\u3000\u3 China Vanke Co.Ltd(000002) 777 Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) )
The policy catalyzes the high prosperity of the industry and maintains the “buy” rating
The company is a leading enterprise in medical informatization and digital government affairs in China. As the epidemic repeatedly affects the project delivery, we lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 275, 348 and 447 million yuan (the original forecast value in 20222023 is 356 and 457 million yuan), EPS will be 0.88, 1.11 and 1.42 yuan / share (the original forecast value in 20222023 is 1.13 and 1.45 yuan / share), and the corresponding PE of the current stock price is 25.1, 19.8 and 15.4 times. Considering that the prosperity of the industry is expected to improve under the catalysis of policies, the company has plenty of orders on hand and can expect long-term growth, so it maintains the “buy” rating.
Event: the company released its 2021 annual report, and its annual performance grew steadily
The company issued the 2021 annual report. In 2021, the company achieved an operating revenue of 1.306 billion yuan, a year-on-year increase of 13.21%; The net profit attributable to the parent company was 219 million yuan, with a year-on-year increase of 17.09%, and the annual performance increased steadily.
The core business is progressing smoothly and the profitability has improved significantly
The two wheel drive of medical insurance and digital government has driven the steady growth of the company’s income. In the field of medical insurance informatization, the company won the bid for the construction project of medical insurance information platform in 8 provinces including Hubei, Sichuan, Henan and Shandong, participated in the DRG / Dip reform pilot in Chengdu, Kunming and other places, and accumulated rich project resources. In the field of medical informatization, the company launched the smart hospital project of 10 class III hospitals and 15 class II hospitals such as Henan infectious disease hospital, and the share continued to expand. In the field of digital government affairs, the company won the bid for benchmarking projects such as the national social security public service platform and the national industrial injury remote medical treatment settlement information system. The high-quality ministerial project of card position is conducive to the continuous expansion in the future. The proportion of software business income with high gross profit increased, driving the overall gross profit margin to increase by 2.86 percentage points to 56.11%, and the profitability was significantly improved.
The policy of Digital China drives the high prosperity of the industry, and the company has sufficient orders in hand and can be expected in the future
As an important part of the digital economy, smart medicine and digital government have been significantly supported by policies. Since 2021, policy documents such as the 14th five year plan for promoting national government informatization and the opinions on promoting the high-quality development of public hospitals have been issued successively, which has promoted the prosperity of the industry. With rich technical reserves and project experience, the company can grow for a long time. In February 2022, the company announced that it had won the bid for the information construction software project of five hospitals of Taiyuan Health Commission, with a total amount of about 106 million yuan. The bid for large-scale orders highlighted the growth potential of the company.
Risk tip: the promotion of medical insurance informatization is less than expected; The promotion of digital government is less than expected.
