新华医疗(600587)深度报告:医改政策一以贯之 高速增长可持续

Xinhua Healthcare (600587) In-depth Report: The consistent rapid growth of health-care reform policies is sustainable

華安證券 ·  12/25/2018  · Researches

Main points:

I. growing enterprises with rapid growth

In recent years, the company's operating income growth rate is relatively high, basically maintained at about 40%, but also far higher than the average growth rate of the industry, so the company is a high-speed growth enterprise. The reason why the company can grow at a high speed is to adapt to the general trend of the development of medical services, especially the development of "private" and "grass-roots" medical care.

Second, the health care reform policy has been consistent, and the foundation for the growth of the company has not changed.

From the policy level, the support for private hospitals and the restrictions on public hospitals are the main direction of medical reform policy in recent years. Favorable policies such as streamlining administration and delegating powers, liberalizing doctors' multi-point practice and liberalizing private medical prices have been issued continuously, which make the conditions for the development of private hospitals more and more mature, while restrictions on public hospitals, including restrictions on new public hospitals, measures such as restricting the excessive scale of public hospitals ensure the market space for the development of private hospitals.

According to the 13th five-year Plan of China's medical and health service system, the main development direction of the future medical and health service system is still "private" and "grass-roots", which indicates that the medical reform policy will be consistent and the policy direction will remain unchanged. Therefore, the foundation of the company's rapid growth has not changed, and it is expected to maintain high-speed growth in the future.

Third, actively expand and improve the layout of the industrial chain

While benefiting from the trend of health care reform policy and homeopathic development, the company is also constantly improving the layout of the industrial chain. At present, the company is mainly involved in two industrial chains, namely, medical industry chain and pharmaceutical equipment industry chain. Through mergers and acquisitions, the company enriches the product line of pharmaceutical equipment and testing instruments and consumables, integrates the original resources, strengthens the pharmaceutical equipment business department, and sets up the in vitro diagnostic products division. The scale of the company is growing, and the layout of the industrial chain is becoming more and more perfect.

IV. Investment strategy

Xinhua Medical, as a leading enterprise in the industry, is in the forefront in product quality and technical level. due to the reasonable positioning of the company's product line and accurately embarking on the policy tuyere of "private" and "grass-roots" medical development, the sales growth rate is very high. from the current national policy level, the future medical reform policy has been consistent, the policy tuyere has not changed, so the foundation of the company's high-speed growth has not changed. According to the current operation of the company, it is estimated that the EPS of the company from 2015 to 2017 will be 1.15,1.65,2.29yuan respectively, corresponding to the price-to-earnings ratio of 31.6,21.9,15.8 times.

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