The original business gradually shrank, and the strategy cut into the Great Medical Race track. On May 5, 2020, Jinghan Holdings, the company's former controlling shareholder, signed an equity transfer agreement with Aoyuan Kexing, transferring a total of 229231817 unlimited tradable shares to Aoyuan Kexing. In November of the same year, the listed company changed its name to Aoyuan Meigu. The controlling shareholder will provide diversified and multi-dimensional potential customer resources and application scenarios through the existing industrial ecosystem to promote the development of the medical and beauty industry.
Equity incentive binds the interests of core managers to mobilize organizational vitality and improve efficiency. The company intends to grant a total of 18.2 million stock options to 14 directors, executives and core managers, accounting for about 2.33% of the total share capital, with an exercise price of 12.62 yuan per share. The 100% exercise target in the equity incentive plan is that the net profit in 2021 and 2022 will increase by no less than 390% and 1390% respectively compared with 2020, and the corresponding net profit will not be less than 187 million yuan and 569 million yuan respectively.
Acquire the assets of high-quality medical institutions and focus on the development of the main business of medical beauty. The company acquired 55% of Liantianmei with 697 million yuan in cash. Liantianmei subordinate to Liantianmei, Victoria two hospitals, are established medical institutions in Hangzhou. Liantianmei / Victoria Hospital has an income of 24118 yuan / 28335 yuan and a profit of 4023 yuan / 4537 yuan in 2020. In 2020, Liantianmei has an income of 490 million yuan, a net profit of 90.547 million yuan, a gross profit margin of 55.0% and a net profit rate of 16.7%. The competitive advantage is obvious: 1 the technical advantage is excellent: its hospitals have more than 20 patented technology. it is the first batch of 5A medical institutions certified by China plastic and Aesthetic Association (due in December 2020, the qualification is temporarily retained), and the fourth-tier highly difficult surgery qualified hospital. 2 the hospital doctor team is strong: there are 58 doctors, 5 senior doctors, 8 deputy senior doctors and 16 specially appointed experts in its hospitals; 3 after years of business precipitation, it has gained a wide range of users by virtue of word-of-mouth: it has more than 300000 members and 80,000 annual active users.
Industry-university-research transformation, layout of recombinant humanoid collagen market. The wholly-owned subsidiary of Aoyuan Meigu signed a "strategic cooperation agreement" with Jiyuan Biology, and reached a preliminary intention to seek medical treatment, US-industry-university-research cooperation.
Jiyuan has successfully developed a series of recombinant human-like collagen raw materials through genetic engineering and fermentation technology, which has been applied in some high-end medical and beauty skin care products in some markets. in the future, the company will jointly promote the application of recombinant human-like collagen for three types of medical devices.
Set up M & A fund Luozi "fullerene" to empower muscle source science and technology projects. The wholly-owned subsidiary signed the "Equity Investment (transfer) intention Agreement" with three companies, including Dalian Jiyuan Pharmaceutical, and proposed to use M & A funds to acquire 51% and 70% of the shares in the underlying company. The investment valuation is made when the average main business income of the target company in 2021-2023 is not less than 100 million yuan and the net profit is not less than 30 million yuan. Dalian Jiyuan is a professional provider of medical and cosmetic products, with "fullerene" brand products, which is widely welcomed by the market.
Cooperate with KDM of Korea to expand the layout of upstream medical and beauty products. Aoyuan Meigu and South Korea's KDMedical signed a "strategic cooperation agreement" to reach a preliminary intention on cooperation in the beauty and health industry. KDMedical specializes in the manufacture and sales of medical devices for medical beauty, with a rich layout of light medical products, including fat-soluble injection products, skin-improving kinetin, high-cycle therapeutic devices, sodium hyaluronate for injection, etc., a number of products have been certified by multi-national quality system, and the sales range covers more than ten countries, such as China, the United States, Japan and so on.
Consolidate the layout of medical beauty, link up and down the industrial chain: through Liantianmei's successful mergers and acquisitions, the middle reaches accumulate experience in post-investment management, resource integration, customer integration, data integration, material supply integration, cash flow integration and other essential factors, and cultivate a team. lay the foundation for the next large-scale merger and acquisition of medical hospitals; continue to accumulate high-quality upstream enterprise products, sales channels, technical reserves, such as Jiyuan biology, muscle source pharmaceuticals, etc. The downstream medical beauty channel end card position, explores the vertical light medical beauty brand chain collection store. Make use of the pipeline reserve of the upstream products of Meimei.
Investment suggestion: the company continues to promote the systematic arrangement of the real estate sector during the year, and will focus on the development of medical and beauty business in the future. After the divestiture of the real estate sector (the current transaction mode and transaction price are still uncertain), the income of this business to the company is reduced, and the future revenue of the company is mainly contributed by Green Fiber / Medical Beauty, of which the 40,000 ton project of Green Fiber Phase I was officially put into production in 21 years. It is estimated that the contribution income of chemical fiber / medical beauty in 21 years will be 677 million yuan / 558 million yuan respectively. We estimate that the company's income from 2021 to 2023 will be 2.126 billion yuan / 2.744 billion yuan / 3.764 billion yuan respectively, with a growth rate of 7.0%, 29.0% and 37.2% respectively, and the net profit will be 168 million yuan / 270 million yuan / 423 million yuan respectively. Select the shares of A-share related companies Huaxi Biology, Aimek and Longzi as comparable companies, with an average PE of 141x in 2021, giving the target market capitalization of RMB 23.81 billion in 2021, with a corresponding stock price of 30.48 yuan. Give a Buy-An investment rating.
Risk tips: the epidemic situation is repeated, the progress of strategic transformation is not as expected, and the layout of the medical and beauty industry is not as expected.