华康医疗:致力于院感防控综合服务领军企业

（以下内容从天风证券《华康医疗:致力于院感防控综合服务领军企业》研报附件原文摘录）
　　Wuhan Huakang Century Medical (301235 CH) 致力于院感防控综合服务领军企业 Initiating coverage: hospital infection control leader adds EPC profit driver TP:RMB52.61 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 致力医院感控十余年，参与火神山净化荣获业内口碑 华康医疗深耕医疗净化十余年，致力于为现代化医院提供洁净、安全、智能的医疗环境并解决医疗感染问题。服务内容涵盖医院净化系统项目建设全周期，包括前期平面规划布局设计、过程实施、运行维护管理等流程。同时，公司可研发、生产和销售配套医疗设备及医疗耗材。2020年抗击新冠肺炎疫情期间，公司应邀参与火神山洁净手术室、负压ICU等抗疫重点区域的设计、施工和运维。公司充分展现扎实的洁净技术和高效协调能力，实现与土建施工、机电安装等设计、施工同步，从方案初始设计到竣工交付历时仅10天，建立全新风、全排风的高标准洁净手术室及负压ICU，各项医疗环境指标一次性通过检测，为火神山实现医护人员零感染、患者零死亡提供了重要保障。 Huoshenshan project won industry acclaim; zero infections at emergency hospital Huakang has built up its business in hospital infection management for more than 10 years. Its projects cover the whole process: including pre-planning and layout design, process implementation, and operations and maintenance. It also develops, produces and sells support medical equipment and consumables. In the early days of the Covid-19 pandemic in 2020, Huakang took part in the design and construction of the emergency field hospital Huoshenshan, as well as its operation and maintenance, setting up infection-free operating rooms and negative-pressure ICUs. The company’s purification technologies and efficient synchronization drove project design, construction and mechanical and electrical installation. It took only 10 days from the initial design to delivery of the project to high standards, including clean operating rooms with full exhaust systems and negative-pressure ICUs, clearing all medical environmental tests. Huoshenshan Hospital’s zero infections among medical staff and zero patient deaths were an important testament to Huakang’s execution capability. 存量与新增市场共存，每年超300亿市场规模 医院净化系统建设是院感防控不可或缺的隔离墙，通过对手术部、ICU等特殊科室合理设计规划，实现“医患分流”、“洁污分明”，降低医院感染风险。尤其在新冠疫情催化下，配套政策出台助力医疗新基建建设，期间一大批新建医疗机构布局加快，涉及现代化疾病预防控制体系建设、国家重大传染病防治基地建设、重点专科医院提标扩能等。此外，存量医院在疫情防控严峻背景下存在潜在的净化系统升级需求，对院感防控的要求更加趋严。在疫情背景催化+政策助力双重逻辑叠加下，华康医疗净化系统业务有望从中受益。公司预计，增量市场和存量市场的整体规模预计每年超过300亿，随着公司未来营销投入加大和净化技术升级迭代，华康医疗的市占率有望得到进一步提升。 Upgrade and newbuild markets together could exceed RMB30bn p.a. In setting up hospital purification systems, walled isolation is indispensable in infection prevention and control. Rational design and planning take into account special-purpose areas such as operating rooms and ICUs, triage and isolation rooms to reduce hospital infections. Due to the C-19 pandemic, China introduced support policies for the construction of new medical infrastructure. During this time, it accelerated the buildout of many new medical institutions, advanced disease prevention and control systems, national infectious disease prevention and control bases, and also upgraded standards and increased capacities at key specialty hospitals. As requirements for hospital inpatient prevention and control have become even more stringent, an additional demand driver is decontamination system upgrades at current hospitals in case of severe outbreaks. Huakang’s medical purification system business benefits from pandemic-driven policy assistance. The company expects the newbuild and upgrade markets to amount to over RMB30bn p.a. In view of potential marketing investment and purification technology upgrades and iterations, we expect Huakang’s market share to increase. 医疗专项EPC将成未来看点 医疗专项工程EPC设计、施工、运维一体化的总承包净化系统项目，从中标和项目本身而言相较于传统的净化系统项目更具优势，从医院角度而言可以节省建设成本和时间，就承接方而言更考验技术和统筹设计能力，同时订单的质量更高。未来医疗专项EPC项目将成为未来医院净化的趋势，公司的医疗专项工程EPC模式已在深圳市眼科医院、深圳市儿童医院、武汉大学中南医院、武汉科技大学附属天佑医院、湖北省新华医院、武汉市蔡甸区人民医院等成功落地。自2022年以来也陆续承接了部分EPC业务。未来随着公司净化技术研发实力的增强和市场进一步拓宽，EPC订单有望成为公司净化业务新的业绩增长点。 New profit driver: medical EPC projects represent the future in purification Medical EPC has advantages over general purification system projects in terms of the projects themselves and also their winning bids. The turnkey projects cover specialized engineering, design, construction, operation and maintenance. They save construction cost and time for hospitals. The project orders are higher quality as the contractor is tested in both technological and design capability. We believe EPC projects represent the future for the medical purification market. Huakang’s EPC model has been implemented in Shenzhen Eye Hospital, Shenzhen Children’s Hospital, Wuhan University Zhongnan Hospital, Wuhan University of Science and Technology Affiliated Tianyou Hospital, Hubei Xinhua Hospital and Wuhan Caidian District People’s Hospital. Its EPC business took off this year and we expect more EPC orders in the future, as purification R&D advances and market expansion create a new profit growth driver. 投资建议/Investment Ideas 盈利预测与投资评级：我们预计公司 2022-2024年营业收入分别为14.57、23.73、31.99亿元，归母净利润分别为1.43、2.37、3.20亿元，采用可比公司PE相对估值法对公司进行估值，我们选取医疗新基建板块受益的三家公司迈瑞医疗、开立医疗、海泰新光作为可比公司，给予公司2022年目标PE为39倍，目标价为52.61元，首次覆盖，给予“买入”评级。 Valuation and risks：We expect revenue to arrive at RMB1.46bn/2.37bn/3.2bn and net profit at RMB143m/237m/320m in 2022/23/24E. We value Huakang relative to peer PEs, selecting three peers with exposure to the new infrastructure sector: Mindray Medical, SonoScape Medical and NovelBeam Tech. We assign a target PE of 39x for 2022E, which derives our target price of RMB52.61. Hence, we initiate coverage with a BUY call. 风险提示：①市场竞争加剧风险；②新客户开拓波动风险；③经营活动现金流风险；④疫情反复施工延误等风险；⑤股价波动风险。 Risks include: intensifying competition; new customer buildout volatility; operating cash flow risks; pandemic-related persistent construction delays; and share price volatility. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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