\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
Event overview B-Soft Co.Ltd(300451) released the annual report of 2021 on the evening of April 14, 2022. During the reporting period, the company achieved a total operating revenue of about 1.899 billion yuan, a year-on-year increase of about 16.30%; The net profit attributable to the shareholders of the listed company was 413 million yuan, a year-on-year increase of 24.28%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 387 million yuan, a year-on-year increase of 23.11%; The basic earnings per share was 0.27 yuan.
Following the development process of medical it, the hospital health information business continued to grow. In 2021, the operating revenue of the company’s main business medical industry and non-medical industry was RMB 1.696 billion and 203 million respectively, accounting for 89.32% and 10.68% respectively, with a year-on-year increase of 24.35% and – 24.56%. Under the background that the hospital health informatization industry has entered the “first four five year plan”, the government has successively issued various policies such as normative standards and encouragement and support, which has catalysed the new demand for the integrated construction of medical and health informatization platform, and the industry presents a high outlook. 20152021. The company’s medical and health information business has maintained growth for seven consecutive years, with a compound growth rate of 29.09% in the operating revenue of the medical industry and 42.33% in the net profit attributable to the parent company. As of April 14, the company’s new customer orders have increased more than in previous years, with 32 new ten million orders, and the amount of ten million orders has increased by more than 40% year-on-year, continuously expanding the company’s market share; At the same time, the number and total amount of order rating of electronic medical records and other projects undertaken by the company are in the forefront of the industry. Five level-5 electronic medical record rating projects have passed the review, and a total of 15 level-5 and level-6 electronic medical record rating projects have passed the review.
Relying on “healthy city”, explore multi scenario application services. In 2021, the company grew rapidly based on the healthy city “Internet plus healthcare” and other innovative businesses, including aggregate payment, cloud care, online prescription transfer business, business insurance and other innovative businesses, generating revenue of about 112 million yuan, up by 40% over the same period last year. Among them, the number of Internet hospitals and regional internet project customers continued to grow, with more than 300 new access medical institutions, an increase of about 70% year-on-year, with a considerable growth rate; More than 700 Internet hospitals have participated in the construction of public cloud (access to Internet hospital platform and Regional Internet) and private cloud; In addition, the total number of orders of SaaS Internet hospital platform consultation + follow-up + drugs + medical technology is about 370000, and the total amount of orders is about 26 million yuan.
The medical insurance side continued to win the bid and went deep into the hospital side medical insurance reform service. In 2021, the company’s revenue related to medical insurance business was about 57.34 million yuan, with a year-on-year increase of about 132%. In terms of medical insurance, in 2021, the company participated in the construction of seven provincial medical insurance platforms in Hebei, Tianjin, Gansu, Heilongjiang, Inner Mongolia, Qinghai and Shanxi; At the same time, the company also achieved a breakthrough in cases from provincial medical insurance platform to municipal medical insurance platform, won the bid and implemented the business of two Prefecture and municipal medical insurance platforms in Shijiazhuang and Yingkou. In terms of hospital end, the company’s DRG / Dip hospital end products adopt the company’s latest framework, deeply integrate hospital end management and business, and fully meet the DRG / Dip grouping scheme and technical specifications of the National Medical Insurance Bureau. In 2021, the company won the bid for the medical insurance projects of more than ten medical institutions, such as Yancheng first people’s Hospital and the seventh Affiliated Hospital of Xinjiang Medical University, continuously optimized the high-quality management mode relying on DRG business in the hospital, and set a good benchmark in the industry.
Start “Huikang cloud 2.0” and build a cloud product system. In 2021, the company will continue to tap the potential of the industry, continuously strengthen R & D investment and technological product innovation, provide integrated cloud services for grass-roots medical institutions, group hospitals and specialist alliances, form a knowledge system of system operation and maintenance based on the medical industry, and assist Beijing Shunyi District Maternal and child Health Hospital Beijing Children’s Hospital Affiliated to Capital Medical University and other hospitals have carried out the construction of Internet hospitals and passed the examination and approval of the qualification of Internet hospitals. At present, the company has completed the construction of Internet hospitals in medical institutions in more than 10 provinces in China, such as Beijing, Shanghai, Guangdong, Jiangsu, Shandong, Hubei, Guangxi, Henan and Ningxia. With the continuous online upgrading of “Huikang cloud 2.0” cloud products, the company will continue to transform from a traditional IT information product service company to a technology cloud ecological enterprise in the future.
Investment suggestion: at present, there are many manufacturers in the medical IT industry, with obvious regional distribution and scattered market share. Driven by the “Trinity” smart hospital, DRG / Dip medical insurance reform and other policies, the proportion of large orders in the industry is increasing, and the leading companies in the industry have obvious advantages in obtaining orders by relying on strong comprehensive service capabilities. As a leading medical IT enterprise, the company may usher in New opportunities for development. We predict that the operating revenue of the company from 2022 to 2024 will be 2.450, 3.241 and 4.040 billion yuan, the net profit attributable to the parent company will be 503, 730 and 1.026 billion yuan, the EPS will be 0.32, 0.47 and 0.66 yuan / share, and the corresponding PE will be 21, 15 and 10 times, maintaining the “recommended” rating.
Risk warning: the level of technical standardization in the industry is low; The promotion of “Huikang 2.0” was not as expected; Covid-19 epidemic situation in China is repeated.
