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　　机构：招银国际

　　2017 results in line with our expectation. Total revenue within the period grew 12.0% YoY to Rmb1,389.2mn. Core net profit grew 26.8% YoY to Rmb171.5mn. The result is in line with our expectation with revenue 1.9% and core net profit 0.2% below our estimations. The Company declared a final dividend of Rmb0.16 per share, representing a payout ratio of 34.2%. Special and VIP services continued to be the main growth driver, with revenue grew 14.4% YoY to Rmb134mn and accounted for 9.6% of total revenue. Ordinary service grew 10.9% YoY to Rmb1,244.8mn and accounted for 89.6% of total revenue. The new business of hospital management and sales of pharmaceuticals accounted for the remaining 0.8%.

　　Entering hospital market of Anhui province. The Company reached an agreement in acquiring 57% equity interest of Anhui Hualin, which operates a class II rehabilitation hospital, a class I general hospital, 9 rehabilitation centers and a vocational training school in Anhui province. The total consideration includes Rmb58.66mn for 49.71% equity interest, and capital injection of Rmb20mn. With the profit guarantee of Rmb6mn/11mn/15.5mn in 2018/19/20, the acquisition consideration represents PER of 23x/12.5x/8.9x respectively. Management believes that the acquisition is an important step in entering Anhui hospital market and the target company has one of the best rehabilitation teams in Eastern China which would strengthen the services offered by the Company. The deal is expected to be completed by the end of Mar 18. Based on the profit guarantee and considering the sacrifice of interest income from the acquisition consideration, we believe the acquisition will add 0.3%/1.8%/2.5% to the net profit in 2018E/19E/20E.  

　　Zhonglian Cardiovascular Hospital expected to deliver strong growth. The hospital commenced operation in Mar 17 and under the management contract, Kanghua would receive a management fee of Rmb200,000 and 5% of revenue generated by the hospital. Management revenue of Kanhua increased from Rmb1.1mn in 2016 to Rmb3.1mn in 2017. With the inclusion into the medical insurance in Nov 17 and the second phase construction expected to be completed in 2018/19, Management is confident with the growth potential of the hospital. 

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