The company's business layout takes digital medical insurance as one, digital medical care and digital medicine as the two wings, and empowers the main business with the help of innovative business platform. Focusing on the three business directions of comprehensive medical insurance fund management service, medical quality and safety service and pharmaceutical equipment supervision service, the company focuses on the informationization, digitization and intelligence of the medical and health industry, deeply ploughs the medical insurance fee control service, and continuously improves the data service ability. we will constantly innovate and optimize the third-party service model, and fully serve and support the "linkage" reform of medical insurance, medical care and medicine. While consolidating and expanding the unique advantages in the field of intelligent supervision of health insurance funds, it has achieved a wide coverage of the domestic original health insurance payment method, the DRGs point method.
With the support of the technological advantage superimposed policy environment, the company's health insurance precision payment third-party business is expected to grow rapidly. The company is the only company in China that can provide professional comprehensive services of DRG, DIP and APG, covering the payment of inpatients and outpatients according to the type of disease (disease group), and realize the dynamic supervision of big data in the whole process of fund payment. In terms of DRG business, the company has served more than 50 regions and maintained a leading market share; in terms of DIP business, the company has served more than 30 regions and expanded its market share rapidly. In recent years, with the steady growth of China's medical insurance industry and the gradual deepening of medical insurance system reform, the construction of medical insurance information has become one of the important measures of medical insurance reform. DRG, DIP and APG are facing a broad market space and obvious advantages in technology first.
National Healthcare Security Administration issued a three-year action plan for health insurance payment reform. China's DRG/DIP market space is more than 10 billion yuan. According to the "three-year Action Plan for the Reform of DRG/DIP payment methods" issued by National Healthcare Security Administration, by the end of 2024, all areas in the country are expected to carry out the reform of DRG/DIP payment methods. By the end of 2025, DRG/DIP payment methods will cover all qualified medical institutions that provide hospitalization services. At present, there are about 300 prefecture-level cities in China, minus 101 non-pilot cities that have covered pilot projects and some non-pilot cities that have been completed. In the next three years, about 150 overall planning areas and tens of thousands of hospitals will be on-line with the DRG/DIP information system. It is estimated that with the gradual implementation of the three-year action plan for health insurance payment reform, the total market space of DRG/DIP in China is more than 14 billion yuan, which is expected to be released in the next three years.
Investment suggestion: we forecast that the operating income of the company in 2022-2024 will be 396, 521 and 654 million yuan respectively, and its net profit will be 0.36, 0.88, 0.89 million, respectively, corresponding to 0.04, 0.06, 0.10 and 2022-2024 PE224.22/140.53/91.35X, respectively, and will be rated as "overweight" for the first time.
Risk hints: health insurance payment reform is less than expected, industry competition intensifies, and policy changes
