Jiu'an Medical : Adjusting the fixed-increasing plan and increasing the investment in the health management cloud platform
Category: Company Research Institute: China Investment Investment Co., Ltd. Researcher: Zhang Lei Date: 2015-10-12
The company's October 9th shareholders' meeting reviewed and approved the “Proposal on Adjusting the Company's Non-public Issuance of Stocksâ€. The issue price was adjusted from not less than 18.40 yuan to not less than 12.67 yuan, and the number of issued shares was adjusted from no more than 44 million shares. No more than 73 million shares, the funds raised from no more than 810 million to no more than 924 million, the main fundraising investment from the investment of 481 million mobile medical peripheral ecological and intelligent hardware research and development base adjusted to invest 731 million mobile Internet + health management cloud Platform project.
Investment points:
Plus mobile medical care, and build a healthy management cloud platform. The 731 million fundraising project is to provide a health care cloud platform solution for medical service organizations, using mobile smart medical devices (such as smart blood pressure monitors, blood glucose meters, etc.) as the gateway, Internet as the carrier and technology. Means, accumulate user health data, build links between patients and doctors, monitor treatment effects, and establish new communication channels through mobile Internet, and build new platforms such as online doctor-patient communication platform, medical communication community, and patient communication community. This is the further practice of the company's "smart hardware + application + cloud service" strategic thinking, forming a complete cycle around the user, helping users to map their personal health, and the company's health big data platform has evolved into a personal health social platform. Certified information users are open to improve the health and health management efficiency of the entire society. At the same time, the adjusted non-public offering plan no longer involves land issues and is expected to speed up the review.
The new product, the Bluetooth version of the iHealth smart sphygmomanometer, has been launched in cooperation with Xiaomi, and the number of adapter models has been expanded by five times. On September 28th, the Bluetooth version of the iHealth smart blood pressure monitor was launched at Xiaomi Mall. After using Bluetooth connection, the adapter model was extended to all Android users by Xiaomi users. According to the latest data of iiMediaResearch, China's total smartphone shipments in the Q2 quarter were 98.9 million units, and Xiaomi's mobile phone shipments accounted for 16.6%. In the same period, Android mobile phone shipments accounted for 85.2%, and the roughly estimated adapter models were directly expanded by 5 times. . At the same time, the Bluetooth connection eliminates the previous steps of plugging and unplugging the phone, and the user experience is better.
iSmartAlarm Family Security Company was adjusted into a subsidiary by Sun Company, and its shareholding ratio remained unchanged at 30%. iSmartAlarm's main business is the development and sales of new home security products based on mobile internet. The main products are intelligent security products. No professional installation is required. Users can use mobile phones to conduct security management for their homes, mainly to countries such as Europe and America. iSmartAlarm, Inc. was adjusted to participate in the subsidiary by the participating company, and the company was better organized to participate in the management of iSmartAlarm.
Maintain "strong recommendation". At present, the company's performance is affected by the market development, research and development, and sales expenses of the ihealth series. The 15-year performance pressure is still relatively large. We expect ihealth's revenue share to increase to 50% in 16 years, at which time breakeven can be achieved. . It is estimated that EPS in 15-17 years is -0.20, 0.01, and 0.07 yuan respectively. Currently, it is in the transition period from hardware business to health big data service and health management business. It is recommended to continue to pay attention.
Risk Warning: The ihealth series promotes lower-than-expected risks, sales expenses and R&D expenses continue to increase, resulting in a low level of profitability.
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