大东方发布《关于以集中竞价交易方式回购公司股份方案的公告》。基于对公司未来发展的信心和对公司长期价值的认可，为完善长效激励机制，提高团队凝聚力，维护广大投资者利益，增强投资者信心，公司拟使用自有资金以集中竞价交易方式回购公司股份。回购价格：不超过人民币7.12 元/股。回购资金总额：不低于人民币3,000 万元（含），不超过人民币5,000 万元（含）。Grand Oriental publishes its 2022 annual report. The company achieved operating income of about 3.130 billion yuan in 2022, a year-on-year decrease of 54.68%; net profit of Guimo was about 174 million yuan, down 72.80% from the previous year; net profit after deducting non-Gumo's net profit was about 0.1 billion yuan, a decrease of 93.43% over the previous year. The company's revenue was slightly better than expected. The net profit of the company fell below the median annual report performance forecast and was slightly lower than expected. After deducting the net profit of the non-return mother, it was basically in line with expectations.
The company's strategy highlights the “dual-core main business” position. The company will continue to focus on the retail business, continue to cultivate large-scale development of the healthcare service business, highlight the “dual core business” position of listed companies in modern consumer and healthcare, supplement the investment business in the fields of high technology, new materials and other fields as multi-point support, and work simultaneously to divest businesses with uncertain industry prospects and low growth expectations, and introduce businesses with both development space and industrial prospects to the company.
The company has built nearly 50 child health care service chains. The company's pediatric medical business revolves around “Jiankao Pediatrics” for the full development of children, “Yann Health” with child psychology and child speech as the core, and “Zhibei Medical” with child health services as the core. Through the development model of asset light, standardization, and chain integration, the company has laid out more than 30 large and medium-sized cities across the country.
Dadongfang issued the “Notice Concerning the Plan to Repurchase Company Shares through Centralized Auction Transactions”. Based on confidence in the company's future development and recognition of the company's long-term value, in order to improve the long-term incentive mechanism, enhance team cohesion, safeguard the interests of investors, and enhance investor confidence, the company plans to use its own capital to buy back the company's shares through centralized bidding transactions. Repurchase price: no more than RMB 7.12 per share. Total repurchase capital: not less than RMB 30 million (inclusive) and not more than RMB 50 million (inclusive).
The company plans to continue to pay dividends. The company plans to distribute a cash dividend of 0.70 yuan (tax included) for every 10 shares to all shareholders.
As of December 31, 2022, the total share capital of the company is about 885 million shares. Based on this calculation, the proposed cash dividend will be about 61.93 million yuan (tax included).
Investment advice: We expect the company's traditional main business to be stable and that the medical business can maintain a high growth rate. From 2023 to 2025, the company's net profit after deducting non-returns to the mother will be 80 million, 90 million yuan, and 100 million yuan respectively. From a comparable perspective, the average PS of medical service companies in the industry was about 10.1 times, and after excluding the department store food business, Dadongang's PS was 2.17 times. Maintain a “buy” rating.
Risk warning: macroeconomic and policy risks; industry competition risks; medical service business is still in the nurturing period, management and business risks.
