\u3000\u30003 Gold Cup Electric Apparatus Co.Ltd(002533) 00253)
Affected by the epidemic, the growth rate of traditional business slowed down, and the amount of new orders increased by + 16% year-on-year. The company’s medical and health information business revenue (accounting for 84.04% of the operating revenue) was + 9.33% year-on-year, of which: the core product software sales and technical service business revenue (accounting for 67.88% of the operating revenue) was + 12.55% year-on-year; Hardware sales revenue (accounting for 16.16% of operating revenue) was – 2.40% year-on-year; In the first quarter of 2022, the revenue reached 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%. In 2021, the amount of new contracts and orders signed by the company increased by more than 25% year-on-year. As 2020 is mainly affected by the epidemic, if the increase is still more than 20% compared with the adjusted data of the same caliber in 2019, it has shown an improvement trend. The number of orders decreased from 41 to 36, but the overall order amount increased. Due to the signing and implementation of smart hospital projects above ten million, the order amount increased by + 16% year-on-year. We are still optimistic about the company’s medical informatization ability and long-term product strength.
Internet healthcare has maintained high growth, and its service users have exceeded 300 million. Internet medical and health business revenue (accounting for 15.95% of operating revenue) increased by 191.61% year-on-year. In 2021, there were more than 7400 medical institutions using the internet medical application services provided by the company, with nearly 40 million registered users, more than 300 million service people, and the maximum number of HTTP requests per day was 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. In 2021, Nari health platform has completed more than 1.5 million paid online consultation orders and more than 1.7 million paid online inspection and health management service orders (newly added last year); Due to local policy factors, there are more than 50 million online service orders that have not realized charging.
Venex has become an important help for hospital digitization, and new projects have been successfully piloted. Venex products have been launched in more than 220 hospitals across the country, covering 25 provinces, taking into account various types of medical institutions. Among them, it helped Tianjin Haihe hospital to successfully launch the venex system. The online scope 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. At the same time, in the field of new technological innovation, Winning Health Technology Group Co.Ltd(300253) “5g + remote ultrasonic diagnosis and ultra-high definition consultation system” was selected into the 5g + medical and health application pilot project announced by the Ministry of industry and information technology and the National Health Commission.
Profit forecast and investment rating: affected by the epidemic, we lowered the company’s operating revenue from 3.778/4.739 billion yuan to 3.316/3.847 billion yuan in 20222023, estimated revenue of 4.345 billion yuan in 2024, estimated EPS of 0.21/0.25/0.3 yuan in 20222024, corresponding to PE valuation of 37 / 31 / 26 times in 20222024, maintaining the “buy” rating
Risk tip: the promotion of medical informatization is less than expected, and the epidemic situation affects the downstream demand.
