\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
Investment events: the company released its 2021 annual report: (1) the operating revenue was 1.899 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%; Net profit deducted from non parent company was 387 million yuan, with a year-on-year increase of 23.11%. (2) Profit distribution plan: 0.3 yuan for every 10 shares.
Medical IT business continues to maintain high growth and good performance growth. During the reporting period, the company’s medical information business revenue reached 1.696 billion yuan, a year-on-year increase of 24.35%, accounting for 89.32%, a year-on-year increase of 5.79 percentage points. Medical informatization business, sales of traditional Chinese medicine software and technical service business increased by 26.15% year-on-year, and the business with higher gross profit margin achieved higher growth. The company’s non-medical information business income was 203 million yuan, a year-on-year decrease of 24.56%, accounting for 10.7%. The proportion of non-medical business has decreased to a low level. In addition, with the implementation of medical IT policies such as connectivity rating and hospital intelligent service rating, the new orders of the company’s Medical IT business 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. The medical it orders continued to maintain a high growth. The medical IT business continues to maintain high growth, driving the company’s performance to maintain good growth.
The implementation of new businesses and new models was accelerated, and the company ushered in new growth points of performance. Internet medical, medical Internet of things and medical insurance it have made good progress as the company’s new business. Internet healthcare, the company’s innovative business based on healthy city “Internet plus healthcare” has increased rapidly, and the innovative business models such as aggregate payment, cloud care, online prescription transfer business, business insurance and so on have been well positioned. During the reporting period, the internet medical business revenue of the company was about 112 million yuan, up to 40%. In terms of medical Internet of things, the company has implemented several key projects, such as the IT asset operation and maintenance management system project of Yancheng first people’s Hospital and the Digital Ward project of 8 hospitals such as the Fourth Hospital Affiliated to the Medical College of Zhejiang University. In terms of medical insurance it, the company mainly participated in the construction of seven provincial medical insurance platforms in Hebei, Tianjin and Gansu and two municipal platforms in Shijiazhuang and Yingkou. During the reporting period, the company achieved an income of 57.34 million yuan, a year-on-year increase of about 132%.
Continue to increase R & D investment, build Huikang cloud 2.0 product system and enhance the overall competitiveness of the company. During the reporting period, the company’s R & D investment reached 316 million yuan, a year-on-year increase of 15.98%; The scale of R & D personnel of the company reached 1273, with a year-on-year increase of 5.41%, accounting for 36.96% of the total number, with a year-on-year increase of 4.21 percentage points. The company continues to increase R & D investment, and cloud products are launched one after another, such as cloud his overall solution, operation and maintenance cloud platform, hybrid cloud Internet hospital solution, etc. The company has gradually built huikangyun 2.0 product system to enhance the company’s comprehensive competitive advantage.
Investment suggestion: due to the impact of the epidemic on the project acceptance of the company and the statement of Meiqing digital, a subsidiary of the company, we adjusted the profit forecast of the company. Before adjustment, we estimate that the company’s revenue in 2022 / 2023 will be RMB 2.974/3.987 billion respectively, and the net profit attributable to the parent company will be RMB 616853 million respectively. After adjustment, we expect the company’s revenue in 2022, 2023 and 2024 to be RMB 2338, 2926 and 3642 million respectively, and the net profit attributable to the parent company to be RMB 550, 700 and 890 million respectively, corresponding to pe19.9 billion 5 / 15.3 / 12.0x. Considering the continuous high growth of the company’s business and the current undervalued level, the company is given a “buy” rating.
Risk tip: business development is less than expected and policy promotion is slow
