\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
The performance was in line with expectations, and the medical business grew steadily after restoration. The company's revenue was 1.9 billion yuan, a year-on-year increase of 16.3%, the net profit attributable to the parent was 410 million yuan, a year-on-year increase of 24.3%, and the deduction of non attributable to the parent was 390 million yuan, a year-on-year increase of 23.1%. In the fourth quarter, the revenue was 690 million yuan, a year-on-year increase of 33.9%, the net profit attributable to the parent was 180 million yuan, a year-on-year increase of 11%, and 180 million yuan not attributable to the parent was deducted, a year-on-year increase of 19.2%. From the revenue side, since the company no longer included Meiqing digital in the consolidated statements in 21 years, excluding the impact of Meiqing digital, the revenue growth rate of the company is about 25%. Overall, the revenue in the medical field maintained a stable growth trend. Excluding the influence of Meiqing digital, it increased by 36%, and the non-medical revenue was 200 million, which decreased, mainly due to the gradual transformation of Huikang IOT to the medical field. From the profit side, the overall gross profit margin was 54.2%, with a year-on-year decrease of 1.2 percentage points, which belongs to normal business fluctuation. The sales / management / R & D / financial expense ratio decreased by 2, 0.8, 0.2 and 0.9 percentage points respectively. The overall expenses were well controlled during the period. At the same time, the proportion of R & D investment increased. The proportion of R & D investment was 320 million, accounting for 16.6% of revenue, with a year-on-year increase of about 16%.
Traditional medical business is booming, and SaaS transformation can be expected in the future. With the gradual introduction of national policies, the prosperity of the company's traditional medical informatization, clinical informatization and regional health informatization is still high, and the demand of clients is growing rapidly. In 2021, the company added 32 tens of millions of orders, and the amount of tens of millions of orders increased by more than 40% year-on-year. Five level 5 electronic medical record projects passed the review, 13 level 4A and 5b medical interconnection projects passed the review, and 4 level 4A and 5b regional interconnection projects passed the review. At the same time, the company actively promotes the comprehensive cloud solution of hit products, and has implemented hit comprehensive cloud products in 2 customers and hybrid cloud subsystems in more than 100 customers, laying the foundation for the company's future business model reform.
The business of medical Internet and Internet of things continues to expand relying on healthy cities. Relying on healthy city projects such as Zhongshan and Wenzhou, the company explores the application scenarios of medical Internet and medical Internet of things in multiple directions. In the field of medical Internet, the company obtained the license of Internet hospital and added 300 access medical institutions, including innovative businesses such as aggregate payment, cloud care, online prescription circulation business and commercial insurance, which generated about 112 million yuan of revenue, a year-on-year increase of about 40%. In the field of medical Internet of things, relying on the traditional operation and maintenance advantages of Huikang IOT, the company has signed a number of medical IT operation and maintenance contracts, and signed the intelligent medical industry integration cooperation agreement with Huawei to jointly explore the application scenario of 5g technology in medical Internet of things.
Risk warning: industry competition intensifies; The demand of downstream customers is weakened; Innovative business expansion is less than expected.
Investment suggestion: maintain the "overweight" rating.
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 558 / 746 / 988 million, with a year-on-year growth rate of 35.0 / 33.8 / 32.4%; Diluted EPS = 0.36/0.48/0.64 yuan, and the current share price corresponds to PE = 19.2/14.4/10.8x. The company is a leading enterprise in medical informatization and maintains the "overweight" rating.
