Specialized Hospitals To Sink The County Speed Up The Eye Eye 1 Billion 870 Million Yuan Acquisition Of 30 Primary Hospitals

Specialized hospitals continue to sink under the continuous acceleration of the fine reform of county medical and health services.

A few days ago, the 300015.SZ announced that it was going to buy 100% stake in Tianjin Zhongxin letter by issuing shares. It intends to purchase 100% stake in the oper opto 100% owned by the public pharmaceutical industry and 80% stake in Xuancheng eye hospital by issuing shares and paying cash. It intends to buy 90% stake in Wanzhou, Shang Yali and Chongqing, and 90% stake in Kai AI, a total of 30 hospitals, with a total transaction price of 1 billion 870 million yuan.

Albert ophthalmology has always adopted the mode of "listed company +PE" in the cultivation of Listed Companies in vitro. Until the project is ripe, it will take the opportunity to purchase and enter the listed companies. Expansion and subsidence through mergers and acquisitions are becoming the common choice of private medical institutions including the eye eye. In the past two years, the health examination industry has been in the lead in the United States, and the dental industry has been in the layout of the three or four tier cities.

"At present, the biggest obstacle to the subsidence of the county and municipal hospitals in China is the lack of doctors' resources, which is the biggest problem facing the primary medical care in China." In January 15th, Wang Jun, an investment manager of Beijing health industry fund, told an economic reporter in twenty-first Century that the eye ophthalmologists had more advantages in the field of doctors' resources than the other smaller organizations.

County subsidence speed up

"The 30 hospitals of the ophthalmology department are to be purchased. Among them, 26 hospitals held by Tianjin Zhong Xin letter are all hospitals affiliated to the buyout fund established by the ophthalmology department. They have been nurtured and standardized by the acquisition fund, forming a relatively complete internal system, ensuring the standardized operation of all links, adhering to the organic combination of management personnel and technical personnel, and establishing a mature management mode based on this, and achieving seamless docking after the acquisition." The head of the Department of Ophthalmology securities told reporters that the other four companies were doing well in their own business. After entering, they could manage their new business through mature management system, including mode, medical and technological process optimization, and have good synergy with Er's existing business.

According to the above announcement, Tianjin Zhongxin letter signed the equity purchase agreement with Zhongyu fund, an star fund and Liang Shi bank in October 22, 2019 respectively. It has limited shares to 26 eye hospitals, including the acquisition of adian Al, Anqing el, Baise el, Dalian el and Datong al.

In fact, the actual controller of Tianjin Zhongxin letter is the CITIC Industrial Fund. According to the above transaction plan, CITIC fund first buys the majority stake of 26 eye hospitals from the eye fund controlled industrial fund, and then sells it to the listed company, and holds some shares of the company.

Jiang Qi, an analyst with Sino Thai securities and pharmaceutical industry, said this solution solved the acquisition issue of the issue shares issued by the AI Industrial Fund's duration limit, and achieved the three win of the eye eye, the AI industrial fund and the CITIC Industrial Fund. "The company has further improved the company's national network layout through the acquisition of 26 hospitals of the AI industrial fund, 2 hospitals of the public pharmaceutical industry, and Wanzhou AI and Kai Ai Ai. The coordination effect of the regional hospitals has been further enhanced, and the market share and business scale of the company in the field of ophthalmic medical services is expected to be further improved."

In addition, 4 eye hospitals have been established earlier, rooted in the local area, and established a good reputation and reputation. Among them, the Orid eye hospital is located in the downtown area of Zhanjiang, Guangdong province. It was built in an early stage. After many years of development, it has become a large scale modern intelligent eye hospital integrating medical, scientific research, health care and academic exchanges. Xuancheng eye hospital is the first ophthalmology specialist hospital in Xuancheng and Wuhu. Wanzhou AI and Kai Zhou are rooted in Chongqing area. Due to their high rehabilitation rate, they have accumulated certain brand benefits.

According to the calculation, the total price of the 30 hospitals acquired by the eye Ophthalmology Group is about 1 billion 870 million yuan, corresponding to the average valuation in 2020, which is about 14 times. It is expected to give the company a new net profit of 130 million yuan in 2020.

The breeding cycle is yet to be verified.

Wang Jun analysis said: "with the improvement of the layout of the second tier cities, the marginal revenue of the Department of Ophthalmology continues to expand in the second tier cities, and at this time, the expansion of the three or four line cities with larger relative space is the inevitable choice."

In Wang Jun's view, ophthalmology specialist is still the most mature medical service in private sector, and the single store model and service items are relatively mature. "Therefore, in accordance with the commercial logic of the subsiding counties at the present stage, it is actually the output of technology and management, but because of the uncertainty of market share and consumption capacity of the three or four line cities, it is also a leader in their own subdivision areas that can really take this step."

In contrast, in September 2017, the health examination industry leader in the United States announced the acquisition of 7 major companies including Xichang American health and Health Management Co., Ltd., with a total investment of 150 million yuan. In recent two years, the dental interlocking strategy has been pushing the partner mode. The hope is to increase investment through the "Dandelion plan", and to gather all the medical professionals. In 3 to 5 years, the layout of 100 dental institutions in Zhejiang county and urban areas and key towns will be completed.

But many people in the industry believe that the construction of hospitals needs huge amounts of money and the breeding cycle is relatively long. According to the previous estimates, only 9 of the 30 stomatological hospitals in 2018 were over $1 million in profit, and most of them started training before 2013, that is, six years from cultivation to production.

AI's practice is to use the mode of "listed company +PE" to cultivate and mature in vitro and then choose to install it into a listed company system. For the 30 acquisitions, the above-mentioned Department of Ophthalmology Securities said: "these hospitals are mainly rooted in three or four line cities. The population base of this area is large. However, the quality of ophthalmic medical service resources is relatively limited compared with the second tier cities, and hospitals occupy the dominant position in the region. With the rapid growth of the economy in the three or four cities, people's attention to eye health is becoming increasingly close. The permeability of ophthalmic services will continue to expand, and the acquisition of eye hospitals will have broad room for growth. "

Liu Chuanqing, founder of the A share merger network, also believes that although the ophthalmology specialist is the most mature medical service area in the private sector, the single store model and the service items are relatively mature, but in the primary market, the profitability, input output ratio and return period of the single store are still a big challenge. However, ophthalmology can be replicated. As the largest private eye hospital in the country, Al has strong experience accumulation and brand advantage in this field as a basic support.