\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
The industry boom is upward and the “buy” rating is maintained
The company is a leading enterprise in medical informatization and is expected to continue to benefit from policy catalysis. We maintain the original profit forecast and add a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 514, 641 and 801 million yuan, EPS will be 0.33, 0.41 and 0.52 yuan / share, and the current share price corresponds to 20.8, 16.7 and 13.4 times of PE, maintaining the “buy” rating.
Event: the company released its 2021 annual report and its profitability improved
The company released its 2021 annual report. In 2021, the company achieved an operating revenue of 1.899 billion yuan, a year-on-year increase of 16.30%, and the operating revenue achieved steady growth; The net profit attributable to the parent company was 413 million yuan, a year-on-year increase of 24.28%, and the profitability was improved.
The growth rate of medical and health information revenue was boosted, and the market share continued to increase
In 2021, the company’s medical and health information business achieved an operating revenue of RMB 1.696 billion, with a year-on-year increase of 24.35%. The revenue growth rate led the overall revenue growth of the company and exceeded the growth rate of medical and health information business in 2020. The company has full orders in hand and continues to expand its market share. In 2021, the company’s new customer orders increased more than in previous years, with 32 new ten million orders, and the amount of ten million orders increased by more than 40% year-on-year. The number and total amount of orders for electronic medical records and regional interconnection projects are among the forefront of the industry.
The policy continues to catalyze the growth of the industry, and the company is expected to benefit in the long term
The restriction goal of medical and health informatization policy is clear. In 2021, the National Health Commission issued the working procedures and expert management measures for the hierarchical evaluation of the application level of electronic medical record system, which proposed to conduct supervision and random inspection on the hospitals with the application level of electronic medical record of 0-4 every year. The unqualified ones will cancel the evaluation results, and the unqualified rate will exceed 30%, which will reject all the audit results of the province in that year; Carry out supervision and random inspection on hospitals that have passed level 5 or above in the past, and cancel the results if they are unqualified. The stricter medical informatization policy is expected to catalyze considerable market space. According to IDC’s IT market forecast of China’s medical industry (20212025), the IT expenditure (excluding medical insurance and medicine) in the field of providing medical services such as hospitals, medical communities and primary health care is expected to reach 84.57 billion yuan by 2025. As a leading enterprise in medical and health informatization, the company is expected to benefit from policy catalysis for a long time.
Risk warning: the implementation of the policy is less than expected; The company’s R & D was less than expected.
