\u3000\u3000 B-Soft Co.Ltd(300451) (300451)
Event: on January 25, 2022, B-Soft Co.Ltd(300451) announced the performance forecast of 2021. In the whole year, the company is expected to realize a net profit attributable to the parent company of 37.508 million yuan to 46.946 million yuan, with a year-on-year increase of 12.86% - 41.26%; Deduct non net profit of RMB 346.08 million to RMB 440.46 million, with a year-on-year increase of 10% - 40%.
Comments:
The performance basically met expectations and achieved steady and rapid growth of traditional business and innovative business. According to the preliminary calculation of the company, in 2021, the revenue of its medical and health information software increased by about 20% ~ 25% year-on-year, and the amount of tens of millions of orders increased by more than 40% year-on-year, which continued to expand the company's comprehensive advantages and improve the market share. Under the adverse impact of the epidemic, the company achieved performance growth by strengthening project management, improving delivery efficiency, improving contract quality and other measures. In 2021, the company expects to realize non recurring profits and losses of about 29 million yuan, mainly including various government subsidies received in the current period and profits and losses from the disposal of long-term equity investment. In the same period of last year, the non recurring profit and loss was 17.7223 million yuan.
The construction of medical and health informatization promotes the income growth of the company's medical industry. With the continuous promotion of national policies, medical and health informatization has been established as a priority area of hospital infrastructure, and the construction of "Trinity" intelligent hospital information system of electronic medical record, intelligent service and intelligent management has been promoted. Benefiting from the rapid development of medical and health information construction, the income of the company's medical industry increased rapidly. In addition, the company's Hospital DRG / Dip products have been successively launched in various pilot cities across the country. With the continuous promotion of the reform of medical insurance payment method, the company's hospital is expected to benefit.
"Huikangyun 2.0" strategy expands the competitive advantage of products. In the first half of 2021, the company launched the overall cloud transformation and development strategy of "Huikang cloud 2.0", transforming from a traditional IT information product service company to a technology cloud ecological enterprise. It plans to build a complete medical and health application service and medical and health service cloud platform in the cloud, introduce new features in the data, and "Zhilian" medical, health Health service scenario, realize the concept of intelligent medical treatment and common development of multiple formats, and gradually realize the cloud release of software applications and services. Cloud products continue to be upgraded online, including cloud products such as "cloud his overall solution", "operation and maintenance cloud platform", "health cloud platform" and "5g + cloud for collaborative treatment of critical diseases". In 2021, the delivery and landing of benchmark customers of "polymorphic Zhilian" series hihis cloud products was realized, which laid the foundation for the company's overall cloud transformation and development strategy.
Investment suggestion: we estimate that the company's operating revenue from 2021 to 2023 will be 2.041 billion yuan, 2.674 billion yuan and 3.396 billion yuan respectively, the net profit attributable to the parent company will be 448 million yuan, 588 million yuan and 744 million yuan respectively, and the EPS will be 0.29, 0.38 and 0.48 yuan respectively, maintaining the "buy" rating.
Risk warning: policy promotion is not as expected; Industry competition intensifies; The epidemic situation affects business development.
