The company's management continues to improve, and the implementation of the fixed increase plan reflects the company's executive ability. in the future, the company is expected to enter the channel of accelerated development and maintain the "overweight" rating.
Event: the company issued a plan for 2021 to issue shares to no more than 35 (including 35) specific investors with a total amount of no more than 3 billion yuan to be issued by inquiry.
With the landing of the fixed increase plan of 3 billion yuan, the foundation of the company's business development will be consolidated. According to this plan, 1.014 billion yuan of the funds raised will be used for the future public health and medical innovation management service projects, 890 million yuan will be used for the future urban wisdom service platform project, and 896 million yuan will be used for the enterprise human resources digital platform project. 896 million yuan will be used to repay bank loans. The company will spend more funds on the construction of traditional medical and health care and smart city business, which will further consolidate the foundation of the company's performance development. In addition, the company will strengthen the construction of the enterprise human resources digital platform project, which means that it will further deepen the customer information construction and change from a project company to a software company.
Compared with the fixed increase plan in 2020, it is changed to the inquiry mode and the fixed increase amount is larger. In August 2020, the company issued a plan to raise no more than 2 billion yuan by issuing shares to China Life Insurance Company Limited as a war investment.
This additional issue plan will raise the scale of fund-raising to no more than 3 billion yuan, increase the number of specific investors, and change to the inquiry mode. We believe that after the implementation of this fixed increase plan, strategic investors will be better introduced, which will significantly promote the future business development of the company from the industrial and capital levels.
Innovative businesses such as Bull Health are expected to make greater breakthroughs. We believe that the proposal of this refinancing plan reflects the executive ability of Guoshou management and their firm confidence in the company's future business. As the first incubator of Guoshou for the company, Manniu Health is expected to achieve deep coordination in resources with the company's big medical and health / smart city business and China Life Insurance Company Limited system, so as to achieve further business development.
Risk factors: the promotion of Bull's health management business is not as expected, and the promotion of Guoshou financing plan is not as expected.
Investment suggestion: the management of the company continues to improve, and the fixed increase plan reflects the executive ability of the company, and the company is expected to enter the channel of accelerated development in the future. We maintain the company's annual revenue forecast of 46.22 yuan in 2021-22-23, 6.36 billion yuan, 7.748 billion yuan, and the company's 2021-22-23 annual net profit forecast of 4.71 yuan, 6.69 yuan / 893 million yuan, and maintain the "overweight" rating.
