Golden Quarters Medical (603882) Third Quarterly Report Review: The Company’s Profits Continue to Grow Rapidly and Continuously

Golden Quarters Medical (603882) Third Quarterly Report Review: The Company’s Profits Continue to Grow Rapidly and Continuously
Core events: Golden Mile Medical released the third quarter report of 2019. In 1-3Q 2019, the company achieved operating income, net profit attributable to mothers, net profit attributable to non-mothers 39.2 billion yuan, 3.1.9 billion, 2.USD 5.9 billion, an increase of 18 each year.17%, 94.16%, 88.25%.In Q3 2019, the company realized operating income, net profit attributable to mothers, net profit attributable to non-mothers13.7.7 billion yuan, 1.4.7 billion, 0.9.7 billion, an increase of 14 each year.49%, 115.54%, 55.86%.Among them, the highest reported investment income was 4224.720,000 yuan, an annual increase of 4061.83%, mainly due to the disposal of subsidiaries, is the main source of non-recurring gains and losses. The company’s profits are growing rapidly and continuously, and the cost ratio is steadily decreasing.In the first three quarters of 2019, the company’s main business developed steadily, and the growth rate of net profit was far greater than the growth rate of revenue.From the perspective of revenue, the main business of medical diagnostic services achieved revenue37.1.2 billion, an annual increase of 19.47%.From a cost perspective, the gross profit margin is 39.86%, increasing by 0 every year.83 points.In terms of expenses, the selling expenses are 14.99%, a decrease of 0 every year.36 points; overhead costs 9.18%, a decline of 0 per year.66 points; financial expenses 0.58%, a decline of 0 every year.07 points.Net profit increased by 8.34%, an increase of 2 per year.89 points. The special inspection business drives the endogenous growth of core laboratories, and the number of profitable laboratories has steadily increased.The special inspection business is an incremental market, and ICL is a growth industry. The company ‘s layout of high-margin special inspection business is relatively early, and it has gradually ushered in the harvest period, which will promote the accelerated growth of core laboratories.The report pointed out that the company’s profitable provincial laboratories increased from 23 to 27, and the profitability of laboratories other than core laboratories also gradually improved, and the company’s profit turning point was obvious. The company’s EPS is expected to be zero in the next three years.89 yuan / 1.23 yuan / 1.61 yuan, maintain “Buy” rating. The company is a leading company in the internal ICL industry. The business structure continues to upgrade, and the laboratory’s profitability has improved significantly, and it will obviously benefit from the improvement of the industry’s competitive landscape.The company’s EPS is expected to be zero in the next three years.89 yuan / 1.23 yuan / 1.61 yuan, maintain “Buy” rating. Risk warning: the inspection price is lower than expected risk; the 深圳桑拿网 competition environment of the industry is exacerbated; the research and development progress of special inspection projects is less than expected risk; the profitability of the new laboratory is less than expected risk