Meinian Health (002044) Company Research: Signing a cooperation agreement to continuously improve the quality of physical examination

Meinian Health (002044) Company Research: Signing a cooperation agreement to continuously improve the quality of physical examination
Event: The company announced a cooperation agreement with Shenzhen Bo and Aidikang.The company and Shenbo Medical Institutions ‘“ Procurement Framework Agreement ”will purchase automatic breast ultrasound system equipment and supporting frameworks from Shenbo Medical Institutions. It is estimated that the total procurement will be 30 million by 2020.Purchase medical examination information management software from Aidikang for a total price of 11 million yuan.  The introduction of automatic breast ultrasound system, technological innovation is the company’s genes.We believe that the research and development investment of Meinian Health is not solely based on R & D expenses, but through the position of its medical examination leader, huge business volume goes upstream for research and development, capsule gastroscopes for syringes, cardiac MR and other projects.The system is the embodiment of the company’s scientific and technological innovation genes, and the quality of medical examinations continues to improve on the project: the automatic breast ultrasound system independently developed by Shenbo Medical is the first in China and has a leading position.Shenzhen Bo obtained the registration certificate of innovative 南宁桑拿 medical device products in September 2019. The rest are only Siemens, GM and other foreign companies that have been automated breast ultrasound systems. The automatic breast ultrasound system is expected to solve the problems of high missed diagnosis of breast ultrasound screening and the relative overcoming of doctor gaps in the future, and further improve the quality of physical examination. The estimated purchase amount of 30 million yuan in 20 years corresponds to 50 machines. After the pilot, it is expected that the national replication will further reduce the purchase price.Shenzhen Bo promises to give Meinian the best price under the same conditions. If a large-scale purchase is formed after the completion of future pilots, the price of a single machine will be further reduced.  Continue to cooperate with Aidikang,深圳桑拿网 and introduce cost-effective medical laboratory information management software.The company and ICL, one of ICL’s leading companies, are affiliated companies and have achieved long-term strategic cooperation (September 18, Meinian intends to take a stake in 5% of Idikon’s overseas parent company, but it has not yet been completed; February 19Reached a strategic cooperation with Aidikang; in February 20th, cooperated with Aidikang on the detection of new coronavirus nucleic acid), this time purchasing medical test information management software from Aidikang will further improve the quality of Midea’s tests, meanwhileHigh cost performance: The contract price of 11 million yuan is a one-time fee, and thereafter is 69.The maintenance cost of 250,000 yuan / year is calculated based on the 700 stores in Midea. The average price of each store is only 1.570,000 yuan, with super high cost performance among similar providers.  The impact of the epidemic has gradually diminished, and the Midian Health Examination Center has continued to work.Judging from the data of the current epidemic situation, the addition of confirmed diagnosis and supplementation seems to have continued to decline, and the impact has been gradually reduced. The company resettled and began to apply for resumption of work in various places on February 24 (the specific situation needs to be based on the requirements of the local health committees).During the recovery period, special screening for returning to work will be mainly used. Cross-infection can be avoided under the strict expectation of the peak shift schedule. At the same time, a physical examination can be arranged flexibly, and the CT part will be done first, and other projects will be completed on time.  Earnings forecast: We expect the company’s net profit attributable to its parent to be 8-20 in 2019-2021.68, 11.69, 15.62 ppm, a five-year increase of 5.7%, 34.7%, 33.7%, the current sustainable corresponding PE is 63x, 47x, 35x.The company is the leader of private medical examination. Although it is temporarily affected by the epidemic, it does not affect its long-term value and maintains a “Buy” rating.  Risk reminder: there is uncertainty in the time of resumption of the operation of medical examination centers in various places.