Meinian Health (002044): Annual report performance meets expectations Leading further consolidation

Meinian Health (002044): Annual report performance meets expectations Leading further consolidation
The company released its 18-year annual report and 19-year quarterly report: 2018 revenue growth increased by 34.64% (adjusted), net profit attributable to mothers increased by 40 per year.53% (adjusted), profit growth basically in line with expectations.2018 company revenue 84.58 ‰, 34 per year.64%, net profit attributable to mother 8.21 ppm, 40 per year.53%, deducting non-net profit 7.1.1 billion, 33 per year.55% (after adjustment). At the end of 18, there were 548 Yingying stores (256 holdings + 292 shares), serving 27.78 million 杭州夜网 person-times; revenue in the first quarter of 19 was 12.79 ppm per year.21% (adjusted), net profit -1.180,000 yuan, at least -6.45% (after adjustment), deducting non-net profit -2.710,000 yuan, at least -174.28%, the first quarter is the traditional off-season of the medical examination industry. Due to the expansion of the company’s stores, the off-season period has expanded. The expansion of financing led to an increase in the financial expense ratio. After the financial pressure eased, the company’s profitability improved further.The company achieved a gross profit margin of 47 for the whole of 18 years.56%, increasing by 0 every year.6 points; net margin 9.7%, ten-year average of 0.15 points; sales + management expense ratio (excluding R & D expenses) 30.79%, a decrease of 1 per year.43 points; financial expense ratio 2.91%, an increase of 1 each year.12pct, interest expense 2.49 trillion, an increase of 1 over the same period last year.4.4 billion.The company will maintain a high frequency of acquisitions for a period of time in the future. Therefore, we expect that financial expenses will be maintained at a high level. When the company enters the mid-to-late period of store expansion, the cash flow generated by the holding stores will be able to cover the expenses of acquiring participating stores.Profit level is expected to further improve. The growth logic of in vitro incubation has been gradually blossoming, and the ecological closed-loop logic has begun to verify.In 2018, the company successively acquired the equity of 18 subsidiaries including Dandong Meinian, Deyang Meinian, and increased the equity of 3 subsidiaries. The model of rapid subsidence in the subsidiary has continued to bear fruit, and we have reasons to believe that the maturity of gradually growing storesCan continue to deliver performance for listed companies.The company ‘s in vitro hatched gene testing company Maine Gene Transformation has the advantage of a physical examination platform, and its business volume has increased rapidly, with 18 years of revenue2.30,000 yuan, net profit 4,298.880,000 yuan, and the number of gene samples gradually exceeded 3 million. In addition to the 21-year profit forecast, we maintain our “overweight” rating.It is estimated that the scale of revenue in 2019-2021 will be 118.42/163.42/220.610,000 yuan, net profit attributable to mother is 11.73 (original value of 12.72) / 16.21 (17.32) / 21.8.8 billion yuan, corresponding to 44/32/24 times the PE.The company created a health data portal and introduced a self-built ecological closed-loop model. It started to run. It is optimistic about the company’s subsequent growth certainty and maintains the “overweight” level. Risk reminder: The incubation progress of the participating stores is not up to expectations, and the rapid increase in capital pressure has caused the deterioration of cash flow.