\u3000\u3 China Vanke Co.Ltd(000002) 777 Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) )
Event summary
Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) released the annual report of 2021 on March 14, 2022. During the reporting period, the company achieved a total operating revenue of about 1.306 billion yuan, a year-on-year increase of about 13.21%; The total profit was about 254 million yuan, a year-on-year increase of about 8.41%; The net profit attributable to the parent company was about 219 million yuan, a year-on-year increase of about 17.09%.
The income of the medical insurance industry continues to grow, and the number of orders on hand is abundant
With the continuous improvement of product competitiveness, the company has abundant orders in hand during 2021. In 2021, the operating revenue of the company's medical insurance business, smart city and digital government business was 596 million yuan and 639 million yuan respectively, accounting for 45.64% and 48.96% respectively, with a year-on-year increase of 25.05% and 2.56%. By the end of 2021, the company has participated in the construction project of national medical security information platform in 22 provinces in China, of which 10 provinces are core business handling systems. At present, the company has obtained CMMI5 assessment certification of software capability maturity, and has the ability to provide customers with more advanced and high-quality products, services and solutions. On February 17, the company again won the bid for the project exceeding 100 million yuan (information construction software project of five hospitals in Taiyuan, Shanxi Province), further increasing the number of orders on hand and continuously contributing to the quality, standardization and safety development of China's medical industry.
Science and technology serve people's livelihood, people's livelihood information serves the society
The company has always adhered to the corporate mission of "science and technology serving the people's livelihood", focusing on the three strategic directions of medical insurance, digital government and smart city. In 2021, the company will further invest in and expand the market in the field of people's livelihood Informatization: 1) actively participate in the national new generation provincial medical insurance informatization platform, realize the launch of more than 100 urban core business systems and the system upgrading of 160000 designated medical institutions within the specified time, and in terms of payment reform, The pace of the reform of DRG / DRG payment mode in the three provinces is closely followed by the reform of DRG / DRP payment mode in the past 10 years; 2) Relying on the advantages of wide coverage of social security card, real name system and financial card, innovate and launch the "one card" solution for benefiting people and farmers, and promote the "sunshine approval, sunshine distribution and sunshine supervision" of benefiting people and farmers; 3) Focusing on the innovative development of the city and giving full play to the advantages of big data, the "Sichuan Tianfu Health Link" was launched during the reporting period to build platforms such as Chengdu credit, "citizen post station" and public resource trading center.
In the future, the company will continue to focus on the construction of medical insurance informatization, the innovation of digital government and smart city, adhere to the development concept of digital economy in the 14th five year plan, and help the action of "healthy China" and the construction of "Digital China".
Investment suggestion: the company's core system has outstanding advantages and high business orders. With the continuous promotion of landing applications in medical insurance, civil affairs and other business fields, it will usher in a new round of development opportunities. We estimate that the company's operating revenue from 2022 to 2024 will be RMB 1658, 2046 and 2332 million, the net profit attributable to the parent company will be RMB 274, 378 and 451 million, the EPS will be RMB 0.87, 1.20 and 1.44/share, and the corresponding PE will be 23, 17 and 14 times, maintaining the "recommended" rating.
Risk warning: covid-19 epidemic situation is repeated; The progress of DRG / Dip reform was less than expected; The implementation of medical insurance and civil affairs policies is less than expected; Business promotion is not as expected.
