Q1 performance declined under the influence of the epidemic, Q2 turned losses into profits, and Q3 continued to make profits under good and meticulous management.
The company released three quarterly results for 2020: in the first three quarters, the company achieved revenue of 170 million yuan, down 4.72% from the same period last year; net profit from its mother was 1.7677 million yuan, down 83.73% from the same period last year; and net operating cash flow was-1.2478 million yuan, an increase of 96.31% over the same period last year. 2020Q3 achieved revenue of 81 million yuan, an increase of 39.6% over the same period last year, and a net profit of 9.4764 million yuan, an increase of 101.46% over the same period last year. The company is the leader in the field of medical information segmentation, the transformation of the layout of assisted reproductive services market, the use of information technology to enable assisted reproduction has greater development potential; it is estimated that the 2020-2022 net profit of homing is 53 million, 128 million, 191 million, respectively, and the EPS is 0.37, 0.88, respectively. 1.31 yuan, the current stock price corresponding to Pmax E is 125-52-35 times, to maintain the profit forecast unchanged, to maintain the "buy" rating.
The proportion of the company's assisted reproductive business has gradually increased, and the profitability of Queen Mary Hospital continues to increase with the recovery of the epidemic. As of 2020Q3, minority shareholders' rights and interests increased by 4.46 million yuan, or 52.95%, compared with the amount at the beginning of the year. This is mainly due to the increase in minority shareholders' rights and interests caused by the profits of the controlling subsidiary Mary Hospital. Due to the company's 51% stake in Queen Mary Hospital, Mary Hospital made a total profit of about 9.1 million yuan in the first three quarters of 2020. As of the net profit of 2020H1-Mary Hospital is 5.1 million yuan, the net profit of 2020Q3-Mary Hospital is about 4 million yuan. The proportion of medical IT business and assisted reproductive business in the company's 2020Q3 net profit is about 80% and 20%, and the proportion of the company's assisted reproductive business is gradually increasing.
License plate, doctor, operation and brand work together in four dimensions. IT and the whole course of disease management can break through the regional nature of treatment, and the medical couplet model will help 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 and two north, which 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 Shanghai Ninth Hospital, has cooperated with the company. Professor Kuang's first PPOS program is one of the three major ovulation induction technologies in the world. It is safe and easy to popularize, and can break through regional restrictions and improve the technical level of doctors. 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.