【行业研究报告】济民医疗-高政策壁垒、新技术的博鳌医院等，高端医疗服务启动第二成长曲线

Keywords:#secondcurve
InvestmentThesis
◼Corelogic:BoAoInternationalHospitalisascarceassetintheA-sharemarket,with
◼Corelogic:BoAoInternationalHospitalisascarceassetintheA-sharemarket,with
highpolicybarriers,atop-notchJapaneseexpertteam,internationalnewtechnology
andnewequipment,andhighprofitmargins.Afterthepandemic,high-endmedical
servicessuchasBoAoInternationalHospitalandHubeiEzhouSecondHospitalare
quicklyexpanding.Withclearturningpointsininstrument&largeinfusion
equipmentin2023andthefirststockincentiveafterIPOinplace,weexpectthe
companytoexperiencesuperhighgrowthfrom2023to2025asithasdisposedof
non-performingassetsandrecordedprovisionforgoodwill.
◼Enjoyinginternationalinfluenceandhighpolicybarriers,BoAoInternational
Hospitalislikelytostartitssecondcurvewiththeregenerativemedicineinnovation
platform.EzhouSecondHospital,athird-levelcomprehensivehospital,isaboutto
beputintoproduction,andweexpectrapidreleaseofitsearnings.Highpolicy
barriers:BoAoInternationalHospitalislocatedintheBoAoLechengPilotZone,with
theprivilegeoffirsttrial,highpolicybarriersfornewtechnology,andenjoyspolicy
benefitsasalocalleadinghospital.Top-notchexpertteam:withapowerfulprofessional
teamincludingJapan'sOdaHajime,ithasintroducedthefullsetofimmunocyteculture
technologyapprovedbytheJapaneseMinistryofHealthatOdaHospitalandimported
culturesolutionsfromJapan.Theautologousadiposestemcellshaveobtainedthree
inspectionreportsfromtheNationalInstitutesforFoodandDrugControl.International
equipment:GermanINUSdual-membranetargetedbloodpurificationnewtechnology,
andfourhigh-endmedicalbeautyequipmentsuchasHyalDew(subcutaneousfiller
materialforplasticsurgery)importedfromBioplus,alistedcompanyinSouthKorea.New
R&Ddirections:thecompanydevelopsresearchonfouraspectsofdiseasessuchasknee
osteoarthritisandchronicobstructivepulmonarydisease.WeexpectBoAoInternational
HospitaltoachieverevenuesofRMB200/350/500mnrespectivelyin2023-2025.The
newhospitalareaofEzhouSecondHospitalhasbeencompleted,andthetrial-run&
officialoperationarescheduledinMarch&May2023.Thenewandoldhospitalareasof
EzhouSecondHospitalhaveatotalof1200beds.Theoldhospitalareahasbeenoperating
atfullcapacityandcontributestoanannualrevenueofaroundRMB100mnandaprofitof
~RMB15mn.Weexpectthepeakrevenue/profitoftheoldandnewhospitalareasofEzhou
SecondHospitaltoreachRMB600/100mnrespectively.
◼ForthefirsttimeaftertheIPO,thecompanyreleaseditsfirststockincentiveplan,
demonstratingconfidenceinitsdevelopmentandbindingtheinterestsofcore
managementteamforthemediumterm.42peoplearecoveredandassessedbytheplan
from2023to2025.Thecompany-levelperformanceassessmenttargetfor2023-2025isa
netprofitofnotlessthanRMB180/230/300min,withaCAGRof30%.Theexerciseprice
issetatRMB12.01,equivalenttothecurrentstockpriceofthecompany,demonstrating
strongconfidenceofthecompany.
◼EarningsForecast&Rating:WeexpectittoachievenetprofitofRMB37/190/274mn
in2022-2024,withcorrespondingP/Eat190X/37X/26X.WeinitiatewiththeBuyrating.
◼Risks:Slower-than-expectedpromotionofnewproductsorrecoveryofhospitaldemand.
PricePerformance