Mei Nian Health (002044): Revenue growth stabilized in the single quarter

Mei Nian Health (002044): Revenue growth stabilized in the single quarter
Incident Mei Nian Health released the 2019 Interim Report. The company achieved revenue in the first half of 201936.4.1 billion, an annual increase of 2.93%, net profit attributable to mothers 佛山桑拿网 was 16.84 million, a drop of 89 in excess.40%, deducting non-net profit -1.3.6 billion, down 235 before.06%, operating cash flow is -6.3.0 billion, a significant reduction of 100 previously.54%.The growth rate of net profit attributable to mothers is at the lower limit of 60% -90% of the previous notice.  In the second quarter, it achieved operating income of 23.6.2 billion, an annual increase of 2.24%, net profit attributable to mother 1.3.5 billion, down 49 before.92%, deducting non-net profit1.3.4 billion, down 32 before.74%.  At the same time, the company announced that the net profit attributable to the parent in 2019Q3 was 2.8.5 billion to 4.200 million, a ten-year growth of -31.14% to 1.48%.  Brief comment on the short-term revenue stabilization, the third quarter is expected to return to the growth trajectory 2019Q2 revenue growth remains stable, the impact of the final event is expected to begin to gradually fade away, the company’s efforts to reform the operation of the inspection business gradually improve the effectiveness; continue to make steady progress, andDivided by the beginning of 2019, it has 288 (+32) holdings, 305 (+13) shares, and 91 (+6) under construction. A total of 684 physical examination branches (including construction) are being established in 311 cities.The initial increase is 51; the number of physical examinations is 10.38 million (7.49 million in the holding center and 2.89 million in the equity participation center), and the average unit price is 499 yuan / person (480 yuan / person for group inspection, 609 yuan / person for individual inspection). It is expected thatBasically flat each year.  The growth rate of the profit side Q2 increased by a decrease from the previous month. The reduction is the difference between the bases of Q1 and Q2. Due to the increase in Q2 revenue, the fixed cost expansion remained stable.Based on the forecast for the third quarter of 2019, the growth rate of net profit attributable to mothers in the third quarter in the third quarter was 5.5-58.4%, the median is 32%, will continue to return to the high growth range of 30-40%, we judge that the most difficult period of operation has gradually passed, and will re-enter the new growth track.  The C-end overhaul business will become a business breakthrough for the company’s transformation and upgrading. The company’s X-series is expected to become the company’s blockbuster product company. This year, it will vigorously develop high-margin overhaul business. From product design to sales, comprehensive and specific planning, goalsIt will take five years to increase the inspection ratio from the current 25% to 50%.In terms of sales, the company took advantage of the company’s sales advantages and adjusted its organizational structure to set up an inspection and maintenance department to focus on recruiting and strengthening inspection and inspection business training to achieve a rapid increase in the proportion of inspection and inspection business, thereby improving cash flow and profitability.ability.  On the Meinian Good Doctor product system of “Customized Physical Examination, Health Bank, Private Doctor, Medical Direct Access, Insurance Protection”, which is listed in 2018, Meinian Great Health is concerned about high incidence of tumors, cardiovascular and cerebrovascular disease, diabetes, and women in China.Cancer and many other major diseases. In 2019, we upgraded and launched the US-China Good Doctor X series. Through the “Expert Consensus”-“Triple Reading Film”-“Insurance Protection” triple insurance, we guarantee multiple protections, improve service quality, and eliminate consumption.Medical examination concerns.In the first half of 2019, the “Miannian Good Doctor” product was sold and served more than 100,000 person-times, completed insurance for more than 50,000 consumers, completed insurance benefits for nearly 200 eligible consumers, and innovated the health checkup business.The service process greatly improves the customer experience.  Operating pressure plus roughly reduced gross profit margin, and operating cash flow improved slightly in the first half of 2019. The company’s gross profit margin was 35.62%, a decrease of 9.In 2008, it was mainly in the first half of the year to improve inspection quality and compliance management, and increase costs.The cost rate during the period was 39.26%, an increase of 0.77 units with a sales expense ratio of 25.00%, down 2.78 units; R & D + management expense ratio 9.11%, an increase of 1.41 units; financial expense ratio 5.15%, an increase of 2.The 14 shareholders are expected to increase financing costs due to increased corporate borrowings.Capital liability financing 60.06%, a sharp increase of 7 previously.23 units, an increase of 2 from Q1.82 units; operating cash flow is -6.3.0 billion, a significant reduction of 100 previously.54%, but the Q2 single season was -0.4.8 billion, a great improvement from the previous month.Accounts receivable 21.99 ppm, a slight increase from the previous month, reflecting the steady growth of the group inspection business; advance receipts were 9.0.6 billion, a significant decrease of 4 from Q1.USD 9.3 billion, reflecting the impact of the ticket checking business, the amount of prepaid card sales.  Leading in the field of health checkups, maintaining the level of increase in holdings, holding the health of the United States and taking health checkups as its core, from professional prevention, health protection to intelligent management, the development strategy of health big data applications is clear, and the company has quickly grown into an absolute leader in the domestic health management industry.Taking into account the expected improvement in the third quarter, we do not adjust the profit forecast for the time being, and maintain the company’s profit forecast for 2019-2021 to 9, respectively.8.4 billion, 12.6.8 billion and 15.7.6 billion, an increase of 19 each year.9%, 28.9% and 24.3%, maintaining the overweight rating.  Risk reminder: M & A integration effect is less than expected, leading to goodwill impairment risk; store expansion is slower than expected; health management industry events affect company assessment