Academy of Social Sciences Blue Book: my country's medical and elderly care industry has huge development potential
30, "Urban Blue Book: China's Urban Development Report No. 9 - The Road to a Healthy City" was jointly published by the Institute of Urban Development and Environment of the Academy of Social Sciences and Social Science Literature Published jointly by publisher.
The "Blue Book" pointed out that with the continuous improvement of urbanization level and changes in people's living habits, rehabilitation and health care will still have a stable demand in the future.
data shows that more than 75% of China’s sub-healthy population has reached this level. At the same time, chronic diseases related to nutrition such as diabetes, cardiovascular and cerebrovascular diseases have accounted for 80% of the causes of death. At the same time, another set of data shows that by 2020, the number of elderly people in my country who cannot take care of themselves and require medical and elderly care services will exceed 20 million.
The health needs of Chinese residents have shifted from medical treatment to disease prevention and health care.
"Blue Book" pointed out that health care for the elderly has become an important development direction of the health industry. "As an emerging health industry development field, medical elderly care not only has a huge market size, but more importantly, it is also related to the quality of life of the aging population."
The "Thirteenth Five-Year Plan" outline proposes to actively respond to the challenges of population aging. Establish a multi-level elderly care service system based on homes, supported by communities, and supplemented by institutions, expand access to the elderly care market, fully liberalize the elderly care service market, and support various market entities to increase the number of elderly care services and services through purchasing services, equity cooperation, etc. product supply and actively attract foreign investment. The "Several Opinions of the State Council on Accelerating the Development of the Elderly Care Service Industry" issued in September 2013 also pointed out that "by 2020, a comprehensive nursing home-based, community-based, and institutional-supported nursing home service industry covering both urban and rural areas, with a moderate scale and complete functions will be built. elderly care service system.”
"Whether from the perspective of actual demand or policy support, medical elderly care has huge potential for future development." "Blue Book" said. ( Shanghai Securities News )
Aier Ophthalmology: Laying out mobile medical care to create a closed-loop eye health management
Aier Ophthalmology 300015
Research institution: Changjiang Securities Analyst: Liu Shuchang Writing date: 2016-09-07
Report key points.
event description.
Recently, we have tracked the company's operating conditions, the main contents are as follows.
event comment.
has deployed grassroots outlets in line with the general direction of hierarchical diagnosis and treatment: with the advancement of hierarchical diagnosis and treatment, patients gradually flow to the grassroots. The company closely follows the flow of patients and plans to build grassroots outlets across the country. This project is mainly carried out through the joint-stock subsidiary Hunan Jishi Internet Technology Co., Ltd., adopting the method of online and offline linkage to in-depth layout of grassroots outlets, building the Aiyan e-station offline, and making full use of mobile Internet online to realize the interconnection between grassroots terminals and higher-level hospitals. Interoperability effectively expands the company's customer coverage. After nearly half a year of development, Jishi Internet has deployed a number of community eye-care e-stations in Changsha, Tianjin, Chengdu and other places.
has a multi-faceted layout of mobile medical care, and special funds are advancing in relays: The company's investment in the field of mobile Internet is mainly in the form of minority equity investment, which reduces financial risks while ensuring that the company's tentacles extend to the forefront of the industry. In the past two years, the company has invested in Hangzhou Mirror Mirror Technology Co., Ltd. The company's main product is the clip-on "cloud clip" for teenagers' myopia control, which has a synergistic effect with the company's business. Jinhong Technology, which the company invested in, is a high-tech enterprise specializing in the production of innovative digital medical imaging equipment. In addition, the company is also actively developing a remote intelligent reading management system and a glasses try-on system. In order to expand its presence in the mobile Internet field, the company and Chunyu Doctor jointly established the Chunfeng-Aier Mobile Medical Special Fund. Mobile medical care is a tool that has the potential to greatly change the way medical treatment is provided in the future. The company is actively making layouts to lay the foundation for long-term development.
Partner Program helps endogenous growth and M&A funds support external expansion: After launching the Partner Program in 2014, the company implemented the Provincial Capital Hospital Partner Program in 14 hospitals in April 2015. The Partner Program directly benefits hospital management and business. personnel, it is expected to promote hospital performance. Since 2014,
has established multiple merger and acquisition funds to engage in investment in the medical industry and look for potential targets for external mergers and acquisitions.As of January 2016, there were 60 hospitals owned by listed companies and 40 hospitals owned by merger and acquisition funds. It is expected that 200 prefecture-level municipal hospitals will be established by 2017. The company's partner plan and merger and acquisition funds ensure the company's sustainable development in the future and also support the company's continued performance growth.
maintains a "buy" rating: the company's main business is stable, the mobile medical layout has extensive coverage, and the Eye-Aid e-station targets grassroots patients, which is expected to bring new growth to the company's business. The company's EPS in 2016, 2017, and 2018 are expected to be 0.58 yuan, 0.78 yuan, and 1.03 yuan respectively, and the corresponding PEs are 61X, 45X, and 34X respectively, maintaining a "buy" rating.
Risk warning: The performance growth rate of new hospitals is lower than expected.
Guilin Sanjin: Performance resumed high growth, price increase increased profits
Guilin Sanjin 002275
Research institution: Southwest Securities Analysts: Zhu Guoguang, He Zhili Date of writing: 2016-04-25
Performance summary: The company achieved revenue of 1.37 billion in 2015 ( -6%) and net profit attributable to the parent after deduction of non-revenue amount is 350 million yuan (-16%); 2015Q4 achieved revenue of 480 million yuan (-4%) and net profit attributable to the parent company after deduction of non-recurrence amount of RMB 77.47 million (-27%); profit The distribution plan is to distribute a cash dividend of 5 yuan (tax included) for every 10 shares. In 2016Q1, it achieved revenue of 300 million yuan (+34%) and net profit attributable to the parent company after non-compliance deductions of 67.95 million yuan (+41%). Comments on
’s 2015 annual report: Slow bidding progress and increased costs have led to a decline in performance. The company's revenue and profits declined significantly in 2015. We believe that there are two main reasons: 1) The slow progress of drug bidding in various provinces resulted in the company's price increase of Sanjin Tablets and the inability of the company to enter the market in time through bidding after the watermelon frost was converted to specifications. Sale.
Taking into account the price increase of Sanjin Tablets, the company controlled the delivery pace in order to prevent dealers from stocking up, resulting in a 2% drop in sales of traditional Chinese medicines. In addition, the company sold 100% of its shares in Sanjin Pharmaceutical in September 2014, resulting in a 73% year-on-year decline in pharmaceutical business revenue in 2015. 2) The expense rate during 2015 was 5.8 percentage points higher than that in 2014, of which the sales rate increased by 3.8 percentage points, mainly because the company strengthened channel construction and sales investment increased by 6% year-on-year; the management rate increased by 1.9 percentage points, mainly because Baochuan Biotech has increased its investment in research and development, and the company’s total investment in research and development has increased by 26% year-on-year. Comments on
’s 2016 first quarter report: Sales recovery and product price increases drive high performance growth. In 2016Q1, the company's performance returned to high growth, with year-on-year growth rates of revenue and net profit of 34% and 41% respectively, mainly because 1) the company won bids in some provinces and started selling, and the price increase of Sanjin Tablets and the conversion of watermelon frost specifications have been completed , dealers no longer control the goods, and sales have rebounded; 2) Sanjin Tablets are low-priced drugs, and there is still a gap of about 15% with the standard of no more than 5 yuan in average daily cost. Price increases can bring obvious performance Thickening; 3) With the rapid expansion of the company's revenue scale, the expense rate dropped significantly during the period, reaching 3.3 percentage points, of which the sales rate and management rate decreased by 1.0 and 0.9 percentage points respectively.
has a complete product echelon and long-term high growth is worth looking forward to. The company's core varieties Sanjin Tablets and Watermelon Frost are expected to usher in a new round of rapid growth. The significant price increase of Sanjin Tablets and the adjustment of the specification of Watermelon Frost from 2.5g to 3.5g can drive a significant rebound in the company's revenue. The company also has many second-line products, such as Naomaitong and Dizzunning, which are based on the cardiovascular drug market. Shuyanqing Spray and Gecki Dingchuan Capsules both have unique advantages and are currently in the stage of rapid volume expansion. They are expected to develop into hundreds of millions of dollars in the future. Large variety. In 2014, it acquired Watermelon Frost Ecology, actively developed daily chemical products, strategically laid out the big health industry, and has huge room for imagination. Baochuan Biotech focuses on developing a monoclonal antibody research and development platform. Cetuximab has been submitted for clinical application, and the development progress of bevacizumab and trastuzumab is also very smooth. We believe that the company's product pipeline is complete, its core varieties have entered a new round of rapid growth, second-line varieties are rapidly increasing in volume, and there are several blockbuster monoclonal antibody products under development. The long-term high growth momentum is worth looking forward to.
profit forecast and rating: The company's EPS is expected to be 0.80 yuan, 0.94 yuan, and 1.10 yuan respectively from 2016 to 2018, corresponding to the current stock price PE of 23 times, 20 times, and 17 times respectively. Taking into account the significant performance elasticity brought about by the price increase of the company's core products, the big health industry has great imagination, and the "overweight" rating is maintained.
Risk warning: The risk that the drug bidding progress may be lower than expected; the risk that the sales of Watermelon Cream Toothpaste may be lower than expected; the risk that the monoclonal antibody R&D progress may be lower than expected.
Fosun Pharma: The acquisition of 86% of Gland Pharma’s equity will benefit the company’s mid- to long-term development
Fosun Pharma 600196
Research institution: Qunyi Securities (Hong Kong) Analyst: Wang Ruizhe Date of writing: 2016-08-05
Event:
Company announcement , plans to acquire approximately 86.08% of the equity of Gland Pharma Limited through its holding subsidiaries with an investment of no more than US$1,261.37 million, including a contingent payment of no more than US$50 million that the acquirer will pay based on the sales status of Enoxaparin in the United States. Consideration.
Comments:
Overview of acquired assets: The target company Gland is a pharmaceutical company headquartered in Hyderabad, India, mainly engaged in injectable drugs. The company is the first injectable drug manufacturer in India to be approved by the US FDA, and has also obtained GMP certification from major regulatory markets around the world. Because the company has a mature and standardized production and quality control system, the company has not received any FDA warning so far. Its business revenue mainly comes from the United States and Europe, and it is currently in a leading position among similar companies in India. The company's products are mainly heparin sodium and enoxaparin sodium: according to IMS statistics, the global sales of these two types of drugs in 2015 were US$695 million and US$2.98 billion respectively. The company's products have a global market share of approximately 7% and 1% respectively.
Contingent consideration payment agreement: As Gland’s enoxaparin is expected to be approved in the near future, Fosun Pharmaceuticals and Gland signed a consideration payment agreement for enoxaparin (attached). Judging from this consideration payment agreement, it is expected that the annual gross profit contributed by enoxaparin will be approximately US$50 million after its launch. Assuming that the product is approved before the end of 2016, the annual net profit it contributes after going on the market is US$15-25 million. However, since a total consideration of US$5,000 needs to be paid in the first two years, we do not expect that the product will be able to benefit listed companies in the first two years. Contribute profits. The pricing of
is relatively reasonable: Gland achieved annual revenue of 13575 million rupees (equivalent to US$203 million) in fiscal year 2016 (from April 1, 2015 to March 31, 2016), YOY +35.5%, and recorded a net profit of 3136 Million rupees (equivalent to US$46.76 million), YOY +49.8%. Since the offer includes a contingent consideration of US$50 million, the static P/E of acquiring 86.06% of the equity is estimated to be approximately 26 times after deductions. At present, the valuation of similar domestic companies is basically more than 30 times, and the target company also has FDA and multi-country approval certification, which is a scarce resource. In addition, we comprehensively consider the development and growth rate of the target company, the contribution of enoxaparin to the company after two years, and the synergy of the target company to Fosun, and we believe that the pricing is relatively reasonable. The acquisition of
will benefit the company's mid- to long-term development: in terms of sources of acquisition funds, the company plans to apply for a loan of no more than US$800 million from financial institutions through its subsidiary Fosun Industrial and raise the rest by itself. The company currently has sufficient monetary funds, which can fully cover its self-raised funds. The US$800 million loan will increase the company's debt ratio and interest expenses. However, judging from the target company's net profit of US$46.76 million in fiscal year 2016, the company will gain The profit of about US$400 million can basically cover the interest expenses incurred on the US$800 million loan. From this point of view, we believe that the short-term contribution of acquisitions to the company's net profit is limited. However, in the medium to long term, we believe that the company's acquisition of Gland will help Fosun promote the industrial upgrading of its pharmaceutical manufacturing business, accelerate the internationalization process, and increase the company's share of the injection market. In addition, the company can leverage Gland's strong R&D capabilities and the unique generic drug policy advantages of the Indian market to graft Fosun's existing biopharmaceutical innovation R&D capabilities and product lines to actively develop business in India and other markets, thereby expanding Fosun's pharmaceutical manufacturing and the scale of R&D operations.
Profit Forecast: Since this transaction still requires the approval of the company’s shareholders’ meeting, the Gland shareholders’ meeting, overseas investment approval by the relevant competent authorities in China, and the approval of the competent authorities of other countries, there is a certain degree of uncertainty, and we will not adjust the profit forecast for the time being. We estimate that the company will achieve a net profit of 2.95 billion yuan (YOY+19.9%)/3.56 billion yuan (YOY+20.7%) in 2016/2017, with EPS of 1.28 yuan/1.54 yuan respectively, corresponding to A-share PEs of 17 times/14 times respectively. , corresponding to H-share PEs of 13 times/11 times respectively. As a comprehensive pharmaceutical platform, the company has outstanding resource advantages. Currently, the valuation of A/H shares is relatively low. We continue to maintain the company's "buy" recommendation for A/H shares. The target price of A shares is 24.3 yuan (corresponding to 2016PE X19), and the target price of H shares is 24.3 yuan. 24 Hong Kong dollars (corresponding to 2016PE X16).
Shuangjian Shares: Invest in the establishment of Heji Clinic to explore the development model of combined with medical and nursing care
Shuangjian Shares 002381
Research institution: Great Wall Securities Analysts: Yang Chao, Gu Rui, Yu Yuanyuan Date of writing: 2016-09-02
Expected to be 2016 -The company's EPS in 2018 were 0.28 yuan, 0.30 and 0.40 yuan respectively, and the PE corresponding to the current stock price were 43.4 times, 40.9 times and 30.8 times. The company's dual main business strategic plan is clear, and the elderly care industry has gradually realized off-site expansion, maintaining the "recommended" rating .
invested in the establishment of Heji Clinic to explore the development model of integrated medical care and nursing care: the company announced that its wholly-owned subsidiary Heji Nursing Home Co., Ltd. (this time investing RMB 3.5 million, with a shareholding ratio of 70%) engaged in the elderly care service industry, in 2016 On September 1, 2018, Shanghai Minsheng Zhiyuan Health Management Technology Development Co., Ltd. (invested RMB 2 million, with a shareholding ratio of 20%) and Shanghai Shengyuan Hospital Management Co., Ltd. (invested RMB 500,000, with a shareholding ratio of 10 %) signed the "Investment Cooperation Agreement of Tongxiang and Jiyuansheng Clinic Co., Ltd." to jointly invest in the establishment of Tongxiang and Jiyuansheng Clinic Co., Ltd. After the establishment of Heji Clinic, on the one hand, as a supporting institution of Heji Company, it provides medical services to the elderly residents of Heji Nursing Home, organically combining medical treatment, rehabilitation and elderly care services, thereby exploring a development model of integrating medical care and nursing care; on the other hand, it serves as a supporting institution for Heji Company. On the other hand, Heji Clinic provides services with advanced medical rehabilitation standards and strives to build a regional medical rehabilitation platform.
works steadily and gradually to build a giant in the elderly care industry: In May 2015, the company's elderly care service platform-Heji Company was put into operation. Heji Senior Care Service Center is positioned as a high-end service center with 500 beds planned and is equipped with a senior care and rehabilitation hospital with multiple functions such as senior care, physical examination, and rehabilitation, marking the company's official entry into the trillion-dollar senior care market. In February 2016, the company acquired the remaining equity of Tongxiang Heji and turned it into a wholly-owned subsidiary, demonstrating the company's confidence and determination in developing the elderly care industry. In March 2016, the company established a new joint venture subsidiary with Hongri Home Enterprise Management Co., Ltd., a well-known brand chain organization in Shanghai, to create a future pension resource integration platform for both parties. The company is developing its business in the elderly care industry step by step, and will gradually build a chain of branded elderly care industry giants in the future. This external investment in the establishment of an outpatient clinic company can further leverage the company's characteristics and advantages in the field of elderly care services, promote the company's layout in the comprehensive health industry, and lay the foundation for the future promotion of the integrated medical and nursing care model.
established Suzhou company, taking the first step in off-site expansion: the company previously announced that Shuangjian Hongri Home Investment Management Co., Ltd. (a holding subsidiary jointly invested and established by the company and Shanghai Hongri Home Enterprise Management Co., Ltd. to engage in the elderly care service industry The company) plans to invest RMB 4.5 million (90% holding) to invest in the establishment of Suzhou Shuangjian Hongri Nursing Home Co., Ltd. for the construction of elderly care service projects. After the project is launched, it is planned to rent 9,024 square meters of real estate in Wuzhong District, Suzhou City, and operate it in an asset-light operation mode, and plans to build 450 elderly care service beds. The establishment of the Suzhou company is the first step taken by Shuangjian Hongri to engage in the elderly care service industry. It is in line with the company's overall strategic layout plan for the elderly care industry.
conveyor belts have been greatly affected by the economic downturn: the domestic economy faced greater downward pressure in 2016, and the company's downstream customer industries such as steel, cement, and coal mines are still in a downturn. Competition in the conveyor belt industry has become increasingly fierce, coupled with the decline in raw material prices, causing product prices to drop. The company's conveyor belt business declined slightly. On the other hand, the Beijing Yorke acquired by the company and the newly established Tongxiang Heji Nursing Home have not yet achieved profitability, which affected the current profit. In the future, the company will focus on the overall work idea of "centering on the main business, combining with technological innovation, launching vertically and horizontally, extending related industries, and expanding service areas" to improve the main industry chain of conveyor belts and expand the elderly care service industry.
issued additional shares to hold Beijing Yorke and transformed into an overall solution provider for material transportation: the company acquired 58% of Beijing Yorke's shares. Yorke is mainly engaged in the research and development, production and sales of belt conveyors.The company will fully enter the entire field of material conveying system engineering from a single conveyor belt sales business, and can provide a package of solutions for bulk cargo handling systems, yard systems, and conveying systems in mining, electric power, ports and other industries, achieving a comprehensive range of business fields and business formats By leaps and bounds, the business space will move from the tens of billions of conveyor belt markets to the hundreds of billions of conveyor system engineering markets, achieving leapfrog expansion.
Risk warning: After the acquisition of Beijing York, the industrial integration progress is lower than expected, and the nursing home expansion progress is lower than expected.
Phoenix shares : Land acquisition is a small step, the elderly care industry takes a big step
Phoenix shares 600716
Research institution: Guosen Securities analyst: Ou Ruiming Writing date: 2014-07-14
Matters:
The company on July 11 Announcement: 1. The company plans to sign an agreement with Ningyi Zhenye to transfer 100% of the equity of Ningyi subsidiary and acquire the land for the senior care industry project; 2. The company terminates the non-public issuance and abandons the acquisition of the landscape company; 3. The company Trading resumed on the 14th.
comments:
The big health and elderly care industry is China’s next nugget
I published a special topic on the elderly care industry on February 18th, "Who can rely on when old?", and conducted an analysis of the broad prospects of China's elderly care industry. In-depth analysis. The article believes that the current aging situation in China is very serious. From a social and cultural perspective, China will have difficulties in providing care for the elderly in the future. The "decline of filial piety" and the "national policy of family planning" will inevitably make "institutional care" become a problem for those born between the 1950s and the 1980s. As a realistic choice for the elderly care of the elite, China's "institutional elderly care industry" has broad development space in the future and is undoubtedly a sunrise industry. It is expected that the future explosion of the elderly care industry may be similar to the explosion of e-commerce in recent years - "the non-mainstream needs of the once non-mainstream people" have become mainstream needs because "the non-mainstream people have become the mainstream people".
According to international standards, if the proportion of a country’s elderly population over 60 years old or over 65 years old in the total population exceeds 10% and 7%, then the country has reached an aging population. In 2013, the number of China’s elderly population has Breaking through the 200 million mark and reaching 202 million, the aging level reached 14.8%. Therefore, our country has already begun to enter an aging society. As the aging rate accelerates in the future, my country's elderly population will gradually increase, and the "clothing, food, housing, and transportation" of the elderly will become the focus of social attention.
In 2010, the total pension for the elderly in my country reached 838.3 billion yuan; in 2020, it will reach 2,814.5 billion yuan; by 2030, the total pension will reach 7,321 billion yuan. At present, the expenditure that the elderly can spend on elderly products has reached 400 billion yuan. To sum up, China's elderly group has become an important consumer force, and the elderly care industry will become my country's next gold nugget.
n has long been planning to transform and become a gold mining pioneer.
company announced on October 22 last year: fully recognizing the huge needs and opportunities that the aging population has brought to my country's elderly care industry, it decided to invest 500 million yuan to establish a specialized elderly care industry company. , committed to the research, development, operation and management of the elderly care industry. This incident is a sign that the company has started a strategic transformation, fading out of the original real estate business, and entering the big health and elderly care industry.
Transformation is advancing steadily, integrating medical resources
Medical and nursing services are the two aspects that the elderly need most, and they are also the most important components of the comprehensive health care industry. As early as March this year, the company began to vigorously promote the integration of medical resources, and successively signed strategic cooperation agreements with Jiangsu Provincial People's Hospital and Jiangsu Renyi Hospital, agreeing to use their respective advantages to jointly develop the health care industry. Our research report "Another Big Step in Transformation" in early March analyzed this incident and believed that the restructuring of public hospitals should be the general trend. Jiangsu Renyi Hospital, which jointly participated in this cooperation between Phoenix Shares and Jiangsu Provincial People's Hospital, Investment Management Co., Ltd. is an enterprise that can provide hospital investment consulting services and solutions. Therefore, once the Provincial People's Hospital is restructured, Phoenix Shares Investment should be a logical step. As an indispensable supporting tool for the elderly care industry, medical resources will lay a solid foundation for the development of the company's elderly care industry.
html On March 23, the company disclosed in its 2013 annual report that "this year it has clearly identified the health and elderly care industry as a major strategic development direction" and "has been intensively conducting in-depth discussions and cooperation with relevant domestic and foreign institutions" and "will start cooperation projects as soon as possible." What is particularly worth mentioning is that the company disclosed in its annual report that it “will actively carry out strategic layout around the entire industry chain of the senior care industry, including medical care, nursing, intelligent services, culture, senior care real estate development, ecological agriculture and other fields” and introduced “ Third-party long-term funds” and professional elderly care operation management institutions and investment institutions. In this regard, in my research report "Embracing the Future" on March 24, I believed that the investment payback period of the elderly care industry is long, but as an emerging industry, it has good potential for sustained growth, TVg is relatively obvious, and if it is operated properly, the average annual rate of return It is not difficult to be larger than the WACC, so the industry is favored by long-term funds. For foreign investors, it is more attractive because of the arbitrage space in risk-free interest rates at home and abroad. Judging from the current classification of long-term funds deployed in the elderly care industry, insurance funds have more advantages than other funds because they have long-term advantages on the liability side and comply with the relevant policies of the China Insurance Regulatory Commission. Moreover, since the actual controller of the company is the Jiangsu Provincial People's Government, "introducing third-party funds" to develop the elderly care industry is also in line with the current general direction of state-owned enterprise reform to promote mixed ownership. html On June 18, we saw a news on WIND - the company's controlling shareholder Phoenix Group cooperated with the Nanjing Municipal Government and Jiangsu Cancer Hospital to invest in the construction of a world-leading proton and heavy ion hospital to further improve the company's role in the large health and elderly care industry layout in .A small step in acquiring land, a big step in the elderly care industry
This time the company signed a cooperation proposal with Jiangsu Ningyi Zhenye to purchase 100% equity of Ningyi subsidiary (the company holds 283 acres of land in Yixing City, Jiangsu Province) , the price does not exceed 2 million/mu), used for professional development of senior care industry projects. This event marks a further step in the company's layout of the elderly care industry from strategic planning to implementation. Together with the previously integrated medical resources, it forms an important part of the company's comprehensive health and elderly care industry system.
Give up non-core business acquisitions and concentrate resources
Since the elderly care industry is a special comprehensive industry derived from the primary, secondary and traditional tertiary industries, covering residence, nursing, medical care, rehabilitation, health, management, culture and sports Related industries such as activities and catering services cover a wide range of areas and require large investments, so they are not suitable for diversified investments in non-core businesses. Therefore, the company's management based on long-term planning, finally gave up the acquisition of landscaping and landscaping companies, demonstrating its will to concentrate resources and do a good job in the health and elderly care industry.
The health and elderly care industry has broad prospects. The company is determined to transform and maintains its recommended rating.
2014 is the first year of the elderly care industry and contains a broad market space. On the one hand, the first batch of baby boomers after the founding of the People's Republic of China will gradually enter old age, and the number of elderly people will increase sharply. On the other hand, the issue of elderly care has received major attention from the government. In terms of land use for the elderly care industry, government supporting facilities, financial support and There may be policy breakthroughs in tax incentives and other aspects to fill the gaps. Against the background of China's aging population gradually accelerating, the comprehensive health and elderly care industry will become China's next gold nugget. As a pioneer in transformation,
company, from integrating medical care to winning elderly care projects, from setting up subsidiaries in the elderly care industry to abandoning non-concentric business acquisitions, has demonstrated the company's complete transformation and attitude towards making the health and elderly care industry bigger and stronger. and determination. We estimate that, without taking into account the impact of the related health care and elderly care business, the company's EPS from 2014 to 2016 will be 0.6/0.76/0.97 yuan respectively, corresponding to PE13/11/8 times, P/NAV0.7, and maintain the "recommended" rating.
