\u3000\u30003 Gold Cup Electric Apparatus Co.Ltd(002533) 00253)
Event overview Winning Health Technology Group Co.Ltd(300253) released its annual report for 2021 on April 22, 2022. The company achieved an operating revenue of 2.75 billion yuan, an increase of 21.34% year-on-year; The net profit attributable to the shareholders of the listed company was 378 million yuan, a year-on-year decrease of 22.99%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 212 million yuan, a year-on-year decrease of 43.20%; The basic earnings per share is 1760.5 yuan / share. The company distributed a cash dividend of 0.20 yuan (including tax) to all shareholders for every 10 shares.
Meanwhile, the company released the first quarter report of 2022. In Q1 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 shareholders of the listed company was 317634 million yuan, a year-on-year increase of 121.73%; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 305716 million yuan, a year-on-year increase of 384244%; The basic earnings per share was 0.0148 yuan / share.
Sufficient new orders in hand, enabling the high-quality development of hospital customers. According to the company’s annual report, the revenue of the company’s medical and health information industry in 2021 was about 2.311 billion yuan, a year-on-year increase of 9.33%; The amount of newly signed contracts and orders increased by more than 25% year-on-year; Among them, there were 36 ten million level projects, 41 of which decreased year-on-year, but the amount of contract orders increased by about 16% year-on-year. Smart hospital projects of more than ten million levels, such as Fosun health smart medical cloud platform, system upgrading and switching of Shanghai Yueyang Hospital, integrated construction of smart hospital of Shanghai Tongji Hospital, information upgrading and interconnection project of General Hospital of Tianjin Medical University, etc., have helped the application and transformation of convenient medical service scenarios of about 259 medical institutions in Shanghai.
Relying on digital power, the company makes every effort to provide products and solutions using different anti epidemic scenarios for the medical industry. In terms of unified payment, Weining Internet newly covered more than 400 medical institutions, with about 180 million new transactions and a new transaction amount of about 48 billion yuan, a year-on-year increase of more than 40%.
Deepen internet medical and create integrated medical services. In 2021, the company’s Internet medical and health industry achieved a revenue of about 439 million yuan, with a year-on-year increase of 191.61%. Benefiting from the company’s “4 + 1” development strategy, the revenue of major companies in innovative business sectors such as Nari health, fukey technology and Weining technology increased significantly, so as to further build a shared and win-win industry ecology; Among them, the company’s Nari health platform has completed more than 1.5 million charging online consultation orders and more than 1.7 million charging online inspection and health management service orders. According to the annual report, the company’s Nari health platform provides internet medical application services to a total of about 7400 medical institutions, with about 40 million registered users, more than 300 million service people, and the maximum number of HTTP requests per day is 260 million. While continuing to do a good job in the “new digital infrastructure” of physical medical institutions, Nari health actively explores the transformation of Internet hospitals from construction to operation, and realizes the extension of business form from diagnosis and treatment to health management services by connecting hospitals, doctors, patients and third-party health industries.
The advantages of venex products are outstanding, and the software delivery is continuous and efficient. By the end of 2021, the company’s venex products had been launched in more than 220 hospitals across the country, covering 25 provinces. Among them, the online scope of Tianjin Haihe hospital’s venex system involves multi department businesses such as medical treatment, nursing, inspection, imaging, physical examination, medical record management, medical management, quality management and financial management. It has become the first hospital in China to launch venex large clinical products, and is a new milestone in the digital transformation process of public hospitals.
In addition, the company develops WiNEX products family, smart hospital, smart health and Internet plus medical health products. In 2021, the company invested about 5490643 million yuan in R & D, accounting for 19.96% of the operating revenue, and went online to Shanghai Pudong New Area Punan hospital. Within 40 days of going online, the company completed the full launch of 13 core systems, including the venex outpatient doctor station, which has become a successful example of the rapid switching system of venex.
Investment suggestion: at this stage, there are many manufacturers in China’s Medical IT industry, with obvious regional distribution and scattered market share; Relying on its complete product line and outstanding R & D strength, the company has a high reputation and industry position in the medical IT industry. It is expected to usher in new development opportunities with the medical reform in the future. We predict that the company’s operating revenue from 2022 to 2024 will be 3.399, 4.140 and 4.959 billion yuan, the net profit attributable to the parent company will be 457, 571 and 695 million yuan, the EPS will be 0.21, 0.27 and 0.32 yuan / share, and the corresponding PE will be 36, 29 and 24 times, maintaining the “recommended” rating.
Risk warning: wrong decision-making in technology and product development and promotion; The competition in medical IT industry is further intensified; The level of hospital it expenditure is lower than expected; Management risks brought by the expansion of the company’s scale.
