operation will use IT to enable assisted reproduction to form an online and offline closed-loop operation system with full-course management to enhance the medical experience. In terms of brand building, the acquisition of the National Health Hospital under the Research Institute of the Health Commission can form a unified brand and enhance the influence of the brand.
Risk hint: the integration of assisted reproductive hospitals is not as expected, and the application of Internet medical technology is not as expected.