International Medicine (000516): Comprehensive opening of large-scale general hospitals to promote the rapid development of regional medical service leaders

International Medicine (000516): Comprehensive opening of large-scale general hospitals to promote the rapid development of regional medical service leaders

Spin-off retail and focus on medical services.

In April 2018, the company divested its retail assets and concentrated its medical services business; the two hospitals in operation are Hi-tech Hospital, the old hospital district of Shangluo International Medical Center (formerly Shangluo Second People’s Hospital); and the upcoming medical institution is Xi’an InternationalMedical Center, Xi’an High-tech Hospital Phase II, Shangluo International Medical Center, New Assisted Reproductive Medicine Center.

There is a serious imbalance between the supply and demand of national medical services, and the state encourages social capital to run medical services.

In general, there is still a lot of room for development in the long-term medical service market. Among them, the demand side has been growing, and the supply side is mainly public hospitals, tertiary hospitals, and developed regions, which are seriously unbalanced.

In order to increase the supply and force the reform of public hospitals to form a multi-disciplinary pattern of medical treatment, the state encourages socialized capital to run medical care; it has gradually introduced categories of policies to gradually remove all obstacles to social capital for medical care.

Xi’an High-tech Hospital is a benchmark for comprehensive social capital hospitals.

1. Gaoxin Hospital is the first tertiary hospital established by social 武汉夜网论坛 capital in Tanzania, and the only tertiary hospital in Xi’an Hi-tech Zone; it is an alternative comprehensive hospital in which social capital deploys medical services through a new model.

2. The annual outpatient volume has exceeded 93, the daily outpatient volume has exceeded 3,000, the annual discharged patients are close to 4, and the average daily bed has exceeded 1,000, exceeding the approved number of beds; the average outpatient and inpatient costs are about 326 yuan, 1.

30,000 yuan, which is a high level in the top three hospitals.

3. The second phase of the high-tech hospital is expected to open in the fourth quarter, and the number of beds will be increased to 1500.

Xi’an International Medical Center is opening soon.

The Xi’an International Medical Center (consisting of 8 critically ill specialized hospitals) invested by the company with a total investment of 4.9 billion US dollars, with a planned maximum number of 5,037 beds; the reorganization of the local military hospital led to a brain drain, and the International Medical Center hired a large number of experts; the high-level medical team has outstanding advantagesIt is expected to open at the end of August this year.

Up to now, Xi’an International Medical Center has introduced 22 members of the Chinese Medical Association at the provincial level and above, Chinese Medical Doctors Association, Chinese Nursing Association and other industry associations, 37 vice-chairmen, more than 56 members of the Standing Committee of each branch, senior professional and technical personnel300 people.

The company’s medical services network plans to reach the entire Northwest.

1. Due to the severe shortage of high-quality medical resources in the Northwest, the company plans to expand its service network to the entire Northwest with Xi’an as the center, and eventually form a large-scale medical service complex.

2, took over the Shangluo Second People’s Hospital in 2017, and took the first step out of Xi’an.

3. Based on Shangluo Second People’s Hospital, investing 1.4 billion to build Shangluo International Medical Center. It plans to set up 1,800 beds and build them according to the top three standards.

Profit forecast and investment grade: We predict the company’s operating income for 2019-2021 will be 12 respectively.

2 billion, 31.

2.2 billion, 53.

900,000 yuan, respectively, each year (the revenue of medical services in 2018 was 8.

3.2 billion) 46.

63%, 155.

85%, 72.

66%; net profit attributable to shareholders of listed companies is 0.

3.4 billion, 1.

1.6 billion, 4.

8.5 billion; diluted EPS are 0.

02, 0.

06 and 0.

25 yuan.

After Xi’an and Shangluo International Medical Center and the second phase of the high-tech hospital’s supplementary operation, the company’s total bed value increased to 8,337 (increased by 6.

57 times), the volume of medical services has been greatly improved, and the company was given a “Buy” rating for the first time.

Breakthrough catalyst: Xi’an / Shangluo International Medical Center, the second phase of the high-tech hospital is about to open, and the volume of medical services has increased significantly.

Risk factors: Medical insurance control fees are further tightened, and new medical entities are not operating as expected after opening.