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“医疗先行”效果显现

发布时间:2014-06-04被阅次数:15751 来源:国金证券 孙鹏,贺国文

        “医(yi)(yi)疗(liao)先行(xing)”业务(wu)理(li)念(nian)持续(xu)推(tui)进:1、公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)秉(bing)承“咨(zi)询引(yin)领(ling)、智(zhi)(zhi)(zhi)能基石、节能推(tui)进、医(yi)(yi)疗(liao)先行(xing)”业务(wu)理(li)念(nian)开展各(ge)项(xiang)业务(wu),从(cong)今年接单情况来看,医(yi)(yi)疗(liao)先行(xing)理(li)念(nian)已经(jing)体现(xian),公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)此(ci)前已经(jing)先后(hou)中(zhong)(zhong)标或(huo)签署了(le)山东(dong)枣庄妇幼保健(jian)院(yuan)(yuan)、南京明德医(yi)(yi)院(yuan)(yuan)、汉川人(ren)民(min)医(yi)(yi)院(yuan)(yuan)、英山县(xian)人(ren)民(min)医(yi)(yi)院(yuan)(yuan)等一(yi)系(xi)列(lie)智(zhi)(zhi)(zhi)慧(hui)医(yi)(yi)院(yuan)(yuan)合同,加(jia)上此(ci)次合同,公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)14 年累计中(zhong)(zhong)标医(yi)(yi)疗(liao)服务(wu)项(xiang)目(mu)1.48 亿元,占13 年累计中(zhong)(zhong)标医(yi)(yi)疗(liao)项(xiang)目(mu)总(zong)额的(de)171.78%,医(yi)(yi)疗(liao)业务(wu)呈现(xian)出快速(su)发展趋势(shi);2、从(cong)盈利及现(xian)金流角度(du)考虑,医(yi)(yi)疗(liao)项(xiang)目(mu)一(yi)般盈利性较(jiao)好(hao),业主具备较(jiao)充裕(yu)现(xian)金流,可以(yi)有效防范回款风险。智(zhi)(zhi)(zhi)城(cheng)(cheng)模式不断复制(zhi),拓展更多区(qu)域市场:1、公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)“智(zhi)(zhi)(zhi)城(cheng)(cheng)”模式不断复制(zhi),继遵义智(zhi)(zhi)(zhi)城(cheng)(cheng)后(hou),贵安(an)新区(qu)智(zhi)(zhi)(zhi)城(cheng)(cheng)再(zai)次提(ti)供了(le)很(hen)好(hao)的(de)拓展案例(li),国(guo)家智(zhi)(zhi)(zhi)慧(hui)城(cheng)(cheng)市试点城(cheng)(cheng)市也为公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)提(ti)供了(le)足(zu)够的(de)拓展空间(jian),而(er)原有智(zhi)(zhi)(zhi)城(cheng)(cheng)业务(wu)逐步放量(liang)将(jiang)驱动公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)快速(su)增(zeng)长。2、预计公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)智(zhi)(zhi)(zhi)城(cheng)(cheng)模式仍(reng)会持续(xu)推(tui)进,成(cheng)(cheng)为公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)区(qu)域拓展的(de)重(zhong)要(yao)手段(duan)。股(gu)权(quan)激(ji)(ji)励完(wan)成(cheng)(cheng)授予,实现(xian)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)核心人(ren)员与(yu)股(gu)东(dong)利益(yi)一(yi)致:1、近日(ri),公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)完(wan)成(cheng)(cheng)股(gu)权(quan)激(ji)(ji)励授予,向首(shou)期76 名高管及核心成(cheng)(cheng)员授予限制(zhi)性股(gu)票(piao),实现(xian)了(le)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)核心人(ren)员与(yu)股(gu)东(dong)利益(yi)的(de)一(yi)致,这有助于激(ji)(ji)发管理(li)团(tuan)队积(ji)极性,提(ti)升(sheng)经(jing)营效率(lv);

        2、公(gong)司(si)(si)14 年(nian)限(xian)制性股(gu)票行权(quan)条件是(shi)14 年(nian)净(jing)利润较13 年(nian)增长不低于(yu)(yu)40%,考虑(lv)到去年(nian)公(gong)司(si)(si)坏账计提比例(li)的调整以及激励成本(ben)的摊销(xiao)(公(gong)司(si)(si)测算14 年(nian)摊销(xiao)成本(ben)1380.86 万元),公(gong)司(si)(si)收(shou)入增速(su)(su)将远快于(yu)(yu)利润增速(su)(su),说明(ming)公(gong)司(si)(si)对于(yu)(yu)未来发展信心。延伸产(chan)业(ye)链(lian),提升(sheng)利润率(lv):13 年(nian)年(nian)报中(zhong),公(gong)司(si)(si)规划利用(yong)资本(ben)市(shi)场(chang)优(you)势,展开产(chan)业(ye)链(lian)收(shou)并购,尤其是(shi)上(shang)游(you)产(chan)品和软件服务(wu)的收(shou)购,后续如(ru)能顺利施行,将有(you)助于(yu)(yu)增加公(gong)司(si)(si)整体(ti)服务(wu)附加值,提升(sheng)毛利率(lv)、净(jing)利率(lv)。目前(qian)来看,产(chan)业(ye)链(lian)收(shou)并购已经成为行业(ye)龙头快速(su)(su)拓展而普遍采用(yong)的手段(duan),这也有(you)助于(yu)(yu)促进公(gong)司(si)(si)体(ti)量快速(su)(su)上(shang)升(sheng)。

投资建议(yi)

        预计公司2014-2016 年EPS 分别为0.16、0.22、0.28 元(yuan),分别对(dui)应56、41、32 倍(bei)估值水平,维持“买入”评(ping)级(ji)。

 

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文章标题: “医疗先行”效果显现
文章链接:http://acapillow.com/index.php/Home/article/detailPage/parentID/1478/cat_id/1586/artID/2904
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