Jianghe Group (601886): The curtain wall leader welcomes the planned development layout, medical treatment opens a new growth space

Jianghe Group (601886): The curtain wall leader welcomes the planned development layout, medical treatment opens a new growth space

The curtain wall industry leader, medical layout to create two-wheel drive.

The company is the world’s first brand in the field of high-end curtain walls. It was established in 1999 and entered the field of high-end curtain walls in 2001. The company has undertaken a series of flaws, scales, landmark landmarks, technology and brand strength breakthroughs around the world.

After the company went public in 2011, it almost quickly supplemented the interior and design business shortcomings through mergers and acquisitions, and at the same time, it deepened its layout in the medical field to form a two-wheel drive architecture + medical.

The company achieved revenue of 160 in 2018.

400 million, an increase of 5% in ten years; net profit attributable to mothers6.

1 ‰, an annual increase of 30%, to achieve a net operating cash flow of 14.

With a continuous performance of US $ 100 million in cash flow, it is expected to achieve sustainable and stable growth in the future.

Decoration’s main business has entered the expected development period, and there is plenty of momentum for future performance growth.

In 2013, after the company’s main business of building decoration experienced operating risks brought by overseas business expansion, it quickly adjusted its business structure, improved its operating efficiency, and realized a shift from rapid expansion to a transformational development model.

At present, the company’s overseas impairment factors have gradually subsided, its profitability has continued to increase (the gross profit margin and net interest rate have rebounded), and its cash flow interbank ratio is also very good (the net operating cash flow has continued to grow, and the cash-to-cash ratio ranks first among major decoration companies)The domestic and overseas business has steadily advanced, and the main business of building decoration has entered the best development period.

Before 2018, the company’s new starting point was 21.2 billion US dollars, an increase of 18% year-on-year, and the growth rate was significantly increased by 16 pct compared with the previous year. At the same time, the company announced that the 2019 construction and decoration sector plan bid amount was 23 billion US dollars (the 2018 plan bid amount(19 billion U.S. dollars) continue to achieve rapid growth, with sufficient momentum for future performance growth.

Substantial progress has been made in the grafting of Vision’s superior brand technology in China, and the prospects of third-party inspection business are broad.

The company completed the privatization acquisition of the vision in 2015, with the ophthalmology business as the core, and continued to develop the domestic medical business by using the vision and technological advantages. In 2017, the company completed the acquisition of 51% equity in Nanjing Zeming, marking the company’s ophthalmology business in ChinaSubstantial progress in landing.

In January 2019, the company imitated Vision’淡水桑拿网s privatization experience and made another bid for Healius. The company currently holds Healius15.

93% equity, is its largest shareholder, Healius is Australia’s largest general practitioner clinic, the second largest pathology provider, and the second largest imaging chain hospital.

We estimate that the domestic third-party medical testing market is at least about 50 billion. If the acquisition is completed, it will replace the foundation for the company’s further involvement in the domestic third-party medical testing market.

Investment suggestion: We predict that the company’s net profit attributable to mothers in 2019-2021 will be 7 respectively.



4 ppm, an annual increase of 23% / 23% / 23%, corresponding to 0 EPS.



99 yuan (23% CAGR for 2018-2021).

The current highest corresponding PE is 13/11/9 times, respectively, covering for the first time, giving a “buy” rating.

Risk reminders: real estate policy risks, recurring risks of main business profitability and cash flow, acquisition and integration progress not meeting expected risks, medical business expansion falling short of expected risks, and overseas operating risks.

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