Event
Junyao Medical, a subsidiary of the company, plans to invest about 7.75 million yuan to increase the capital of Zhibei Medical after receiving about 42.7% of the shares held by Muyi Science and Technology, Youyuehui, Redwood Mingde and Iridium Hezhen. Through the above transfer and capital increase, the company contributed a total of about 27.75 million yuan and obtained about 68.2% of the equity of Zhibei Medical.
Zhibei Medical deeply ploughed pediatric diagnosis and treatment services, and gradually expanded to family medical services. Zhibei Pediatrics was established in Guangzhou in 2016 and officially upgraded to Zhibei Medical Service in July 2019. Business development: (1) Zhibei Medical takes pediatrics as the starting point, after five years of development, it has set up a number of departments, such as pediatrics, child health care, child respiration and neonatal specialties, and has upgraded many medical services. Through Zhibei online consultation, parenting classes and other Internet products to provide closed-loop medical services. (2) on the basis of pediatrics as a flow department, and from the point of view of women's skin health management, Zhibei Medical Care has set up medical beauty services, skin chronic disease management and other projects to develop family medical services. create a "pediatric (family) economy" model to provide more comprehensive and convenient medical services.
Improve the strategic layout of pediatrics direction and play a synergistic role
The Department of Health and Pediatrics focuses on the diagnosis and treatment of "full development" of children and adolescents. Yahn Health is committed to providing personalized behavioral and psychological training and intervention for children with language disorders, growth retardation and autism spectrum disorders. the company plans to supplement the "medical" ability of 0-3-year-old children as the main service through the transfer and increase of medical equity in Zhibei. To further improve and enrich the strategic layout of the company's medical and health business sector in the direction of pediatrics, professional complementarity, service coordination, resource sharing and intensive management with Jangao Pediatrics and Arne Health, consolidate the company's pediatrics development strategy of "healthy companionship of children in the whole growth cycle".
Make up the gap in South China and expand the chain layout of the whole country
As of 2022Q1, the Department of Pediatrics has opened 16 growth and development clinics in 12 cities, including Shanghai, Hangzhou, Chengdu and Chongqing, and 15 service centers in 7 cities such as Beijing, Shanghai, Hangzhou and Chengdu. Kangao Pediatrics and Yahn Health mainly distribute the southwest market and East China market. As of 2022.5, Zhibei Medical has established chain medical institutions in Guangzhou, Shenzhen, Foshan, Zhongshan, Nanning and Kunming. The company intends to make up for the gap of Junyao medical pediatrics system in South China in terms of location distribution and expand the national chain layout through the transfer and capital increase of the equity of Zhibei Medical.
Investment suggestion
In the short term, with the improvement of the epidemic, the commercial retail and food and catering sectors are expected to release performance flexibility; in the long run, the light luxury industry has broad market space, the company continues to adjust and upgrade to improve the efficiency of the flat, and the retail department store business is expected to achieve steady growth. Under the catalysis of the epidemic, the fresh distribution and convenience store industry ushered in new development opportunities. The company opened fresh and strengthened stores and won the 7-Eleven Hubei management right to explore and join the chain expansion model, which is expected to further strengthen the main retail industry. After the company acquires Jiangao Medical, Shuyang Central Hospital and Ya'en Health, and cuts into the medical and health field, after integrating Zhibei Medical, it is expected to give full play to the synergy effect, multi-track linkage empowerment, and become a new performance growth point. We estimate that the company's EPS in 2022-2024 will be 0.26,0.30,0.33 yuan per share respectively, and the corresponding share price PE will be 18,16,14 times respectively, maintaining a "buy" rating.
Risk hint
The integration of mergers and acquisitions is not as expected; the cultivation of the medical sector is not as expected.
