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Event description:
Dean Diagnosis Release the performance forecast for the first three quarters of 2012: it is estimated that the net profit attributable to shareholders of listed companies in the first three quarters is 404.8-42.6 million yuan, with a year-on-year growth of 33% - 40%, of which the amount of non recurring profits and losses is about 1.5-25 million yuan.
Event comment:
High growth in the first three quarters: It is estimated that the net profit attributable to shareholders of listed companies in the first three quarters is 404.8-42.6 million yuan, corresponding to EPS of 0.44-0.46 yuan. The net profit in the third quarter is 9.78-11.9 million yuan, with a year-on-year growth rate of 25% - 52%. Due to the seasonality of the testing business, the third quarter is generally the low point of the company's performance, The low year-on-year base makes the growth fluctuation range larger. In general, the first three quarters continued the trend of high growth, and the performance range was in line with market expectations.
The national network expansion was smooth: in the third quarter, the company completed the acquisition of Wuhan Dean and expanded its business in central China. At present, the company has made smooth progress in the national network layout. In addition to Jiangsu, Zhejiang and Beijing, it has also successfully deployed sites in Shandong, Hubei, Heilongjiang, Liaoning and other places, and the number of independent laboratories has increased to 12. The mode of cooperation with local dealers also enables the company to open up the situation in the local market as soon as possible.
The successful layout in various regions has proved the replicability of the company's business. It is expected that after a three-year break even period, the company's new centers will gradually contribute to profits.
Maintain the rating of "prudent recommendation": the independent testing business is still in its infancy in China. The grassroots of initial diagnosis and mutual recognition of testing results will promote the rapid development of the market. The business model of the independent testing center is in line with the development law of future medical services. Based on Jiangsu and Zhejiang regions, the company has steadily expanded its laboratory network, radiating across the country. The high growth of mature laboratories has promoted performance growth, and the newly built laboratories are expected to gradually make profits. It is estimated that the company's EPS in 2012-2013 will be 0.65 yuan and 0.87 yuan, maintaining the rating of "prudent recommendation".
