\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
Event:
The company issued the 2021 annual report after the closing on April 14, 2022.
Comments:
The net profit attributable to the parent company increased by 24.28% year-on-year, and the amount of ten million orders increased rapidly
In 2021, relying on the business coordinated development of “one body, two wings” and medical insurance division, the company launched the overall cloud transformation and development strategy of “huikangyun 2.0”, realizing an annual operating revenue of 1.899 billion yuan, a year-on-year increase of 16.30%. Among the main businesses, the medical industry achieved a revenue of 1.696 billion yuan, 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, maintaining a good growth momentum. The company realized a net profit attributable to the parent company of 413million yuan, a year-on-year increase of 24.28%; The net profit deducted from non parent company was 387 million yuan, with a year-on-year increase of 23.11%. In terms of orders, thanks to the promotion of national policies for the medical information industry, 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, increasing the market share.
Hospital health informatization business leads the growth, and innovative business opens the future growth space
1) hospital health informatization business: the company has two customers who have implemented comprehensive cloud solutions for hit products; More than 100 customers have implemented hybrid cloud subsystem solutions; The new generation of “Huikang cloud 2.0” comprehensive cloud solution has been successfully launched in tertiary medical institutions. 2) medical Internet and Internet of things: the company’s rapid growth in innovative business based on “Internet plus medical” and other innovative businesses in the healthy city, 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. More than 300 Internet hospitals were newly connected to medical institutions, with a year-on-year increase of more than 70%;
The total number of orders of SaaS Internet hospital platform consultation + follow-up + medicine + medical technology is about 370000, and the total amount of orders is more than 26 million yuan. 3) Medical insurance business: the company’s income related to medical insurance business was 57.34 million yuan, with a year-on-year increase of about 132%. At the medical insurance end, the company participated in the construction of seven provincial medical insurance platforms in Hebei, Tianjin, Gansu, Heilongjiang, Inner Mongolia, Qinghai and Shanxi, won the bid and implemented the business of two Prefecture and municipal medical insurance platforms in Shijiazhuang and Yingkou. At the hospital end, the company won the bid for the medical insurance projects of more than ten medical institutions.
Cloud products have been released one after another, and the “Huikang cloud 2.0” product system has been gradually built
The company continued to tap the potential of the industry. In 2021, the R & D investment was 316 million yuan, with a year-on-year increase of 15.98%. Three invention patents and about 90 software copyrights were added. In terms of cloud products, the company released the overall cloud his solution, operation and maintenance cloud platform, hybrid cloud Internet hospital solution, intelligent elderly care cloud products, regional inspection application cloud solution, health cloud platform and 5g + collaborative treatment cloud for critical diseases. The continuous online upgrading of “Huikang cloud 2.0” cloud products has laid a good foundation for the company to complete the transformation from a traditional IT information product service company to a technology cloud ecological enterprise.
Profit forecast and investment suggestions
Driven by policies such as electronic medical records, internet medical care and hospital intelligent management, China’s medical information industry is in a high business cycle. As a leading enterprise, the company is expected to fully benefit. It is predicted that the operating revenue of the company from 2022 to 2024 will be 23003, 2787 and 3355 million yuan, the net profit attributable to the parent company will be 518, 643 and 800 million yuan, the EPS will be 0.33, 0.41 and 0.52 yuan / share, and the corresponding PE will be 20.69, 16.67 and 13.39 times. In the past three years, the company’s PE has mainly operated in the range of 25-65 times, giving the company 35 times the target PE in 2022, with the corresponding target price of 11.55 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The implementation of relevant industrial policies did not meet expectations; The promotion of healthy cities did not meet expectations; “Huikangyun” transformation is less than expected; The development of online diagnosis and treatment services is less than expected; Industry competition intensifies.
