延华智能(002178)年报点评：成电医星业绩超预期 智慧医疗收入提升

　　Events: The company achieved operating income of 1,117 billion yuan in 2015, an increase of 35.47% over the previous year; net profit of 102 million yuan was realized, an increase of 76.52% over the previous year. The share of smart healthcare revenue has increased, and smart buildings have grown steadily. 1) Smart healthcare achieved revenue of 216 million yuan, accounting for 19.34% of revenue, mainly in the second half of the year. Compared with the revenue scale of 115 million yuan in 2014, the gross margin level increased by 88% and the gross margin level by 30.96%, an increase of 3.09%; 2) Intelligent buildings achieved revenue of 697 million yuan, accounting for 62.46% of revenue, compared with 2014 revenue of 563 million yuan, an increase of 24% over the previous year, maintaining steady growth. Smart city companies around the world took root and grew, opening up new channels for building intelligence and informatization projects, opening up new channels for building intelligence and informatization projects, and gross margin levels 18.39%, a slight increase. Chengdian Medical Star's performance exceeded expectations, and business integration was smooth. 1) The company completed the asset transfer of the smart medical sector to the upstream of the industrial chain and successfully took an important step in the strategic policy of “consulting leadership, intelligent cornerstone, energy saving promotion, and medical first” in July 2015; 2) In 2015, Chengdian Medical Star achieved net profit of 40.82 million yuan, higher than the promised 39.92 million yuan. The company and Chengdian Medical Star have formed a good complement of advantages in various aspects such as market distribution, business model, customer composition, and business strategy, which helps the company's overall layout and strategy Deep integration 。 Promote big health management from the top down and build a trinity regional health platform. 1) The company takes smart medical care as part of the top-level design of smart cities, and uses technologies such as mobile medicine, cloud computing, big data, and the Internet of Things to mainly accumulate three types of data through the integration of health services with regional medical resources: relying on highly realistic personal electronic medical records to accumulate hospital-level medical informatization data, relying on electronic health files to accumulate regional data, and dynamic data of continuous activation brought about by health management; 2) The concrete implementation of the company's smart medical care is a regional health service composed of the Health Planning Commission management end, medical service organization side, and individual user app (PC) side The platform can carry the above three types of data and achieve interaction between the three, thereby deriving other new business models. A two-wheel drive strategy of “deepening business transformation and expansion of external mergers and acquisitions”. In 2016, the company will continue to explore high-quality mergers and acquisitions in smart medicine, smart energy saving, smart environmental protection and other industries to achieve the company's vertical and horizontal mergers and acquisitions goals, expand the company's scale, and achieve the expansion of the industrial chain. Profit forecast and rating: The earnings per share for 2016-2018 are forecast to be $0.22, $0.30, and $0.43, respectively, and the corresponding PE is 46 times, 34 times, and 24 times, respectively. We believe that the company will continue to expand its competitiveness in the field of smart healthcare, operate steadily in its main business, and maintain its “buy” rating. Risk warning: The smart healthcare business is progressing or falling short of expectations; industry growth or slowing down.