Continuous fall, efficient implementation, the emergence of the ecological map of medical beauty
The asset securitization of the medical and beauty industry chain has begun, and the leader has opened the vertical and horizontal maneuver. Firm layout / efficient implementation / well-funded enterprises have the advantage of first-mover in integrating high-quality resources. The company is positioned as a technology / material provider / service provider in the beauty and health industry of the Olympic Park Group. The acquisition of Liantianmei Hospital cut into the Medical and Beauty Raceway, through a series of strategic cooperation, the reorganization of human collagen / kinetic energy lipolysis needle / postpartum medical beauty, etc.; the real estate business divestiture is imminent, demonstrating the group's support, transformation determination and efficient implementation. Stock option incentives help stimulate enthusiasm, global partnership plans to consolidate the momentum of medium-and long-term development, and Aoyuan Group is rich in resources and is expected to provide diversified synergy. The company's Medical and Beauty Ecology is expected to give birth to more possibilities. It is estimated that in 21-23, the EPS 0.24 EPS 0.34 Universe 0.45 yuan, the first coverage to give an overweight rating, the target price is 22.55 yuan.
Medical beauty: the transparency of industrial information is expected to gradually improve, and consumer pricing power has become a new competition point. in 19 years, the medical beauty market in China has a scale of 1769 billion yuan / yoy22.2%, 1000 diagnosis and treatment times (14.8) has more room for improvement than developed countries. In the early stage of the development of medical beauty, the supply of compliance is scarce / the degree of information asymmetry is high, the period of user decision-making is long, and the cost of obtaining customers is high. Light medical beautification / stringent supervision / capital assistance, the transparency of the industry is enhanced, and the consumption threshold is reduced. Around the consumer pricing power, the value distribution of upstream manufacturers, medical platforms and downstream institutions is expected to be reconstructed. Upstream: from channel thinking to brand thinking, it is expected to rely on new indications / new dosage forms / new materials to continue to open up market segments. Platform: it is extending the industrial chain and providing standardized solutions. Downstream: the leading horse racing enclosure with strong financial advantages, relying on brand advantages / economies of scale / management efficiency in the medium and long term, optimizing marketing / consumables / doctors and other costs to improve the profit center.
Aoyuan Meigu: beauty and health industry service providers, materials manufacturers, science and technology providers, constantly falling, the territory is emerging service providers: the company acquired 55% of Liantianmei shares in Zhejiang Medical and Beauty Hospital in March 21; join hands with Senoxiu and beautiful mothers to open up a new battlefield of postpartum medical beauty. Material merchants: rely on green fiber to enter the field of medical and aesthetic upstream raw materials; hand in hand with Dalian muscle source science and technology, new products have been released. Science and technology business: join hands with Jinan University and Jiyuan Biology to distribute recombinant human collagen-like three kinds of medical devices, and cooperate with South Korean light medicine American manufacturer KD Medical. The management industry is rich in resources, a clear division of labor, efficient implementation, stock option incentives help to stimulate enthusiasm; Aoyuan Group is rich in resources and full support, Hainan Lecheng advance subsidiary Omeyue is expected to enjoy the dividend of Hainan high-end medical policy.
The ecological map of Meimei is expected to give rise to more possibilities. for the first time, the 21-year net profit of Meimei is 114 million yuan, which can be PE160 times higher than the company's 21-year Wind consensus expectation, and the profit volume is small / the extension has not yet landed. It is given a 21-year 140x PE, with a target market value of 15.9 billion yuan. The 21-year net profit of chemical fiber is 35.16 million yuan, which is comparable to the company's 21-year Wind consensus average PE19 times, with a 21-year 19-fold PE and a target market value of 670 million yuan. The reference transaction price of the real estate is 1.02 billion yuan, and the total market value is 17.6 billion yuan. For the first time, the overweight rating was given, with a target price of 22.55 yuan.
Risk tips: slow business landing; M & An integration synergy is difficult to show; shareholder reduction risk; market style switch, medical sector valuation callback; senior management team / control / governance structure and other changes.