600763.SH said in a survey on Aug. 11 that 38 dandelion hospitals have been operated, established and planned. Among them, 16 have opened (9 of them have made a profit), 13 are being renovated, 2 are signed to lease, and 7 have completed the relevant site selection planning, a total of 38. At the dandelion level, the overall revenue is 83.22 million, and 13 companies have completed delivery during the year, so labor costs will be increased compared with 2020. Dandelion branch dividend rules: after reaching the cumulative profit, the remaining 70% dividend will be left after deducting 30% of the development fund according to the net profit of the previous year, as normal, it will help to enhance the enthusiasm of dandelion partners. Ningbo is the key area of the company, and it is hoped that Ningbo can have the market position of Hangkou scale through 3-5 years.
The specific questions and answers are as follows:
Q: how was the climbing of the dandelion hospital that opened in the first half of the year? What is the break-even point?
A: it is much better for dandelion to send its own team than to find a local doctor. In Wenzhou, it has also given up local doctors to join and use their own team to complete the first step of cultivation and climbing. FuyangCompared with Wenzhou, it is necessary to open a large hospital in order to form a competitive advantage, which basically achieves 800000 + revenue in the opening month and quickly obtains local customer resources. Basically made a profit in the first month. In the first half of the year, seven new businesses (Taizhou, Tonglu, Hemu, Lin'an, Jiaxing, Wenzhou, Fuyang) and three (Taizhou Tonglu Harmony) have made a profit. Fuyang, Jiaxing in March and Wenzhou in July will see if they can make a profit by the end of the year. Wenzhou: in the case of no outbreak in the second half of the year, the break-even point is expected to be 15 million.
Q: what structural changes have led to the increase in profits due to the further improvement in profit margins? What is the likely change in business profitability in the future?
Answer: compared with the second quarter of last year, there are a large number of children and parents who do not go to work, so they can calmly choose early pediatric correction, planting, and orthodontics, and there is a certain amount of spare time to complete high-value projects, and high-value projects require multiple treatments. in fact, the profit itself is relatively high. The further increase in profits this year should be the result of the optimization of the project structure. Profits will not come from the increase in simple patients, but from the increase in high-value diagnosis and treatment programs from high-end customers. Some orthodontics have been raised to 4 million / Taiwan output. These projects still have room for further improvement in profit margins.
Q: how is the dandelion project going?
A: at present, 38 have been operated, established and planned, and 22 have been included in the semi-annual report (including 16 businesses and 6 completed industrial and commercial registration). Among them, 16 have opened (9 of them have made a profit), 13 are being renovated, 2 are signed to lease, and 7 have completed the relevant site selection planning, a total of 38. At the dandelion level, the overall revenue was 83.22 million, and another 13 companies completed delivery during the year. The dandelion hospital in the province basically broke even in half a year. With the exception of Keqiao, which opened last year, all of them have already made a profit. The dandelion project is carried out smoothly and orderly according to the rhythm.
Q: the overall operation of the company in the first half of 2021.
A: fully resume the pre-epidemic business, steadily improve the business indicators, and firmly move forward towards the company's established goals. Revenue during the reporting period was 1.3175 billion, an increase of 74.81% in the same period last year, an increase of 52.51% over 2019; net profit belonging to listed companies was 351 million yuan, compared with 141.16% in the same period, an increase of 67.28% over 2019; cash flow from operating activities was 332.5 million, an increase of 130.34% over the same period last year, an increase of 128.77% over 2019, and a net asset of 2.5015 billion belonging to listed companies, an increase of 16.30% over the same period last year and 40.11% over 2019 EPS1.09 yuan per share, up 67.79% from the same period last year.
Q: is there a dandelion plan in Wuhan?
A: Wuhan General Hospital will first break even, and then the surplus resources will be used to open two dandelion hospitals, which will be incorporated into the management of Huangshi Modern Stomatological Hospital at the same time. After the opening of the two companies to sum up, the success of the two companies is the follow-up benchmarking role. There is no large-scale dandelion project, which is not expected until the second half of next year.
Q: how is the operation of Ningbo Stomatological Hospital? The degree of recovery in Ningbo seems to be slower than that in Hangzhou. How to improve it? What is the situation of the medical insurance qualification of the old hospital?
A: the revenue of Ningbo Stomatological Hospital in the first half of the year is 78 million yuan (the new homes for the elderly are counted together). At the accounting level, a legal person accounting subject. Ningbo is the key area of the company, and it is hoped that Ningbo can have the market position of Hangkou scale through 3-5 years. There are many elderly patients in the old hospital area of Ningbo Stomatological Hospital, the output of a single dental chair is relatively low, the passenger flow is large, but the unit price is low, and medical insurance is needed. Health insurance is now in the publicity stage and is expected to be accessible in August. The old hospital has a certain amount of energy scattered in the construction of nine branches. On the whole, the General Hospital is relatively good. In cooperation with the Ninth Hospital, there has been a certain academic improvement in maxillofacial surgery. For example, the number of maxillofacial surgery patients booked this week has reached 20 years, and many doctors are unable to move because of the epidemic. At present, the reputation of Ningkou has been improved to a certain extent, the General Hospital needs to add new medical resources, and the dispersion of resources in the branch is relatively severe. To build multiple medical teams in Ningbo is the main work of the dean at present, and Ningbo Stomatology can look forward to it in the next few years.
Q: did profit growth slow in the second quarter?
A: it was shut down in the first quarter of last year, and some of the suppressed demand was released in the second quarter, so the base was relatively high in the second quarter of last year.
Q: what is the situation of labor cost expenditure?
A: thirteen dandelion hospitals will be completed and delivered in 2021, which will increase labor costs compared with 2020. In addition, large hospitals have a certain reserve of medical teams, and practical training is carried out half a year to one year in advance. If the speed of dandelion slows down, the profit margin will be higher and higher. But there are more doctors in stock this year, which is expected to be 400 +. Each branch has 20-25 people, 29 newly opened branches, and the reserve of talents is relatively large.
Q: how is the early correction?
A: the early correction reached 45 million yuan, and it is expected to be further improved in the follow-up. Currently accounts for 20% of pediatrics. The company is an early promoter of early correction business in the market.
Q: how to balance the energy of dandelions and doctors in the General Hospital?
A: it is not a simple distribution of labor, but the transmission of values and the extension of leadership. The dean andThe team agreed that the idea transmission was effective, and there was a lot of room for young doctors to do in the dandelion project. The growth of the branch can not rely entirely on the experts of the General Hospital, but also a young team that extends the Hangkou culture. With the help of the doctor group, there are certain linkage pairs, and if necessary, it will be completed according to a certain part of the doctor group. In the past, the doctor group was assigned by the company, and then it was separated, but they communicated and set up a team to form an integrated body with the General Hospital. In the past, it was ownerless to assign young doctors, but the current model is already in the team on the first day of entering Hangkou, has a sense of belonging, and can achieve success in a short period of time.
Q: what is the pace of talent training and recruitment?
A: to enter the normal reserve, we mainly rely on ourselves to find outstanding graduates and carry out our own training, not by digging ready-made in the market. This is a strategic plan. The first step is to form a local trio, operation + finance + preliminary work; the second step: the doctor reserve plan, the competition to generate the dean + dean team, to plan the future human resources needs of the hospital; the third step: a unified doctor training plan for dandelions; and the fourth step: the team of presidents of the General Hospital and the local team of presidents agree on a specific training plan.
Q: high-end people want to improve, excluding dividends, Pinghai business to further enhance profitability, Pinghai business composition change? Project structure statistics of Pinghai and Chengxi?
A: there are no detailed statistics. According to the statistics from January to June, the overall proportion is still higher than that in 2020 and 2019. It is hoped that planting, orthodontics and pediatrics will achieve greater improvement in the future. The proportion of 65% of the business will further highlight the contribution to our subsequent gross profit margin and net profit margin.
Q: how does the head office achieve a net profit margin of 60% in terms of income and profits? The dividend is higher than last year, what is the rhythm of the follow-up dividend?
A: the half-year report at the level of the head office over the years involves the investment dividend of subsidiaries. This year, the dividend of the subsidiary of Hangkou General Hospital is 80.5 million yuan. Excluding the dividend factor, the net interest rate of Hangkou is 39%. The dividend is 80.5 million yuan, including 70 million yuan in the west of the city and 10.5 million yuan in other hospitals. Dandelion branch dividend rules: after reaching the cumulative profit, the remaining 70% dividend will be left after deducting 30% of the development fund according to the net profit of the previous year, as normal, it will help to enhance the enthusiasm of dandelion partners. On the other hand, considering that Hangzhou Stomatological Hospital, as the main body of investment, needs to get cash supplement through dividends to meet other investment needs of listed companies.
[Disclaimer]The stock market is risky, so you need to be cautious when entering the market. This information comes from the investor activity record table issued by the enterprise, the text is slightly sorted out, and does not constitute investment advice, the original record and more information, please refer to the relevant announcement of the enterprise.