\u3000\u30003 Gold Cup Electric Apparatus Co.Ltd(002533) 00253)
Key investment points
Investment events: the company released the 2021 annual report and the first quarterly report of 2022: (1) the 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%. (2) 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 317634 million yuan, a year-on-year increase of 121.73%. (3) Profit distribution plan: 0.2 yuan for every 10 shares.
The revenue structure of medical informatization has been optimized, the number of new orders has increased, and the performance has grown well. In 2021, the company's medical informatization revenue was 2.311 billion yuan, a year-on-year increase of 9.33%, including core product sales and technical service revenue of 1.867 billion yuan, a year-on-year increase of 12.55%, and hardware sales revenue of 444 million yuan, a year-on-year decrease of 2.40%. In the first quarter of 2022, the company's medical informatization revenue was 367 million yuan, with a year-on-year increase of 25.90%, of which the software sales and technical service revenue increased by 41.33%, and the hardware sales business decreased by 35.10%. In the company's medical informatization business, the proportion of software sales and technical service business with high gross profit margin was further increased and the structure was further optimized. In addition, the newly signed medical informatization business orders of the company maintained a high growth, with the growth rate of newly signed orders exceeding 25% in 2021 and 35% in the first quarter of 2022. The company's newly signed orders continued to grow at a high rate, laying the cornerstone of sustained high performance growth.
Internet medical innovation business has been well implemented, and the income has continued to grow at a high rate. With the promotion of policies and the improvement of consumer acceptance, the company's Internet medical innovation business has accelerated its landing. In terms of cloud medicine, Nari health's revenue in 2021 was 147 million yuan, a year-on-year increase of 45.69%; In terms of cloud medicine, the revenue of key technology was 343 million yuan in 2021, with a year-on-year increase of 55.06%; In terms of cloud insurance, Weining technology's revenue in 2021 was 114 million yuan, a year-on-year increase of 352.04%. In 2021, the consolidated internet medical and health business revenue was 439 million yuan, with a year-on-year increase of 191.61%. All innovative business lines have achieved rapid growth.
Continue to increase R & D investment, and gradually enrich the venex ecosystem. During the reporting period, the company further increased R & D investment and continued to develop products such as the venex product family, smart hospital, smart health and Internet + medical health. In 2021, the company's R & D investment reached 549 million yuan, a year-on-year increase of 16.7%, accounting for 19.96% of revenue. In terms of venex, the company continuously enriched the product system of venex. In 2021, the company launched products such as hospitalization, nursing, physical examination and medical records based on venex, which further enriched the product system of venex. By the end of the reporting period, venex products had been implemented in more than 220 hospitals across the country and were widely recognized by the market and customers.
Investment suggestion: due to the accelerated landing of internet medical business and the rapid growth of innovative business income, but the increase of total cost and investment will have a certain impact on the growth of net profit, so we adjust the profit forecast. Before adjustment, we estimate that the revenue in 2022 / 2023 will be RMB 3.363/4.134 billion respectively, and the net profit attributable to the parent company will be RMB 600 / 804 million respectively. After adjustment, we expect that the revenue in 2022, 2023 and 2024 will be RMB 3.682/49.40/6.377 billion respectively, and the net profit attributable to the parent company will be RMB 530/7.50/1.023 billion respectively, corresponding to PE 29.9/21.1/15.5 times. Considering the continuous high growth of the company's business and the current undervalued level, the company is given a "buy" rating.
Risk tip: business development is less than expected and policy promotion is slow
