B-Soft Co.Ltd(300451) B-Soft Co.Ltd(300451) comment report: medical and health informatization leads growth, and cloud hit enters the landing stage

\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )

Key investment points

The overall environment of the industry is improving, and the company's medical and health informatization leads the growth

After the impact of the epidemic, driven by the policies and needs of electronic medical records, medical insurance system, Internet medicine and Medical Union, the overall environment of the industry is improving. In 2021, the company's medical industry achieved an operating revenue of 1.696 billion yuan, a year-on-year increase of 24.35%, accounting for 89.32% of the total revenue, an increase of 5.79 PCT; Among them, the sales of medical software and technical services increased by 26.15% year-on-year, and continued to maintain a good growth momentum. At the same time, the company's medical and health informatization project benefited from the policy drive. The increase of new customer orders was higher than that in previous years, with 32 new ten million orders, and the amount of ten million orders increased by more than 40% year-on-year, which continued to expand the company's comprehensive advantages and improve the market share.

"One body, two wings" and medical insurance have been steadily promoted, and coordinated development has closely followed the process of the industry

In 2021, we will continue to promote the business strategy of health care as the "body", Internet + Internet of things as the "wing" and medical insurance. In terms of medical and health informatization, 5 hospitals passed the five level electronic case review, 13 hospitals passed the four-level A and five-level B interconnection project, 4 hospitals passed the regional level, and 2 hospitals passed the three-level intelligent service, helping to sort out the industry benchmark for the projects of Jinzhong national health service informatization platform, Shenzhen social health information system and Tongxiang Health Bureau. More than 300 medical institutions were newly connected to the medical and health Internet, with a year-on-year increase of more than 70% over the previous year. More than 700 have participated in the construction of public cloud and private cloud in Internet hospitals, including innovative businesses such as aggregate payment, cloud nursing, online prescription circulation business and commercial insurance, which generated about 112 million yuan of revenue, with a year-on-year increase of 40%. Many key projects such as medical and health Internet of things, operation and maintenance cloud platform and digital ward have been implemented. Medical insurance, with an income of 57.34 million yuan in 2021, a year-on-year increase of 132%. After the national project, it participated in the construction of seven provincial medical insurance platforms and two Prefecture and municipal platforms in Shijiazhuang and Yingkou.

"Huikang cloud 2.0" cloud products have been launched continuously, and hit cloud solution has been successfully implemented

"Huikang cloud 2.0" system promotes the smooth transformation of cloud. His overall solution, operation and maintenance cloud platform, hybrid cloud Internet hospital solution, intelligent elderly care cloud products, regional inspection application cloud solution, health cloud platform, 5g + critical illness collaborative treatment cloud and other products have been launched. In 2021, the achievements of the comprehensive cloud solution of the company's hit products and the subsystem solution of hybrid cloud were successfully transformed and entered the market promotion period. Two customers have implemented the comprehensive cloud solution of the company's hit products and the subsystem solution of hybrid cloud in more than 100 customers. With the gradual recognition of medical cloud products by the industry, the demand for government and hospital construction will be gradually released. It is expected that China's medical cloud will reach 10 billion or even 100 billion in the future.

Profit forecast and valuation

Medical and health informatization benefits from policy driven, and cloud implementation helps long-term growth. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 572 million, RMB 741 million and RMB 973 million respectively, with a year-on-year growth rate of 38.40%, 29.55% and 31.40%,. EPS is 0.37, 0.48 and 0.63 yuan / share, maintaining the "buy" rating.

Risk tips

Medical it expenditure is less than expected; The progress of internet medical treatment is less than expected; Cloud transformation is less than expected; Increased industry competition and other risks.

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