Golden Miles Medical (603882): Performance continues to release leading value

Golden Miles Medical (603882): Performance continues to release leading value
Event Golden Mile Medical released the third quarter of 2019 report, the first three quarters of 2019 to achieve revenue 39.2 billion, an increase of 18 in ten years.17%, net profit attributable to mother 3.1.9 billion, an increase of 94 in ten years.16%, deducting non-net profit 2.5.9 billion, an increase of 88 in ten years.25%, net operating cash flow is 3.65 ppm, an increase of 40 in ten years.58%. In the third quarter, it achieved operating income of 13.7.7 billion, an increase of 14 in ten years.49%, net profit attributable to mother 1.4.7 billion, an increase of 115 in ten years.54%, net non-profit of 97.14 million, an annual increase of 55.86%. Briefly commented that the performance has exceeded expectations, and the long-term value of ICL’s leading products has stood out quarter-on-quarter. From the point of view of the quarter, the company continued to maintain explosive growth in the third quarter, mainly due to active adjustments in the company’s operating strategy.In total, the company has built 37 provincial medical laboratories across the country, most of which have been built in the past three years, and will not be built any more since last year. The proportion of fixed expenses such as depreciation and amortization in management costs has dropped significantly;The 杭州夜网论坛 laboratory gradually turned losses into profits. The number of profitable provincial laboratories in the first three quarters increased from 23 to 27. The company’s net profit margin increased significantly, and the first three quarters replaced the net profit.34%, a substantial increase every year 2.9 units. In terms of revenue, Q3’s single-quarter revenue growth rate remained stable. The company continued to actively adjust the company’s business structure and has a weak profitability inspection project. The overall gross profit margin in the first three quarters was 39.86%, increasing by 0 every year.With 86 units, the company’s special inspection business has continued to increase the proportion of high-end businesses such as genetic recombination diagnosis, pathological diagnosis, and mass spectrometry. The optimization of its revenue structure has made the company’s competitive advantage more prominent. In the long run, the domestic ICL industry still accounts for less than 5% of the entire inspection market share. In the future, through the National Medical Insurance Bureau to increase the control of medical inspection costs, ICL’s intensive cost advantage will become more prominent. Golden Miles has grown as an absolute leader in ICLThe space is still very large. Financial indicators continued to be optimized, and the net profit margin increased significantly in the first three quarters of 2019. The company’s gross profit margin was 39.86%, an increase of 0.The 83 targets are expected to be mainly due to the increase in the proportion of special inspection services with high gross profit margins, and the active reduction of unprofitable and alternative businesses.The cost rate during the period is 30.65%, down 1.78 units: of which the sales expense ratio is 14.99%, a decrease of 0.36 budgets are expected to bring benefits to the company’s expense control; R & D + management expense ratio of 15.08%, down 1.36 budgets are expected to be mainly due to the decrease in the depreciation stall expense ratio; the financial expense ratio is zero.58%, a decrease of 0.07 averages.The company’s net profit for the first three quarters was 8.34%, an increase of 2 per year.9 averages; of which the single quarter net interest rate in the third quarter was 11.13%, excluding the investment income of about 42 million yuan from the sale of subsidiaries, and a net interest rate of 8.08%, increase by 1 every year.81 units.Net operating cash flow was 3.650,000 yuan, a substantial increase of 40.58%, which is higher than the net profit attributable to mothers, reflecting the high quality of the company’s growth. The third-party laboratory medicine is the absolute leader, maintaining the purchase level. Golden Medical is the third-party medical laboratory with the largest scale and the strongest technical strength in the early days of the establishment of the domestic ICL industry. We are optimistic about the long-term prospects of third-party laboratory medicine in China.Profit forecast for -2021, profit is expected to be 4 in 2019-2021.1.2 billion, 5.2.1 billion and 6.48 ppm, an increase of 76 in ten years.7%, 26.4% and 24.4% (previous forecast was 3.15 billion, 4.04 billion and 5.0.8 billion, an increase of 35 in ten years.2%, 28.0% and 25.8%), and EPS is 0.90 yuan, 1.14 yuan and 1.42 yuan, currently expected to correspond to 65, 52 and 41 times PE in 2019-2021 respectively, maintaining a buy rating. Risk Warning 1.Increasing competition in the industry has led to an increase in the prices of inspection services and hospital settlements beyond expectations.Due to policy factors, the fees for hospital inspection services have been reduced3.Revenue and profitability of first-class laboratories fall short of expectations