\u3000\u3 China Vanke Co.Ltd(000002) 777 Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) )
Event:
The company issued the 2021 annual report on March 13, 2022.
Comments:
In 2021, the company further strengthened its market expansion and steadily increased its operating performance
In 2021, the company further increased investment and market expansion in the field of livelihood informatization such as medical insurance, digital government and smart city, continued to improve the company’s core competitiveness and operation management ability, and maintained stable growth in operating performance. The company achieved a total operating income 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, a year-on-year increase of 17.09%; The net profit deducted from non parent company was 203 million yuan, with a year-on-year increase of 20.07%. In terms of business, the revenue of medical insurance business was 596 million yuan, a year-on-year increase of 25.05%; Smart city and digital government business realized a revenue of 639 million yuan, a year-on-year increase of 2.56%. In terms of expenses, the company’s sales, management and R & D expenses were 163 million yuan, 130 million yuan and 165 million yuan respectively, with a year-on-year growth rate of 45.47%, 34.56% and 7.51% respectively.
Won the bid for the construction project of medical insurance information platform in 8 provinces, and the hospital information construction continued to be promoted
1) medical security: in 2021, the company won the bid for the construction project of medical insurance information platform in 8 provinces (autonomous regions) including Hubei, Sichuan, Henan and Shandong. By the end of 2021, the company has participated in the construction of national medical security information platform in 22 provinces across the country, of which 10 provinces are core business handling systems. In terms of payment reform, the company has actively participated in the construction of hospital end DRG, and its products have covered 10 provinces. 2) Medical and health: the company’s medical and health industry market has covered 20 provinces in China and undertaken the information construction of more than 1200 medical institutions. In 2021, the company launched the smart hospital project of 10 class III hospitals and 15 class II hospitals such as Henan infectious disease hospital, Anning first people’s Hospital and Chongqing Dianjiang County People’s Hospital, providing cloud his services for more than 60 grass-roots medical institutions and standardized and agile medical insurance interface docking and transformation services for more than 1000 hospitals.
Increase investment to support product R & D and establish a competitive advantage of systematic information and innovation industry
In 2021, the company’s R & D investment was 209 million yuan, a year-on-year increase of 11.84%, accounting for 15.99% of operating revenue; The number of R & D personnel is 1141, an increase of 429 over last year, and the technical system is becoming more and more perfect. The company has established an independent and controllable Engineering Laboratory, and through in-depth cooperation with domestic CPU, operating system, database, middleware and other ecological manufacturers, it has the adaptability to the mainstream domestic infrastructure and technical environment. The company has established an independent and controllable technology system with TA + 3 as the core and “eight modernizations” (cloud, China Taiwan, micro service, Internet, localization, intelligence, R & D, operation and maintenance integration and standardization) as the blueprint. It has the information innovation ability for smart people’s livelihood applications and has been applied in key people’s livelihood fields such as medical insurance, human resources and social security, civil affairs and so on.
Profit forecast and investment suggestions
As a smart people’s livelihood service provider, the company mainly focuses on smart medical care, smart medical insurance, digital government, new smart city and other fields, with broad growth space in the future. It is predicted that the operating revenue of the company from 2022 to 2024 will be 1.548 billion yuan, 1.833 billion yuan and 2.168 billion yuan, the net profit attributable to the parent company will be 271 million yuan, 332 million yuan and 402 million yuan, the EPS will be 0.86, 1.06 and 1.28 yuan / share, and the corresponding PE will be 26.89, 22.00 and 18.14 times. In the past three years, the company’s PE has mainly operated at 25-65 times. It is expected that the net profit attributable to the parent company in the next three years will be 22.57%. Therefore, the company will be given a target PE of 35 times in 2022, and the corresponding target price is 30.10 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; Changes in industrial policies; Brain drain; Industry competition intensifies.
