\u3000\u3000 B-Soft Co.Ltd(300451) (300451)
Event summary
B-Soft Co.Ltd(300451) issued the performance forecast for 2021 on January 25, 2022. During the reporting period, the company is expected to realize a net profit attributable to the shareholders of the listed company of 37.508 million yuan to 46.946 million yuan, an increase of about 12.86% to 41.26% over 33.23374 million yuan in the same period last year; It is estimated that the non net profit deducted will be 346.08 million yuan to 440.46 million yuan, an increase of about 10.00% to 40.00% compared with 314.6151 million yuan in the same period last year.
Based on medical it and relying on “one body and two wings”
Under the background of the three-year action plan for DRG / Dip payment reform issued by the National Medical Security Bureau in November 2021, the company continues to adhere to the medical IT industry and realize the steady and rapid growth of traditional business and innovative business by relying on the business coordinated development of “one body, two wings” and Medical Insurance Division. According to the announcement, the revenue of the company’s medical and health information software increased by about 20% ~ 25% year-on-year in 2021, and the amount of ten million orders increased by more than 40% year-on-year in 2021. The high growth rate expanded the company’s comprehensive advantages and increased the market share. At the same time, due to the repeated epidemic in China, the company’s project implementation, project payment collection, signing of new orders and other key business activities that affect the business performance (especially the business activities of 21q4) have been adversely affected. In view of this, the company actively adopts structural optimization and adjustment, and realizes the high-speed pre increase of annual performance by strengthening project management, improving delivery efficiency, improving contract quality and other measures.
Launch “Huikang cloud 2.0” and lay out the overall cloud transformation and development strategy
For more than 20 years, the company has actively responded to the national development strategy, followed the pace of the industry, complied with the development of the industry, combined with its own market expansion, business characteristics and product service advantages, launched the overall cloud transformation and development strategy of “Huikang cloud 2.0”, continued to increase R & D investment, enrich product system and improve service scenarios, and its products cover medical treatment, health care, medical insurance, health In various service scenarios such as pension, the delivery and landing of benchmark customers of “multi state Zhilian” series hi-his cloud products was realized during the year, which laid the foundation for the company’s overall cloud transformation and development strategy. According to the announcement, the company preliminarily estimates that the R & D investment of the company will increase by about 20% year-on-year in 2021. In the future, the company will continue to focus on the construction, R & D and service innovation of medical and health informatization. Taking customer demand as the starting point, the company will continue to deepen and expand the medical and health informatization industry market and escort the development of Chinese medical and health undertakings.
Investment suggestion: driven by policies such as electronic medical record, internet medical treatment, hospital intelligent management and DRG / Dip medical insurance reform, the medical IT industry has ushered in a high boom market. As a leading enterprise of medical it, the company may usher in new opportunities for development. It is predicted that the operating revenue of the company from 2021 to 2023 will be RMB 2.126, 2.727 and 3.364 billion, the net profit attributable to the parent company will be RMB 438, 598 and 753 million, the EPS will be RMB 0.28, 0.39 and 0.49/share, and the corresponding PE will be 33, 24 and 19 times, maintaining the “recommended” rating.
Risk warning: the promotion of healthy cities does not meet expectations; “Huikangyun” transformation is less than expected; The development of online diagnosis and treatment services is less than expected; Intensified competition in medical IT industry
