The net profit of home ownership has increased significantly, and the company's performance has continued to improve. Wanda Information released its annual report for 2021 and quarterly report for 2022 on April 28. The company realized operating income of 3.513 billion yuan in 2021, an increase of 16.78% over the same period last year. The net profit attributable to shareholders of listed companies was 69.2416 million yuan, up 105.36% over the same period last year. Net profit belonging to shareholders of listed companies after deducting non-recurring gains and losses was 8.5131 million yuan, up 100.62% over the same period last year; basic earnings per share was 0.06 yuan The company optimizes the internal management system internally and strengthens the fine management of the project. It is expected to continuously improve the overall operation capacity and steadily improve the profit level.

In 2022, the company's Q1 realized operating income of 817 million yuan, down 1.89% from the same period last year; the net profit attributable to shareholders of listed companies was 13.3818 million yuan, an increase of 214.11% over the same period last year; and the net profit attributable to shareholders of listed companies after deducting non-recurring profits and losses was 166300 yuan, an increase of 102.57% over the same period last year; and basic earnings per share was 0.0113 yuan.

Enable the transformation and upgrading of traditional industries, covering all aspects of intelligent medicine and health care. Smart Medical and Health, as an important traditional business segment of the company's "32nd" structure, after more than 20 years of development, has formed a full range of products and solutions covering medical security, drug management, regional health, public health, medical services and other fields. At present, the intelligent medical and health service covers more than 30 provinces, autonomous regions / municipalities directly under the Central Government, more than 120 prefectures and cities, more than 1000 districts and counties, involving more than 1500 secondary and tertiary medical institutions, more than 1500 community health service centers and township health centers. there are more than 10,000 community (village) clinics (stations), providing health and health and health insurance services to more than 600 million people.

Among them, the company, as the leader of wisdom and health, goes deep into the front line of anti-epidemic and deeply digs the public health needs. By the end of 2021, the company has cumulatively ensured and supported the safe, orderly and efficient operation of epidemic prevention and control applications in more than 20 provinces and cities, and responded to the emergency needs of epidemic prevention and control data exchange and data management of customers in more than 100 prefectures and cities. help fight the epidemic and support the normalization of epidemic prevention and control.

Secondly, in terms of Gong Wisdom's medical insurance / pharmaceutical business, the company focuses on promoting the market layout in three major areas: medical insurance standard informatization, payment system reform, and service providers: by the end of 2021, the company has provided services to DIP business projects in 15 prefectures and cities, including Guangzhou, Shanghai, Weifang and Yingkou, with a leading market share.

The demand for health management business is heating up, and the number of registered users continues to grow. According to the needs of epidemic prevention and control situation, its health cloud quickly launched the "three links" of intelligent epidemic prevention-- nuclear inspection, health pass, vaccination pass, health cloud steadily promoted the construction of Internet community hospitals, and currently has access to 72 Internet communities. Focusing on the active promotion of Internet hospital construction at both ends of doctors and patients, based on the intelligent Internet hospital in the Yangtze River Delta (Shanghai), it has established 7 municipal third-level first-class hospitals, radiating down 12 community health service centers and 12 village clinics (stations). Bull Health focus "Health Management + Insurance Technology" two-wheel drive strategy upgrade Bull Health APP2.0 Health Care version was officially launched on August 20, 2021, comprehensively improving the core functions of health management, smart things, data sharing, health consultant and so on. During the reporting period, Manniu Health APP2021 added 1.1366 million registered users annually, an increase of 168.98% over the previous month, and the cumulative number of registered users reached 1.544 million.

The smart government industry is booming, and the benchmarking project consolidates the position of the industry. In the field of intelligent government affairs, the company has profound experience in government management and services, urban safety, livelihood services, education and cultural innovation, and has participated in the formulation of a number of industry standards. As a demonstration project of Wanda Information Wisdom Government Affairs, the model of "one Network access Office" has become an integrated government service model promoted by the country. By building a full-process integrated online government service platform, to achieve the acceptance of government services, integrated services, Netcom to do, to provide users with efficient and convenient integrated government services. By the end of 2021, Shanghai Netcom Office had connected 42 commissioned units, 16 administrative service centers, 220 suburban communities and more than 3000 service items. In terms of livelihood services, the company provides technologically advanced, flexible, safe and reliable products and personalized solutions for human resources, social security, civil affairs and other fields.

Investment suggestion: with the frequent emergence of domestic medical IT industry policies, the company, as a leading medical information company, has accumulated a wealth of industry experience and many successful typical project cases, and has profound insight and understanding on the business needs and application scenarios of smart medical and health care, smart government affairs, ICT business, smart city, health management and other industries, and is expected to usher in brand-new development opportunities. We forecast that the operating income of the company from 2022 to 2024 is 38.02,41.91 and 4.705 billion yuan, the net profit is 0.84,1.05 and 121 million yuan, the EPS is 0.07,0.09,0.10 yuan per share, and the corresponding PE is 116,93,80 times, maintaining the "recommended" rating.

Risk tips: COVID-19 epidemic situation is repeated; industry competition aggravates the risk; technology can not keep up with market changes; the risk of loss of technical personnel.