Proposed to acquire Jiangxi Fukang and enter the radiological health technology service market in the field of medical testingRadio and television meteringJune 21announcement(No. 2021-036), intends to acquire 100% equity of Jiangxi Fukang with its own funds of 12 million yuan. The target company mainly provides technical services for testing and evaluation of radiological equipment and facilities in hospitals. It has Grade A qualification and can conduct business nationwide.Jiangxi Fukang’s customers andRadio and television meteringThe customers of the original medical metering business are all medical institutions. We believe that the synergy between the two in terms of customers and channels is significant, andRadio and television meteringThe nationwide network layout and mature market development experience are expected to empower target companies to strengthen the development of radiological health technology services.We maintain the previous periodprofit prediction, Expected to return to the mother in 2021-2023Net profit3.25/4.46/581 billion yuan, giving the company a target PE of 61x in 2022, with a target price of 47.58 yuan, and maintaining “overweight”.
It plans to acquire 100% equity of Jiangxi Fukang for 12 million yuan. The synergy effect can be expected. Jiangxi Fukang mainly provides testing and evaluation technical services for hospital radiological equipment and facilities. In 2020, it will achieve revenue of 8.21 million yuan and net profit of 1.39 million yuan (corresponding to the acquisition). PE is 8.6x), netinterest rate17%。
With the gradual deepening of the reform of “delegation of control and service”, the National Health Commission canceled the requirement of cross-regional service filing for radiological health technical service institutions in August 2020, and Jiangxi Fukang has a radiological diagnosis and treatment construction project occupational disease hazard radiological protection evaluation grade A qualification , It can carry out related testing services nationwide, and its main customers and the customers of the original medical metering services of SVA Metering are medical institutions. The two can share customer resources and channel resources, and the synergy effect is significant. We believe that through this acquisition, Radio and Television Metering is expected to quickly obtain the qualifications for radiological health technology services, and accelerate business development with the nationwide network layout.
Maintain “overweight” rating, target price 47.58 yuan
According to the announcement, during the “14th Five-Year Plan” period, Radio and Television Metrology will vigorously develop the medical health inspection business, and will further expand the service areas of medical inspection and medical equipment maintenance in the future.We do not consider the impact of this acquisition on the company for the time beingPerformanceThe forecast of net profit attributable to the parent for 2021-2023 is maintained at 3.25/4.46/581 million yuan, which corresponds to an EPS of 0.57/0.78/1.01 yuan for 2021-2023. With reference to comparable companies’ Wind consensus expected PE average of 45x in 2022, taking into account The company’s business is being optimized and upgraded from a single measurement and testing to a “test +” integrated business. The “one-stop” service has obvious advantages and stronger ability to resist cyclical fluctuations. It is given a target PE of 61x in 2022 and a target price of 47.58 yuan (previous value 39.04). Yuan), maintain the “overweight” rating.
Risk warning: risks of failed acquisitions, repeated new crown epidemics that will affect business development, deterioration of the competitive landscape of the testing industry, and risks of reduced brand credibility, etc.
(Article Source:Huatai Securities）
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