\u3000\u30003 Gold Cup Electric Apparatus Co.Ltd(002533) 00253)
Event: on April 23, Winning Health Technology Group Co.Ltd(300253) released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a 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%, and the deduction of non net profit was 212 million yuan, a year-on-year decrease of 43.20%. In 2022q1, 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, a year-on-year increase of 121.73%; The net profit deducted was 31 million yuan.
Comments:
The traditional business is stable and improving, and the growth rate of newly signed contract amount has become positive. In 2021, the revenue of the company’s medical and health information business increased by 9.33% year-on-year, including the revenue of core product software sales and technical services increased by 12.55% year-on-year; Hardware sales revenue decreased by 2.40% year-on-year. Internet medical and health business revenue accounted for 15.95% of operating revenue, accounting for + 9.3pct, with a year-on-year increase of 191.61%. The overall gross profit margin of the company was 46.35%, a decrease of 7.73 PCT over the previous year, mainly due to the low gross profit margin of the key technology business of the consolidated subsidiary. In 2021, the amount of newly signed contracts and orders increased by more than 25% year-on-year. Affected by the low base in 2020, it increased by more than 20% compared with the adjusted data of the same caliber in 2019, showing an improvement trend; The number of ten million projects decreased, and the amount of contract orders increased by about 16% year-on-year.
The innovative business can be expected in the future, and the operating results of important subsidiaries are beginning to show. In 2021, the revenue of internet medical and health business increased by 191.61% year-on-year. The innovation business segment of the company is mainly operated by Nari health, Fuyao technology and Weining technology. Among them, Nari health platform has completed more than 1.5 million charging online consultation orders, and added more than 1.7 million charging online inspection and health management service orders; By the end of 2021, ringnex platform of key technology has cooperated with more than 50 commercial insurance institutions such as PICC, CPIC, Taikang and Zhong’an, covering more than 300 cities in 16 provinces and accessing more than 200 medical institutions and more than 80000 pharmacies; Weining technology has won / contracted 21 provincial platform projects in total, and directly won 17 provincial medical security information platform projects, including 12 new ones in 2021.
We actively responded to the impact of the epidemic, and large orders increased significantly. The company shall organize and take corresponding measures to reduce the impact of the epidemic situation on the travel of employees in some areas and offices of the company, and strive to take corresponding measures to reduce the impact of the epidemic situation on the market. In 2022q1, the company realized an operating revenue of 4455246 million yuan, a year-on-year increase of 29.25%. In the company’s main business, the revenue of medical and health information business increased by 25.90% year-on-year, mainly due to the revenue of core product software sales and technical services increased by 41.33% year-on-year; The revenue of internet medical and health business increased by 48.81% year-on-year. In terms of contract orders, the amount of newly signed contract 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 in 2021; Among them, there are 15 ten million level projects (including 6 venex projects), compared with 2 in the same period of last year, and the number and amount have increased significantly year-on-year.
Investment suggestion: as a leading enterprise in China’s medical informatization, Winning Health Technology Group Co.Ltd(300253) in 2022, upgraded to the new strategy “1 + X”, that is, based on the new series of products of unified Zhongtai, and relying on multiple digital health application scenarios built by windhp in the digital space, continue to enrich the medical digitization ecology, which will help the company expand the market of digital innovative products and further improve the market share. Considering the low gross profit margin of innovative business, the net profit forecast is lowered. It is estimated that the operating revenue of the company in 22-24 years will be RMB 3.630, 4.574 and 5.489 billion respectively, the net profit attributable to the parent company will be RMB 585, 774 and 916 million respectively, and the EPS will be RMB 0.27, 0.36 and 0.43 per share respectively. Maintain the “buy” rating.
Risk warning: technological innovation is not as expected; Intensified market competition; Seasonal fluctuation risk of collection and operating performance; Covid-19 epidemic impact.
