\u3000\u3000 B-Soft Co.Ltd(300451) (300451)
Investment Event: the company released the forecast of 2021 annual report: the company expects the net profit attributable to the parent company to be 375.08 million yuan – 469.46 million yuan, with a growth rate of 12.86% – 41.26%, deducting the net profit not attributable to the parent company to be 346.08 million yuan – 440.46 million yuan, with a growth rate of 10% – 40%.
Steady and rapid growth in performance and optimization of business indicators. Relying on the coordinated business development of “one body, two wings” and medical insurance division, the company has achieved steady development in hospital it, public health it and medical insurance it business lines, and achieved rapid growth in traditional information business and internet medical innovation business. During the reporting period, the net profit attributable to the parent company is expected to reach 375-469 million yuan, with a median value of 422 million yuan, a year-on-year increase of 12.86% – 41.26% and a median value of 27.06%. The company’s profit has achieved steady and rapid growth. In terms of revenue, due to the repeated epidemic, the company’s key business activities such as project implementation have been affected. However, on the basis of optimizing structural adjustment and through various efforts, the company has still achieved steady and high growth in many business indicators. The revenue growth rate of medical information software is expected to be about 20% – 25%, the amount of tens of millions of orders has increased by more than 40% year-on-year, and the newly signed large orders have achieved rapid growth.
Continue to increase R & D investment, and the huikangyun 2.0 strategy has been steadily promoted. During the reporting period, the company’s R & D investment increased by 20% year-on-year, and the investment scale increased rapidly. The company continues to increase R & D investment, enrich huikangyun’s product system, improve service scenarios, and accelerate the steady implementation of huikangyun 2.0 strategy. During the reporting period, the company’s “polymorphic Zhilian” series of hi-his cloud products were successfully launched and operated in Taizhou hospital, a benchmark customer. The successful implementation of benchmarking customers will help the company further optimize Huikang cloud product system, expand the implementation and delivery team of new products, sort out the internal and external coordination management system, and help the company comprehensively promote the transformation and upgrading of cloud strategy.
The continuous favorable policies have driven the company’s performance to grow continuously. At the end of 2021, favorable policies for the medical IT industry continued. For example, in October, the National Health Commission issued the promotion action for the high-quality development of public hospitals (2021-2025) (hereinafter referred to as the promotion plan), and in November, the National Medical Insurance Bureau formulated the three-year action plan for the reform of DRG / Dip payment methods. The promotion action takes hospital intelligent service rating and intelligent management rating as key construction contents, which is expected to promote medical institutions to increase it expenditure. The full implementation of DRG / Dip will drive the medical insurance end and hospital end to increase the construction of DRG / Dip related information systems. According to the report “DRG / Dip market capacity exceeds 10 billion, medical IT industry welcomes new growth” released by us, the new DRG / Dip deal is expected to bring nearly 20 billion yuan of market growth to the industry. As a leading enterprise in the medical IT industry, the company has rich product system and strong competitive advantage. It is expected to fully enjoy the high dividend in the market.
Investment suggestion: it is estimated that the company’s revenue in 2021, 2022 and 2023 will be RMB 2211 / 2974 / 3987 million respectively, the net profit will be RMB 450 / 616 / 853 million respectively, and the EPS will be RMB 0.29/0.40/0.55 respectively, corresponding to 31.76/23.19/16.76 times of PE, giving a “buy” rating.
Risk tip: business development is less than expected and policy promotion is slow
