Summary:
Maintain the overweight rating. With reference to the improvement of the company's operating efficiency, maintain the revenue forecast and adjust the profit forecast. It is estimated that the operating income of the company in the financial year 2022-2024 is 12.96,20.78 and 3.459 billion yuan respectively, and the net profit returned to the mother is-9.32 (+ 0.66),-15.05 (+ 1.52) and-19.74 (+ 2.01) billion respectively. Considering that the company's current business sectors maintain high growth, continue to use the PSG method of valuation, the target price to maintain 61.71 Hong Kong dollars, corresponding to 2022 PS of 37 times, maintain the overweight rating.
With YiduCore as the core, the intelligent medical ecology continues to advance. The company focuses on supervision, scientific research, diagnosis and treatment, relying on the data processing capabilities of YiduCore ecosystem, disease knowledge graph insight and models to continuously promote multi-scene applications within and across scenes, to complete repeated iterations and optimization of data and intelligence, so as to realize the technical infrastructure of closed-loop development. As of September 30, 2021, YiduCore has cumulatively handled more than 2.2 billion life-cycle cases, covering more than 500 million patients and covering more than 600 hospitals.
Revenue grew faster than expected, and profits were under pressure under high investment in R & D. 2022H1 achieved revenue of 502 million yuan (YOY+62.3%), mainly due to strong growth in divisions such as Life Sciences (YOY+106.3%) and Health Management (YOY+642.6%). 2022H1 continued to increase investment in research and development and personnel, with an operating loss of 442 million yuan and an adjusted net loss of 321 million yuan from 166 million yuan in the same period in fiscal year 2021.
The three core business sectors are growing rapidly and have a broad space for growth. 2022H1, company big data platform and solution income 158 million yuan (31%), down 23.8% year-on-year, excluding one-time effects increased 21.1% year-on-year, gross profit margin rose 4.9% year-on-year; life science solution revenue 146 million yuan (29%), up 106.3% year-on-year growth, gross profit margin rose 2.5% year-on-year Revenue from health management platforms and solutions was 190 million yuan (38%), a substantial increase of 642.6% over the same period last year. The overall revenue shows a trend of rapid growth, and it is expected that the three core business sectors will continue to maintain steady growth and have broad room for growth in the future.
Risk hint: big data platform landing is not as expected, medical data may have security and policy risks, commercial progress is not as expected, leading to financial risks.