First Shanghai maintain and buy Medical rating-candy boy

Shanghai: the first to maintain and buy Medical hot column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client sina finance App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future? Sina Hong Kong stocks launched "Hong Kong stocks are not attractive" big discussion, with a rational and constructive attitude, welcome to pay attention to Hong Kong stocks, people concerned about the capital market, together with Hong Kong stocks for advice and suggestions, and conspiracy of Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Affected by the "Wei Zexi" incident, half year performance is lower than expected, the company in the first half of 2016 revenue fell slightly from 3.4% to 430 million yuan, gross profit fell 8.3% to 210 million yuan, gross margin dropped 2.6ppts to 48%. Net profit attributable to parent company increased by 5% to 40 million yuan. Interest income of 10 million, exchange earnings of 6 million 400 thousand, earnings per share of 5.24 points. The hospital group by "Wei Zexi" the impact of events in 5-6 months in different degree, especially to the non "and" gynecological hospital brand is particularly significant, and because the hospital management mode belongs to the high operating leverage, traditional hospital profits fell more obvious, lower the overall growth performance. Since the 1-2 month of the Gregorian calendar still belongs to the end of the lunar year, the population in some areas is taboo, and the high end obstetric is affected to some extent. 3-6 months, Beijing and Shenzhen hospital growth trend is obvious, at the end of the reporting period to prepaid mainly "other payables and accruals" subjects increased to 192 million yuan, the second half of the growth period.   Beijing and Shenzhen and the us to maintain a high growth rate, reflect the brand strength as the group’s flagship hospital, Beijing and Shenzhen and the first half of the income and growth were 30% and 18%, slightly affected by the incident, still maintain a high growth rate, net profit growth of up to 73.8% in Beijing Hospital. Confirmed the high-end maternity hospital without fear of the country’s Internet advertising and private hospitals rectification, with a good customer base and brand effect. With the gradual increase in the number of newly diagnosed people and appointments in the second half of the year, high-end hospitals will usher in better performance. The traditional hospital is more dependent on the Internet diversion, the event will speed up the quality of small hospitals withdraw from the market, and has a certain strength of the hospital will accelerate the transformation. It is expected that the traditional hospitals will reduce Internet advertising investment in the next year and gradually get out of the predicament. Two-child policy is a long-term positive savings for the long-term development of power industry, two-child policy is still in quite a long period of time and good high-end industry, the company actively introduce local doctors in the first half of the year, expand the downstream businesses such as IVF have synergistic effect with postpartum repair, although the short term lead to a certain extent, the rate of cost rise, the long term increase the core competitiveness of the company’s maternity services, lay a solid foundation for long-term development.   maintain the target price of HK $5.73, buy rating, taking into account the performance of the first half of less than 第一上海:维持和美医疗买入评级 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经App:直播上线 博主一对一指导 新浪港股APP:实时行情 独家内参   港股还值不值得投资?出现了什么问题?未来出路在哪里?新浪港股发起“港股还有没有吸引力”大讨论,以理性、建设性的态度,欢迎关注港股、关注资本市场的人士,一起为港股建言献策,共谋港股市场的明天。来稿请至hkstock_biz@sina 。   受“魏则西”事件影响半年业绩低于预期   公司2016 年上半年收入微降3.4%至4.3 亿元人民币,毛利同比下降8.3%至2.1亿元,毛利率下降 2.6ppts 至 48%。归属母公司净利润上升 5%至 0.4 亿元。其中利息收入 1000 万,汇兑收益 640 万,每股盈利 5.24 分。集团旗下各医院在 5-6月不同程度受“魏则西”事件冲击,尤其是以妇科为主的非“和美”品牌医院尤为显著,且因医院经营模式属于高经营杠杆,传统医院利润下滑较为明显,拉低整体业绩增长。由于公历 1-2 月份仍属于农历羊年年末,部分地区人群较为忌讳,高端产科一定程度也受影响。3-6 月份北京与深圳医院增长趋势明显,中报期末以预付款为主的“其他应付款项及应计费用”科目大幅增至1.92 亿人民币,下半年增长可期。     北京和美及深圳和美维持高增速,体现品牌实力   作为集团的旗舰医院,北京和美及深圳和美上半年收入分别增长30%及18%,稍受事件影响,仍保持较高增速,北京医院净利润增速高达73.8%。印证了公司高端妇产医院无惧国家对互联网广告及民营医院的行业整顿,具备良好的客户基础及品牌效应。随着下半年初诊人次及预约数量逐步攀升,高端医院还将迎来更好业绩。传统医院较依赖于互联网导流,此次事件将加快劣质小型医院退出市场,而具备一定实力的医院将加速转型。预计公司传统医院将在明年减少互联网广告投入,逐步走出困境。   二胎政策仍长期利好行业,储蓄实力供长远发展   二胎政策仍在相当长一段时间利好高端妇产行业,公司在上半年积极引进当地名医,拓展上下游具备协同效应的业务如 IVF 与产后修复等,短期内虽一定程度上导致费用率上升,长期来说提高了公司妇产服务的核心竞争力,为长远发展打下扎实基础。     维持目标价 5.73 港元,买入评级   考虑到上半年业绩不及预期及 17 年新建医院进度不及预期, 我们降低 16-18 的盈利预测,基于17 年给予26 倍市盈率,维持目标价5.73 港元,维持买入评级。另外,该目标价相当于目标市值扣除现金后,不考虑其他医院的情况下,北京及深圳医院 17 年预测利润的 29 倍。(双双) 进入【新浪财经股吧】讨论相关的主题文章: