\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 718 Neusoft Corporation(600718) )
The company issues annual report and first quarterly report Neusoft Corporation(600718) released the annual report of 2021 and the first quarterly report of 2022 on April 28. In 2021, the company achieved an operating revenue of 8.735 billion yuan, a year-on-year increase of 14.60%; The net profit attributable to the shareholders of the listed company was 1.173 billion yuan, a year-on-year increase of 794.35%; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 350837 million yuan, a year-on-year increase of 123.42%; The basic earnings per share is 0.98 yuan.
In 2022, Q1 company achieved an operating revenue of 1.278 billion yuan, a year-on-year increase of 8.89%; The net profit attributable to the shareholders of the listed company was -301222 million yuan, a year-on-year increase of 18.31%; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was -671435 million yuan, a year-on-year increase of 0.19%.
Deeply cultivate “smart medicine” and base on “digital new infrastructure”. In the field of medical and health care, Neusoft’s business covers the Health Commission, hospitals, medical insurance, commercial insurance, pension and other industries. By the end of 2021, Neusoft had more than 600 tertiary hospital customers and more than 2700 medical institution customers, covering nearly 70% of the hospitals selected in the top 100 list of Fudan edition of China’s comprehensive ranking of hospitals in 2020.
For large medical and health institutions, realonesuite continues to provide “one-stop” overall solutions for national medical centers, regional medical centers, medical consortia, smart hospitals and rating evaluation. By the end of 2021, it has covered nearly 600 tertiary hospitals and helped 30 hospital customers pass the high-level (Level 5 and above) evaluation of the functional application level of the national electronic medical record system, ranking first in the industry. For small and medium-sized medical and health institutions, Neusoft cloudonesuite provides comprehensive cloud products and technical services. By the end of 2021, Neusoft has covered more than 1800 small and medium-sized hospitals and more than 50000 Primary Medical and health institutions.
Quickly seize the market and become the leader in the field of “smart medical insurance” Neusoft Corporation(600718) is one of the contractors of the national medical security information platform. It has worked in the field of medical insurance informatization for nearly 30 years and has profound business accumulation and resource advantages. In 2021, the company participated in the construction of national medical security information platform and 24 provincial medical security information platforms in China, including the construction of 13 provincial platform core business handling systems, 6 provincial platform public service subsystems and 11 provincial platform supervision and monitoring subsystems. It undertook the construction of national medical security information platform in more than 200 medical insurance overall planning cities in China, and successively completed the construction of Qinghai, Hainan, Hebei Chongqing and other provinces went online, and achieved breakthroughs in provincial medical insurance business such as Beijing, Shaanxi, Shanxi and Xinjiang production and Construction Corps.
The change enablers of the automobile industry devote themselves to research and product innovation. The company is the world’s leading supplier of automotive electronic products and services. After nearly three decades of accumulation and development, 85% of the world’s top 30 auto manufacturers use Neusoft’s software and services. Neusoft’s products cover more than 60 countries and regions, more than 50 mainstream auto manufacturers outside China, and a total of more than 200 models. Neusoft Ruichi, a subsidiary of Neusoft, has continuously developed and provided intelligent products, technologies, services and overall solutions for vehicle enterprises. Neusoft Ruichi has continuously improved ADAS advanced auxiliary driving system and other product lines, and has completed the mass production and listing of two generations of ADAS products. The company has realized a variety of scene auxiliary early warning verification based on lte-v2x communication, supported sub meter high-precision positioning, and carried on the high-end model of Hongqi, which has been mass produced and listed.
Neusoft Ruichi focuses on product innovation. On July 29, 2021, Neusoft Ruichi launched a new generation of automatic driving central computing platform, which can realize the perceived redundancy of the whole vehicle and provide L3 / L4 level automatic driving function. On August 26, Neusoft Ruichi launched two standardized domain controller products in Shanghai. On April 7, 2022, Neusoft Ruichi and Xinchi technology reached a cooperation to jointly create a new ecosystem for the development of intelligent vehicles, adding Neusoft Ruichi’s partners in the neusar basic software ecosystem.
The subsidiaries are active and the overseas market is expanding. In the “big health” sector, the company has constructed three innovative business companies, Neusoft medical, Xikang and Wanghai. Neusoft medical has CT, MRI and other medical imaging equipment. Its products are sold to more than 110 countries and regions around the world, with a historical installed capacity of more than 42000 units. The mdaas platform solution has covered 16000 medical institution customers; Neusoft Xikang, as a leading basic medical service platform in China, has cloud hospital platforms in 28 cities; Neusoft Wanghai launched a new product ODR, which combines cloud computing, Internet of things, big data and other technologies with medical intelligent analysis, evaluation, mobilization and monitoring, and upgrades the application of management mode and scenario. In 2021, the company achieved an operating revenue of 1.801 billion in the international market, with a gross profit margin of 23.38%. In order to enhance the international influence of Neusoft brand and strengthen regional market development, Neusoft Corporation(600718) provided bank loan guarantee for wholly-owned subsidiaries in Japan, Hong Kong, China and Europe, demonstrating the company’s determination to develop overseas. The company’s subsidiaries Neusoft medical and Neusoft Xikang submitted a prospectus to the Hong Kong stock exchange, trying to expand the company’s business territory.
Investment suggestion: the software and information industry to which the company belongs has grown rapidly in recent years, the pace of industrial development towards high quality has accelerated, the structure has been continuously adjusted and optimized, and new growth points have emerged. As an industry leader, the company always adheres to taking software technology as the core and provides industry solutions, intelligent Internet products, platform products and cloud and data services through the combination of software and services. We predict that the operating revenue of the company from 2022 to 2024 will be RMB 10.257, 12.161 and 14.514 billion, the net profit attributable to the parent company will be RMB 416, 536 and 671 million, the EPS will be RMB 0.33, 0.43 and 0.54/share, and the corresponding PE will be 28, 21 and 17 times, maintaining the “recommended” rating.
Risk tip: the risk of global economic slowdown; Exchange rate fluctuation risk; Market competition intensifies risks; Insufficient talent reserve.
