On the evening of July 12, Aoyuan Mei Valley issued a half-year performance forecast for 2021. The company is expected to turn losses into profits in the first half of 2021, realizing net profit of 0.48-58 million yuan and basic earnings per share of 0.0614 yuan per share-0.0742 yuan per share.
Comments:
The turnaround in the first half of the year is mainly due to Liantianmei, and the chemical fiber sector has also contributed. The company issued a semi-annual performance forecast for 2021, 2021H1 achieved a net profit of 0.48-58 million yuan, a substantial improvement over the same period last year net profit loss of 193 million yuan. The main reasons for the company's turnaround are as follows:
1) Lian Tianmei brings positive contribution. In March 2021, the company acquired 55% stake in Zhejiang Liantianmei, the leading institution in East China, and realized the merger in the second quarter, bringing positive marginal contribution. Liantianmei realized a net profit of about 23 million yuan in the second quarter of 2021 and a net profit of about 12.5 million yuan. At present, the demand for medical beauty is growing rapidly, and the industry supervision is stricter and the epidemic is superimposed to accelerate the development of small and medium-sized institutions. We continue to be optimistic about the outbreak and growth of the profitability of head medical institutions such as Liantianmei in the future.
2) the demand of chemical fiber plate recovers and the performance picks up. Last year, the production and sales of the chemical fiber plate were affected by the epidemic to a certain extent. This year, the demand for chemical fiber has gradually recovered, and the performance of the chemical fiber sector has gradually rebounded. The first phase of 40,000 tons of green fiber has been officially put into production in April 2021.
3) Real estate projects contribute part of the revenue. The company has real estate projects to meet the completion conditions, confirmed revenue of about 580 million yuan.
The strategic territory of the company is gradually realized. In the first half of 2021, the management of the company efficiently and quickly completed a series of actions, such as the acquisition of two hospitals under Liantianmei, the signing of strategic cooperation with the upstream Jiyuan Biology, the introduction of equity incentives, the divestiture of the real estate business, and so on. The company will focus on creating a pure medical platform to make up for the revenue gap after the purchase of real estate projects, and achieve the goal of equity incentive plan 21 / 22 net profit of 1.87 / 569 million yuan.
It is expected that the company will accelerate the integration and landing of resources in the second half of the year, especially in the third quarter, and the development of the company's medical and beauty business will be accelerated.
Investment suggestion: Aoyuan Meigu actively enter the medical and beauty track, through mergers and acquisitions, strategic cooperation, improve the upstream collagen raw materials, mid-stream medical beauty skin care products, downstream medical beauty institutions multi-field layout, lay the foundation for the future to build a perfect medical beauty industry chain. It is suggested to actively pay attention to the follow-up development of the company According to the guidelines of the equity incentive scheme, the company's 22-year net profit of 1870.569 million yuan can reach the exercise condition.
Risk tips: the progress of asset transfer is not as expected, the volatility of operating income is increased, and the policy supervision of the medical and beauty industry is strengthened.