Meinian Health (002044) Company Review： Leading Merger Firmly Awaits Revenue Growth
Meinian Health (002044) Company Review: Leading Merger Firmly Awaits Revenue Growth
Event: The company released its 2018 annual report, reporting that a series of companies achieved revenue84.5.8 billion, an increase of 34 in ten years.64%; net profit attributable to mother 8.21 trillion, an increase of 40 in ten years.53%, realized non-net profit attributable to mothers7.110,000 yuan, an increase of 33 in ten years.55%; The company released the 1st quarter report of 2019, and reported that it actually achieved revenue12.79 trillion, an increase of 4 in ten years.21%; net profit attributable to mother -1.1.8 billion, previously downgraded 6.48%; net profit attributable to non-attributed mothers is -2.7 billion, downgraded 174 ten years ago.3%. Comment: The first quarter of 2019’s performance exceeded expectations, and the revenue and profit side performed poorly; we believe that mainly due to the “Guangzhou Fuhai” event last year, the loss of some short-term group orders customers, the physical examination of individual customers caused a decline, and because the company’sIn the same period of last year, the number of hospitals and staff in the coexisting table increased, and the fixed fixed amortization and total staff costs increased, which together caused the company’s revenue and expenses, and costs rose.We believe that after the industry and the company have fully and fully adjusted, the company is expected to resume good revenue growth in the second half of the year. In terms of financial data: the company’s gross profit margin in 2018 was 47.56%, an increase of 60bp a year; sales expense ratio of 23.96%, basically stable; financial expense ratio 2.91%, a year-on-year increase of 113bp, the increase in financing scale and 四川耍耍网 financing interest rate, common financial expenses increased significantly; the company’s non-recurring profit and loss in the first quarter of 2019 reached 1.500 million US dollars, mainly due to a change in the fair value of non-current financial assets.The 800 million revenue contribution is expected to be due to the company’s one-time corresponding revaluation of the medical examination center that has achieved and planned to participate in transfer control in accordance with the latest accounting standards in accordance with the latest accounting standards.Q1 company operating cash flow -5.600 million, Q1 is a traditional single season. Operating network spreads all over the country, and regional brand synergistic development: In 2018, it will initially achieve full coverage of the Chinese mainland market (excluding Hong Kong, Macao and Taiwan). In 31 provinces, municipalities and autonomous regions, 301 core cities will have 633 professional physical examination centers (including construction in progress), healthyThe medical examination leader was further consolidated.Among them: the company holds 256 companies, 292 shares, and 85 are under construction, and provides professional health examination services for a total of 27.78 million people (including the medical examination center); the third and fourth tier cities are blue ocean markets, and the company accelerates the third and fourth tier citiesLayout, the current ratio of the first-, second-, and third- and fourth-tier markets is 51%: 49%.At the same time, the number of mid-to-high-end medical examination centers represented by Mega and Oya has grown significantly. Vigorously strengthen medical quality management, short-term company profit performance has improved, long-term development has become an important competitiveness: after the “Guangzhou Fuhai Incident”, the company proactively strengthened the control and absorption of medical quality, forming face recognition and blood tracking, AI image screening and other unique medical quality control standards, has also established three levels of quality management, major positive reports, diagnostic report control and other systems; in addition to some saturated hospitals to limit the flow of measures, strengthen the participation of doctors in key positions, etc.Although this has a certain impact on the company’s revenue and costs, we believe that it will gradually become an important competitiveness of the company. Merger and acquisition of Maine Gene, the launch of Good Year Doctor, rich liquidation channels for physical examination flow entrances: In 2018, the company completed the acquisition of Maine Gene and achieved revenue2.03 trillion, net profit of 4299 trillion, and a cumulative total of more than 3 million gene samples.With the advantages of the company’s physical examination platform, Maine’s genetic testing business has been rapidly improved.The company unites Youjian Health, Elephant Doctor, Ping An Good Doctor, and PICC P & C Insurance, and jointly launches a one-stop health management innovative product, “Miannian Good Doctor”.To provide consumers with a better customer experience and health management services throughout the life cycle, Meinian leads the industry into medical examinations3.0 era. Earnings forecast and investment advice: We will not consider the additional contribution to the company ‘s profit contribution and equity dilution effect for the time being. Due to the consideration of the company ‘s revenue growth rate, we adjust the company ‘s profit forecast. The company ‘s net profit attributable to the parent company will be 10 in 2019-2021.8 billion, 14.500 billion and 19.30,000 yuan, an annual increase of 33.6%, 39.2%, 37.1%, the corresponding EPS is 0.72, 0.76, 0.99 yuan.Adjusted to “overweight” level. Risk alert event: Risk alert event: The profitability of the medical examination center is less than expected risk, the risk of medical service quality control, and the risk that the expected return will decline due to the dilution of the equity after the increase.