\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
Event: the company released its annual report for 2021, realizing an operating revenue of 1.9 billion yuan, a year-on-year increase of 16.3%; The net profit attributable to the parent company was 410 million yuan, a year-on-year increase of 24.3%. The overall performance is in line with expectations.
The advantages of medical and health informatization have been consolidated, and medical insurance products have opened up space. In 2021, the company further contracted its non-medical business. The overall revenue of the medical industry business was 170000 yuan, with a year-on-year increase of 24.4%, the proportion of contribution revenue increased to 89.3%, and the core business was further focused. As a leading manufacturer of comprehensive solutions for medical informatization in China, the company has further highlighted its comprehensive product line and leading technical strength. During the reporting period, 32 ten million orders were added, the amount of ten million orders increased by more than 40% year-on-year, and the benchmark projects were further enriched. In addition, the company’s medical insurance business line performed well and participated in the construction of multiple provincial and municipal medical insurance platforms and hospital end projects. The medical insurance business achieved an income of 57.34 million yuan, a year-on-year increase of 132%, bringing new increment. In terms of products, the company’s software sales, technical services and system integration equipment achieved revenue of RMB 770 / 7.3 / 280 million respectively, with a year-on-year increase of 29.6% / 9.0% / 74.9% respectively; The gross profit margin of software sales and technical services remained at a high level, while the revenue of system integration business grew rapidly, and the gross profit margin decreased by 4.23pp to 12.49%, slightly reducing the comprehensive gross profit margin to 54.2%.
The cloud transformation is smooth, and the product matrix is gradually improved. In 2021, the company officially launched the overall cloud transformation and development strategy of “Huikang cloud 2.0”, and plans to build a comprehensive product matrix in the cloud in the next 3-5 years to truly form a cloud ecological value supply chain in the medical and health information industry. During the reporting period, the achievements of the comprehensive cloud solution and hybrid cloud subsystem solution of the company’s hit products were successfully transformed and entered the market promotion period; “Huikang cloud 2.0” comprehensive cloud solution has been successfully launched in three-level medical institutions. The new generation of products improve the system performance and scalability, and can meet the management needs of internal business integration, external medical and health integration and up-down integration of group hospital management. In addition, the company has successively released products such as Yunwei cloud platform, smart elderly care cloud and 5g + collaborative treatment cloud for critical illness. Ecological construction has begun to take shape, and the follow-up large-scale implementation is worth looking forward to.
The policy of “promoting construction through evaluation” occurs frequently, and the downstream demand is still rigid. In 2021, the state intensively issued the three-year action plan for DRG / Dip payment reform and the action on promoting the high-quality development of public hospitals (20212025). Many of these policies put forward quantitative rating objectives for the construction of relevant modules such as electronic medical records, intelligent management and intelligent services. The project planning and bidding of downstream medical institutions are expected to be launched in 2022. We believe that although the recent epidemic situation in China has repeatedly affected the implementation and delivery progress of the project, there is still rigid demand in the downstream, and the prosperity of the industry may be expected to be maintained from the perspective of prolonging the time dimension; With the gradual inflection point of the epidemic, the pace of the company’s cloud product deployment is expected to accelerate, and the subsequent performance flexibility is sufficient.
Profit forecast and investment suggestions. It is estimated that the compound growth rate of the company’s net profit attributable to the parent company will reach 29.1% from 2022 to 2024. With the continuous implementation of policies, the industry has ushered in an inflection point of prosperity, and the construction of medical insurance informatization is expected to usher in a new round of investment cycle; The company is the first tier manufacturer of comprehensive solutions for medical informatization in China. The cloud process is leading, the competitiveness of medical informatization system is prominent, the space of medical informatization system is opened, the national expansion is progressing smoothly, there are sufficient orders on hand, and it is expected to continue to benefit. Therefore, it is given 29 times PE in 2022, the corresponding target price is 10.15 yuan, and the “buy” rating is given for the first time.
Risk tip: the policy promotion is not as strong as expected, the endogenous reform power of the hospital is insufficient, the epidemic repeatedly affects the delivery, and the industry competition intensifies.
