\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
Event: on the evening of April 14, B-Soft Co.Ltd(300451) released the annual report of 2021, which achieved an annual operating revenue of 1.898 billion yuan, a year-on-year increase of 16.30%; The net profit attributable to the parent company was 413 million yuan, a year-on-year increase of 24.28%; Deduction of non net profit of 387 million yuan, a year-on-year increase of 23.11%; The basic earnings per share is 0.27 yuan, and it is proposed to pay out 0.3 yuan (including tax) for every 10 shares. In the early stage, we predicted that the net profit attributable to the parent company was 408 million yuan, and the performance was in line with expectations.
Comments:
The medical business maintained a good growth momentum, and the proportion of tens of millions of orders increased
In 2021, the company’s medical industry business achieved a revenue of 1.696 billion yuan, accounting for 89.32% of the revenue, with a year-on-year increase of 24.35%, of which the medical software sales and technical service business increased by 26.15% year-on-year, and continued to maintain a good growth momentum. 32 ten million orders were added, and the amount of ten million orders increased by more than 40% year-on-year, continuously expanding the company’s comprehensive advantages and improving the market share.
Medical informatization policy drives the sustainable development of the industry
Policy driven new medical infrastructure, DRGs / dip, smart hospital, electronic medical record rating, interconnection and other medical informatization opportunities are gradually implemented. As an industry leader, the company may share the double dividend of industry growth and market share improvement.
The “Huikang cloud 2.0” strategy was launched to explore the medical cloud market
In April 2021, the company released the overall cloud transformation development strategy of ” B-Soft Co.Ltd(300451) cloud 2.0″. During the year, the company released the overall cloud his solution, operation and maintenance cloud platform and other products, and the benchmark project was implemented. In 2022, the company will continue to promote the cloud strategy, explore the medical cloud market and transform into a technology cloud ecological enterprise.
Profit forecast and valuation
Considering that the industry as a whole was seriously affected by the epidemic in 22 years, we adjusted the revenue of 202223 to 2.240/2.805 billion yuan (original value: 2.262 billion yuan and 2.726 billion yuan), the net profit attributable to the parent company to 472587 million yuan (original value: 533 million yuan and 675 million yuan), and increased the 24-year profit forecast revenue to 3.548 billion yuan, the net profit to 677 million yuan, EPS to 0.30/0.38/0.44 yuan / share, and the corresponding PE to 23x / 18x / 16x respectively. Downgraded to “overweight” rating.
Risk tips
\u3000\u30001. Systemic risk 2 The epidemic situation affects the project progress 3 Market competition intensifies risks.
