Jiahe Meikang (688246)
Electronic medical record leader, holding the head firmly, is a product company for high-quality third-class hospital customers
The company has been deeply engaged in the field of clinical informatization for a long time, covering more than 1390 hospital customers, including 424 third class hospitals, accounting for more than one quarter of the third class hospitals in China. According to IDC data, the company has ranked first in China's electronic medical record market for seven consecutive years. The product line has the rare data closed-loop ability in the industry. It is one of the few clinical system information service providers in China that realize the whole industrial chain of "data production" + "data centralization" + "data utilization" at the same time. The company's operating revenue grew steadily, and the profit accelerated after turning loss into profit in 19 years. The gross profit margin of self-made software, especially mature electronic medical record products, was very high, and the gross profit margin of electronic medical record reached 66.95% in 2020.
Electronic medical record core card position, with strong prosperity and ductility of the track
Electronic medical record is the foundation and core of the current development of medical informatization in China, leading the industry to transition from his to CIS. Electronic medical record leads China to promote construction through evaluation, and the prosperity of the track is guaranteed. In addition, the hospital's "Trinity" policy and DRG / Dip medical insurance payment all need the upgrading and extension of electronic medical records. According to Frost & Sullivan's Research Report on China's medical informatization market, the scale of China's electronic medical record market will be 1.48 billion yuan in 2020 and is expected to reach 7.37 billion yuan in 2025, with a compound growth rate of 32.60%, accounting for 15.5% of the overall medical informatization market.
From comprehensive to specialized, from electronic medical record to data center, the standardized product line has accelerated its extension
The company accelerated the evolution of electronic medical record from comprehensive to specialized, and further developed electronic medical record products. According to Frost & Sullivan data, the proportion of specialized electronic medical records will gradually increase, and the market share will increase from 20.8% in 2019 to 36.0% in 2025. The company accelerated the promotion of data center products and linked electronic medical record information. From 2018 to the first half of 2021, the revenue of the company's hospital data center was 301174 million yuan, 447925 million yuan, 120 million yuan and 518163 million yuan. The data center has become a new growth point of the company. With data as the core and electronic medical record and data center as the support, the company continues to extend and build intelligent medical and internet medical solutions.
Investment suggestion: the company is a leading electronic medical record company. It pays close attention to the high-quality customers of the top three hospitals in the head. It is expected to benefit from the continuous improvement and sinking of electronic medical records, and the scale effect is expected to be reflected. The company has developed product lines such as data center and intelligent medical treatment to create a later growth curve. It is estimated that the company's revenue from 2021 to 2023 will be 647 / 903 / 1304 million yuan, and the net profit will be 48 / 104 / 177 million yuan. The medical information company ( B-Soft Co.Ltd(300451) / Winning Health Technology Group Co.Ltd(300253) / Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) ) is selected as a comparable company. Considering that Jiahe Meikang is in the period of rapid growth in the early stage of income and the profit margin is in the period of turning around the loss, which does not have much reference, the PS valuation in 2023 is selected and given 3.5xps in 2023, with the corresponding target market value of 4.566 billion yuan and the corresponding target price of 33.11 yuan, For the first time, give a "buy" rating.
Risk warning: the hospital informatization expenditure and the rating of electronic medical records were not improved as expected; The promotion of data center products is less than expected; The sinking and expansion of sales channels is less than expected; The increase of accounts receivable and the risk of poor collection ability, and the operating cash flow is lower than expected; Weak profitability and risk, and the decline of expense rate is less than expected; The risk of fierce market competition; Inventory increase and inventory falling price risk.
