\u3000\u3 China Vanke Co.Ltd(000002) 777 Sichuan Jiuyuan Yinhai Software Co.Ltd(002777) )
Key investment points
Investment Event: the company released the first quarterly report of 2022: the operating revenue was 149 million yuan, a year-on-year increase of 7.13%; The net profit attributable to the parent company was 16 million yuan, with a year-on-year increase of 5.03%; The net profit deducted from non parent company was 14 million yuan, with a year-on-year increase of 30.98%.
All business lines made steady progress, and the performance increased steadily in the first quarter. In the first quarter of 2022, the company’s medical insurance, smart city, digital government, Internet operation and other business lines made steady progress, driving the company’s performance to achieve steady growth. The revenue scale reached 149 million yuan, with a growth rate of 7.13%, the net profit attributable to the parent reached 16 million yuan, with a growth rate of 5.03%, the net profit deducted reached 14 million yuan, with a growth rate of 30.98%, and the performance achieved stable growth in the first quarter of 2022.
Gross and net profit margins increased and profitability was optimized. During the reporting period, the company’s comprehensive gross profit margin was 62.18%, 60.06% in the same period last year, with a year-on-year increase of 2.12 percentage points; The net interest rate was 9.13%, compared with 8.44% in the same period last year, with a year-on-year increase of 0.69 percentage points. The gross and net profit margins of the company have been improved, and the profitability of the company has been further optimized.
The medical IT business has accelerated and achieved fruitful results, and is expected to usher in a period of high business growth. Medical insurance business is the company’s main business line, medical insurance it is the company’s traditional advantageous field, and medical it is the company’s key development direction. In the field of medical it, the company has formulated the development strategy of medical IT industry of “serving the top three, deeply cultivating the medical community and innovating the health end”. During the reporting period, the company made great achievements in the field of medical it. On February 15, 2022, the company won the bid of “information construction software project of five hospitals of Taiyuan Health Commission”, with a bid winning amount of 106.2 million yuan, setting a new record in the field of medical it. The project mainly provides software development and services such as hospital his, HRP, LIS, electronic medical record, big data platform and scientific research platform to five hospitals such as Taiyuan Central Hospital and Taiyuan people’s hospital. In March this year, covid-19 epidemic had an expanding trend in the country, and shelter hospitals were being built everywhere. Relying on the original rich product system and combined with the actual needs of the shelter hospital, the company launched digital shelter solutions and actively expanded its business in the field of medical it. The company is accelerating in the field of medical it, and the medical IT business is expected to usher in a period of rapid growth.
Investment suggestion: we expect that the company’s revenue in 2022, 2023 and 2024 will be RMB 1.600/1.920/2.244 billion respectively, the net profit will be RMB 280/3.50/4.33 billion respectively, and the corresponding PE will be 16.5/13.3/10.7 times respectively, giving the company a “buy” rating.
Risk tip: business development is less than expected, and the implementation of policies is slow
