\u3000\u30003 Gold Cup Electric Apparatus Co.Ltd(002533) 00253)
Core view
The performance of 21 years was under short-term pressure, and the growth of 22q1 was good. The company’s 21-year revenue was 2.75 billion yuan (+ 21.3%), the net profit attributable to the parent company was 380 million yuan (- 23%), and the net profit not attributable to the parent company was 210 million yuan (- 43%). In 22q1, the revenue was 450 million (+ 29.2%), the net profit attributable to the parent company was 30 million yuan (+ 122%), and the non attributable to the parent company was 31 million yuan (+ 3842%). Revenue grew steadily in the past 21 years, including a year-on-year increase of 9.3% in the medical information industry and 191.6% in the internet medical business. The high growth of the internet medical business is mainly due to the consolidation of key technology. With the recovery of orders in the past 21 years, the growth rate of 22q1 medical information revenue has rebounded to 25.7%. From the profit side, the total loss of Internet innovation business in 21 years was 210 million yuan, which was a drag on the overall profit. The overall gross profit margin decreased by 7.7 percentage points, mainly due to the decline of 29 percentage points in the gross profit margin of Internet business after the consolidation of key technology, and the increase of 1 percentage point in the expense rate during the period, mainly due to the increase in interest by issuing convertible bonds. Due to the growth of medical information business and the low performance base of 21q1, the performance of 22q1 increased rapidly. At the same time, the cash inflow of selling goods and providing labor services in 22q1 increased by 37% year-on-year, maintaining a good growth trend.
Orders return to the track of rapid growth, and multiple factors verify that the prosperity of medical informatization is high. With the gradual elimination of the impact of the epidemic in 21 years and 22q1, the orders of the company returned to the track of rapid growth. The amount of newly signed orders in 20A / 21a / 22q1 increased by – 10% / 25% + / 35% + respectively. The rapid growth of orders will play an important role in the growth of the company’s performance in 22 years. In the future, with the continuous development of high-quality public hospitals, the gradual promotion of the thousand county project and the deepening of the management rating of smart hospitals, the company’s venex platform will continue to expand (of which 21a will land in more than 220 hospitals), and tens of millions of orders will continue to be won (the amount of 21a tens of millions of orders will increase by 16% year-on-year). At the same time, the company’s inventory keeps growing, with 21a / 22q1 of 133 / 160 million yuan respectively, mainly due to contract performance costs and goods issued. The contract liabilities continue to increase, with 21a / 22q1 of 200 million (year-on-year increase of 0.4) / 240 million (month on month increase of 0.4 million), which verify the high business prosperity.
The revenue of Internet innovation business increased rapidly and the loss rate gradually decreased. The income of 21a / 22q1 of internet medical business was 438 / 78 million yuan respectively, with a year-on-year increase of 192% / 49% respectively, and the loss rate gradually decreased (the loss rate of 21a / 22q1 was 36% / 74% respectively, with a year-on-year decrease of 2 / 14 percentage points). The development was relatively benign. In the past 21 years, Yunyi Nari’s health revenue increased by 45.7%, and more than 1.5 million paid online consultation orders have been completed, with 40 million registered users; The revenue of Yunyao keykey technology increased by 55%, and ringnex platform has been connected to more than 200 medical institutions and more than 80000 pharmacies; Cloud insurance Weining technology revenue increased by 352%, winning 21 provincial platform projects and 17 provincial medical security information platform projects directly.
Risk warning: industry competition intensifies; The demand of downstream customers is weakened; Innovative business expansion is less than expected.
Investment advice: maintain the “buy” rating. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 420 / 543 / 701 million yuan, with a year-on-year growth rate of 11.0 / 29.4 / 29.0%; Diluted EPS = 0.20/0.25/0.33 yuan, and the current share price corresponds to PE = 42.0/32.4/25.1x. The company is a leading enterprise in medical informatization and maintains the “buy” rating.
