Yanhua Intelligence (002178): the performance of China News is in line with expectations to build an industrial chain of smart cities such as smart health care.

聯訊證券 · Aug 26, 2016 00:00 · Researches

事件概述：

延华智能公布2016 半年报，报告期内实现总营收5.09 亿元，同比增长26.38%；归属于母公司所有者的净利润3860.76 万元，同比增长11.62%；扣非后净利润2957.68 万元，同比增长15.61%；基本每股收益0.05 元，与上年同期持平；研发投入2527.58 万元，同比增长58.28%。

分析与判断：

总营收稳步增长：报告期内，公司总营收增长26.38%，成电医星并表增厚营收，也带来销售费用和研发投入的增长。细分行业来看，智能建筑营收3.6 亿元，同比增长15.4%；智慧医疗营收7399.2 万元，同比增长111.1%；智能产品销售营收3695.6 万元，同比增长120.3%；软件与咨询营收同比增长5.6%；智慧节能营收同比减少17.7%。

持股成电医星、感信信息，升级智慧医疗产业链：（1）公司2015 年收购成电医星，持股75.24%，并表增厚智慧医疗业绩。报告期内，成电医星实现营收2851.27 万元，同比增长15.3%；净利润873.49，同比大幅增长345.4%。成电医星采用PPP 模式、SaaS 模式，建设云计算智慧医疗大数据平台，实现人口、医疗、养老等信息的互联互通，得到各级政府的大力支持。借助医疗PPP 大发展、信息化需求增长，成电医星保持高增长业绩可期。（2）5 月，公司以自有资金认购感信信息股票，持股13.8%。感信信息是医院感控信息行业的领导者，产品覆盖全国200 多家三甲医院，正在打造的“易源溯”云平台已与上海市市卫监达成合作意向。系列举措奠定了公司智慧医疗业务核心竞争优势。

智慧环保扬帆起航，智慧节能保持领先：（1）公司重点围绕“大气治理”、“水治理”和“环保信息化”等加强拓展创新，聚焦上海市场，利用区位优势开展业务，报告期内实现1,142 万元的合同额。（2）分项计量和能耗监测平台业务覆盖范围进一步扩大，为全国500 余栋国家机关办公建筑和大型公共建筑提供服务；建筑信息模型（BIM）业务中标杨浦区建筑信息模型（BIM）技术试点和推广应用技术总支持服务项目。

盈利预测与投资建议：

公司在智慧医疗、智慧节能、智慧环保、智能建筑等业务上多点开花，具备强劲增长潜力。2016 -2018 年EPS 预测分别为：0.16、0.28 和0.36 元，维持“增持”评级。

风险提示

相关项目合作整体营收不及预期，市场风险，政策风险。

Overview of events:

Yanhua Intelligence released its 2016 semi-annual report, with total revenue of 509 million yuan during the reporting period, an increase of 26.38% over the same period last year. Net profit belonging to the owner of the parent company was 38.6076 million yuan, up 11.62% over the same period last year. Net profit after deducting 29.5768 million yuan, up 15.61% over the same period last year; basic earnings per share was 0.05yuan, the same as the same period last year; R & D investment was 25.2758 million yuan, up 58.28% over the same period last year.

Analysis and judgment:

The total revenue increased steadily: during the reporting period, the company's total revenue increased by 26.38%, and the electric medical stars thickened the revenue, which also brought the increase of sales expenses and R & D investment. In terms of industry segments, revenue from intelligent buildings was 360 million yuan, up 15.4 percent from the same period last year; revenue from smart medical care was 73.992 million yuan, up 111.1 percent from the same period last year; revenue from sales of intelligent products was 36.956 million yuan, up 120.3 percent from the same period last year; revenue from software and consulting increased by 5.6 percent over the same period last year; revenue from intelligent energy conservation decreased by 17.7 percent.

Holding shares in Chengdian Medical Star, Sensi Information, and upgrading the smart medical industry chain: (1) the company acquired Chengdian Medical Star in 2015, holding 75.24%, and thickening the smart medical performance. During the reporting period, Cheng Dian Medical Star achieved revenue of 28.5127 million yuan, an increase of 15.3% over the same period last year, and net profit of 873.49, a substantial increase of 345.4% over the same period last year. Cheng Dian Medical Star adopts PPP mode and SaaS mode to build cloud computing smart medical big data platform to realize the interconnection of population, medical care, pension and other information, which is strongly supported by governments at all levels. With the great development of medical PPP and the growth of information demand, it is expected that Chengdian medical stars can maintain high growth performance. (2) in May, the company subscribed for Sensi Information shares with its own funds and held 13.8% of the shares. Sensi Information is a leader in the hospital sensory control information industry, with products covering more than 200 third-class and first-class hospitals across the country. The "Yiyuan traceability" cloud platform being built has reached a cooperation intention with the Shanghai Municipal Health Supervision. A series of measures have established the core competitive advantage of the company's smart medical business.

The wisdom of environmental protection sets sail, and the wisdom of energy conservation takes the lead: (1) the company focuses on strengthening expansion and innovation around "atmospheric governance", "water governance" and "environmental protection informatization", focuses on the Shanghai market, and makes use of location advantages to carry out business, achieving a contract value of 11.42 million yuan during the reporting period. (2) the business coverage of itemized metering and energy consumption monitoring platform has been further expanded to provide services for more than 500 office buildings of state organs and large-scale public buildings across the country; Building Information Model (BIM) business won the bid Yangpu District Building Information Model (BIM) technology pilot and promotion and application technology general support service project.

Profit forecast and investment advice:

The company blossoms in smart health care, smart energy conservation, smart environmental protection, intelligent buildings and other businesses, with strong growth potential. The EPS forecasts for 2016-2018 are 0.16,0.28 and 0.36 yuan respectively, maintaining the "overweight" rating.

Risk hint

The overall revenue of related project cooperation is lower than expected, market risk, policy risk.

The translation is provided by third-party software.

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延华智能(002178)：中报业绩符合预期 打造智慧医疗等智慧城市产业链

Yanhua Intelligence (002178): the performance of China News is in line with expectations to build an industrial chain of smart cities such as smart health care.

Risk Disclaimer

Statement

延华智能(002178)：中报业绩符合预期打造智慧医疗等智慧城市产业链