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九安医疗(002432)点评:调整定增方案 加大健康管理云平台投入

Jiu'an Medical (002432) Review: Adjust the fixed increase plan to increase investment in health management cloud platforms

中投證券 ·  Oct 13, 2015 00:00  · Researches

The general meeting of shareholders of the company deliberated and adopted the motion on adjusting the company's non-public offering plan, the issuing price was adjusted from not less than 18.40 yuan to not less than 12.67 yuan, the number of shares issued was adjusted from more than 44 million shares to no more than 73 million shares, and the funds raised was adjusted from no more than 810 million to no more than 924 million. The main fund-raising investment has been adjusted from the mobile medical peripheral ecological and intelligent hardware research and development base with an investment of 481 million to the mobile Internet + health management cloud platform project with an investment of 731 million.

Main points of investment:

Add mobile health care and spend a lot of money to build a health management cloud platform. The purpose of this 731 million fund-raising project is to provide medical service institutions with a health management cloud platform solution with a combination of software and hardware, using mobile intelligent medical devices (such as intelligent sphygmomanometer, blood glucose meter, etc.) as the entrance and the Internet as the carrier and technical means. accumulate user health data, build ties between patients and doctors, monitor treatment effects, and establish new communication channels with the help of mobile Internet Build online doctor-patient communication platform, doctor-doctor exchange community, patient exchange community and other new platforms. This is a further practice of the company's strategic thinking of "smart hardware + applications + cloud services", which forms a complete cycle around users to help users draw personal health maps. The company's health big data platform has then evolved into a personal health socialization platform, which improves the efficiency of medical treatment and health management of the whole society by being open to certified information users. At the same time, the adjusted non-public offering plan no longer involves land issues, and is expected to speed up the speed of reporting and examination.

The Bluetooth version of iHealth intelligent sphygmomanometer, a new product in cooperation with XIAOMI, has been launched, with a five-fold increase in the number of adaptable models. The Bluetooth version of the iHealth smart sphygmomanometer went on sale at XIAOMI Mall on September 28th. After using a Bluetooth connection, the adaptable model has been expanded from XIAOMI users to all Android users. According to the latest iiMedia Research data, the total number of smartphones shipped in China in the Q2 quarter was 98.9 million, of which XIAOMI accounted for 16.6%, while Android accounted for 85.2% in the same period. According to a rough estimate, the number of adaptable phones directly increased five times. At the same time, Bluetooth connection eliminates the previous steps of inserting and unplugging mobile phones, and the user experience is better.

ISmart Alarm Family Security Co., Ltd. has been adjusted from Sun Company to a subsidiary, with an equity share of 30% unchanged. ISmartAlarm's main business is the R & D and sales of new home security products based on mobile Internet, the main products are intelligent security products, without professional installation, users can use mobile phones for home security management, mainly sold to Europe and the United States and other countries. ISmart Alarm,Inc. After straightening out the structure, it is convenient for the company to better participate in the management of iSmartAlarm.

Maintain a "strong recommendation". At present, the company's performance is affected by the continued high expenses of market development, R & D and sales during the ihealth series promotion period, and the pressure on performance over the past 15 years is still great. We expect that the revenue share of ihealth will increase to 50% in 16 years, when the profit and loss balance can be achieved. It is estimated that the EPS in 15-17 years will be-0.20,0.01,0.07 yuan respectively. At present, it is in the transition period from hardware business to health big data service and health management business.

Risk Tip: the risk that the promotion of ihealth series is lower than expected, and the risk that the investment in sales and R & D costs continues to increase, resulting in a persistently low level of profitability.

The translation is provided by third-party software.


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