\u3000\u30003 Gold Cup Electric Apparatus Co.Ltd(002533) 00253)
Event: the company’s revenue in 2021 was 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%; Net profit deducted from non parent company was 212 million yuan, a year-on-year decrease of 43.20%. In the first quarter of 2022, the revenue was 446 million yuan, a year-on-year increase of 29.25%; The net profit attributable to the parent company was 32 million yuan, a year-on-year increase of 121.73%; Net profit deducted from non parent company was 31 million yuan, with a year-on-year increase of 384244%.
The traditional business structure was optimized and the innovative business developed rapidly: 1) medical and health informatization, the revenue in 2021 was 2.311 billion yuan, a year-on-year increase of 9.33%, accounting for 84.04%, a decrease of 9.23 percentage points over the same period of last year. Among them, the core product software sales and technical service revenue was 1.867 billion yuan, a year-on-year increase of 12.55%, and the hardware revenue was 444 million yuan, a year-on-year decrease of 2.40%. The business structure was further optimized. 2) Internet medical health, with a revenue of 439 million yuan in 2021, a year-on-year increase of 191.61%, accounting for 15.95%, an increase of 9.31 percentage points over the same period last year. The revenue of “cloud medicine” Nari health / “cloud medicine” keyless technology / “cloud insurance” Weining technology was 147 / 343 / 114 million yuan respectively, with a year-on-year increase of 45.69% / 55.06% / 352.04%. The overall gross profit margin in 2021 was 46.35%, a decrease of 7.73 percentage points over the previous year, which was mainly caused by the low gross profit margin of the key technology business of the consolidated subsidiary. The gross profit margin after deducting the business was 51.43%, and the gross profit margin after deducting was 2.65 percentage points lower than the previous year. The company’s net profit declined due to the provision for bad debts, the implementation of equity incentive plan and the issuance of convertible corporate bonds. At the end of 2021, the bad debt provision of the company’s accounts receivable was 344 million yuan, with a year-on-year increase of 76.54%, which was mainly affected by the increase of accounts receivable balance and collection.
“Two wheel drive” is upgraded to the “1 + X” strategy, and the company is optimistic about the continuous transformation of the medical and health service field of the company: Based on the unified console’s wiex series products, realize the digitization of medical and health service resources, and rely on windhp to build x digital health application scenarios in the digital space, such as digital products, data service innovation, Internet hospital and medical insurance linkage, so as to continuously enrich the medical digital ecology. In 2021, the company continued to develop products such as WiNEX product family, smart hospital, smart health and Internet plus medical health. Its R & D investment amounted to 549 million yuan, accounting for 19.96% of revenue. By the end of 2021, venex products had been launched in more than 220 hospitals across the country, covering 25 provinces.
Profit forecast, valuation and rating: considering the impact of epidemic factors on the project process and that the company’s innovative business is still in the construction stage, the company’s revenue forecast for 22-23 years is lowered to RMB 3.272/4.022 billion, which is -12.96% / – 16.05% higher than the previous forecast, and the revenue forecast for 24 years is increased by RMB 4.916 billion; Considering the company’s continuous investment in innovative business, the forecast of net profit attributable to the parent company for 22-23 years was lowered to 441 / 552 million yuan, which was – 49.13% / – 50.85% compared with the previous forecast, adding 714 million yuan for 24 years. The corresponding EPS of 22-24 years is 0.21/0.26/0.33 yuan respectively, and the corresponding PE is 38x / 30x / 23x. We are optimistic about the development of medical informatization, digital high vision and the company’s innovative business, and maintain the “overweight” rating.
Risk tip: Medical IT investment is reduced, and the progress of innovative business is lower than expected.
