\u3000\u30003 Gold Cup Electric Apparatus Co.Ltd(002533) 00253)
China is a leader in the field of medical informatization and maintains the “buy” rating
As a leading enterprise in China’s medical informatization, the company is expected to continue to benefit from policy catalysis. We maintain the original profit forecast and add a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 479, 608 and 776 million yuan, EPS will be 0.22, 0.28 and 0.36 yuan / share, and the current stock price corresponds to PE of 34.7, 27.3 and 21.4 times, maintaining the “buy” rating.
Event: the company released 2021 annual report and 2022 first quarter report, and the revenue increased steadily
The company issued 2021 annual report and 2022 first quarter report. In 2021, the company achieved an operating revenue of 2.75 billion yuan, a year-on-year increase of 21.34%; The net profit attributable to the parent company was 378 million yuan, a year-on-year decrease of 22.99%. In the first quarter of 2022, the company achieved an operating revenue of 446 million yuan, a year-on-year increase of 29.25%; The net profit attributable to the parent company was 32 million yuan, with a year-on-year increase of 121.73%. The decline of the company’s performance in 2021 is mainly due to the repeated impact of covid-19 pneumonia epidemic, and some regions have implemented relatively strict epidemic prevention and control measures, resulting in the delay of bidding, implementation, delivery and acceptance collection of some projects in the medical and health information industry. The company actively adjusted its market strategy and took corresponding measures to reduce the impact of the epidemic, contributing to the significant recovery of performance in the first quarter of 2022.
In the first quarter of 2022, the company’s orders on hand increased rapidly and its cash flow improved significantly
In the first quarter of 2022, the amount of newly signed contracts and orders of the company’s medical and health information business increased by more than 35% year-on-year, which was higher than the growth rate of 25% in 2021. The company has newly signed 15 ten million level medical and health informatization orders (including 6 wiex projects), compared with only 2 ten million level contracts signed in the same period in the first quarter of 2021, and the number and amount of orders have increased significantly year-on-year. The cash received by the company from selling goods and providing labor services increased by about 37% year-on-year; After deducting the collection impact of the customer’s deferred payment commitment document in the fourth quarter of 2021, about 40 million yuan was still increased by about 26% year-on-year, and the cash flow was significantly improved.
Venex products continue to be updated, and the delivery on the ground is expected to speed up
In 2021, venex products were launched in more than 220 hospitals across the country, covering 25 provinces, taking into account various types of medical institutions. We are optimistic that the company will continue to promote the iteration and delivery of wiex series products based on Zhongtai, which is expected to open the ceiling of the company’s growth.
Risk warning: the epidemic repeatedly affects the risk of project delivery and acceptance, and the risk of product R & D falling short of expectations
