Zhongguancun (000931) Commentary Report: Zhongguancun Forms Alliance to Develop Venture Capital to Accelerate the Development of the Healthcare Industry
Event: The company recently released a semi-annual performance forecast for 2019. The operating income is expected to grow no more than 20%, and the net profit is expected to be about 6,000-70-70 million yuan, an increase of 34.
16%; On July 12, 2019, the company also issued an announcement on the signing of the “Cooperation Framework Agreement” with China Development Venture Capital; on July 25, 2019 at 9:30 am, the company organized a conference call conference.
Opinions: Accelerate the divestiture of non-medical businesses, develop VCs in alliances, and focus on the development of large pharmaceutical health industries: After the company’s board of directors determined that “medical health” is the main business in 2015, it will gradually divest non-medical projects such as Zhongguancun and Harbin Zhongguancun.Provide funding guarantee and optimize the business structure for the pharmaceutical large health industry. In the future, the company will accelerate the division of existing deposited assets and non-medical business, focusing on expanding and strengthening the major pharmaceutical health industry; in July this year, it has developed with Zhongguancun.Zhongguancun Development Group, a wholly-owned subsidiary of the Group, was established in 2010. The Zhongguancun Development Group was established in 2010 by the Beijing Municipal Government to further accelerate the construction of the Zhongguancun National Independent Innovation Demonstration Zone, increase city-level overall funding, and use marketization.Old-fashioned enterprises that deploy innovative resources).
In the future, it will make full use of the shareholders’ resources and project resources of China Development Venture Capital, financial service advantages such as investment and financing, and brand influence, and support for large health industry projects such as biomedicine; and plan non-public offering of shares to further optimize the structure of shareholders and increase investment.Great investment in the pharmaceutical and health industries.
The core varieties have passed the consistency assessment, and the annual forecast performance in 2019 will increase by 34 each year.
16% of the company’s star products mainly include Huasu films, Bosu and Fesele. Among them, Huasu films tap the potential of profits by cooperating with chain stores and enriching derivative products on the basis of stable market share.Both specifications have passed the consistency evaluation, which can be differentiated and promoted to ensure stable growth. The company is rich in research reserve products, mainly including innovative drugs, generic drugs and products undergoing consistency evaluation. At present, innovative drugs are undergoing preclinical evaluation.Evaluation work and design of clinical experimental schemes, generic drugs are steadily conducting clinical 无锡夜网 research work, and products of benidipine and tramadol hydrochloride undergoing consistency evaluation are expected to be evaluated by the first half of 2020.
The company announced that the first half of 2019 performance will increase by 34 each year.
16%, highlighting the continuous integration and optimization of business structure.
The elderly service business is positioned at home and in the elderly market. The combination of traditional Chinese medicine clinics and elderly care establishes an elderly service system. The elderly service industry has great potential for development. The elderly service industry advocates the “9064” model.Pensions, 4% of seniors choose institutional pensions. At present, the company is based on the development of community pensions and gradually enters the field of home pensions, that is, 90% of the home pension market will bring benefits to the company in the future; through the acquisition of Beijing Jihetang Traditional Chinese Medicine ClinicMinistry, to realize the combination of medical care and elderly care, and enhance the competition of the company’s elderly care service business; explore the “Internet + elderly care”, and establish a four-in-one medical, health, nursing, and care system, which is an all-round and full-cycle elderly care ecosystem.
Profit forecast and evaluation: According to the company’s existing business situation, we estimate that the company’s EPS in 19-20 is 0.
16 yuan, corresponding to 67, 57, 53 times PE, maintaining the “strongly recommended” level.
Risk warning: product sales are not up to expectations, product price reduction risk, industry policy risk.