Events:
Company official account news: on July 21, the company signed a cooperation agreement with Huawei and officially released the "Huawei & Maddie" intelligent medical platform-cloud surgery, cloud critical disease, cloud first aid solutions. no, no, no.
Main points of investment:
Sign Huawei to release the smart medical platform. McGrady Technology is the leader of domestic clinical medical information, surgical anesthesia and ICU system have a high market share, products and solutions serve more than 80% of the country's third-class hospitals, at the same time, the company has participated in the construction of multi-local specialist first aid system in the past two years, and has rich clinical experience in pre-hospital first aid, intensive care and digital operating room. "Huawei & Maddie" intelligent medical platform is based on Huawei Cloud, combined with the company's advantages in the clinical medical field, including cloud critical disease, cloud first aid, cloud surgery three major clinical solutions.
At present, the three major applications of smart health care platform have completed Huawei OpenLab compatibility certification, have completed adaptation docking with Huawei Cloud, and become Huawei medical partners. The follow-up company will work with Huawei to build a medical joint ecology. Huawei is the largest ICT enterprise in China. In recent years, Huawei has been expanding the government-enterprise ecology through cooperation with industry solution vendors. Huawei Cloud is also the world's leading public cloud platform. We believe that cooperation with Huawei will be conducive to the further promotion and application of the company's products and solutions, and the advantages of SaaS service model will also broaden the boundaries of the company's growth.
The epidemic promotes the construction of ICU and regional first aid system, which benefits the core of the company. The epidemic situation reflects the shortage of intensive care units in China and the incomplete construction of regional first aid system. Hospital construction and the development of medical science and technology have become important contents of the new infrastructure. In the post-epidemic era, local governments' ICU construction, especially the ICU construction of respiratory and infection departments, has been strengthened, and more attention has been paid to the planning and construction of regional public health early warning and prevention and control system. The company has deeply participated in Suzhou "531 Action Plan", built the regional intelligent first aid platform of the core information system, accumulated mature experience in the construction of five major specialist first aid centers, and has a relatively complete product system. The company's regional first aid system has been landed in Wuhan and Jilin. We believe that the company is the leader of domestic ICU information system, and its mature experience in regional first aid platform replication and promotion will benefit from the construction of domestic ICU and regional first aid system.
Profit forecast and investment rating: maintain the "buy" rating. We believe that the company's cooperation with Huawei in the layout of the medical cloud will help broaden the boundaries of the company's traditional business growth, and fully benefit from the construction of ICU and regional first aid system in the post-epidemic era. We estimate that the company's EPS for 2020-2022 will be 0.65 euro 0.85 pound 1.05 yuan (based on the latest equity adjustment), and the corresponding share price will be PE times 73-56-46, maintaining a "buy" rating.
Risk tips: 1) the risk that the smart health care platform is not as fast as expected; 2) the risk that the company's performance falls short of expectations; 3) systemic risk