Summary:
The company is mainly engaged in the information service of the whole industry chain of traditional Chinese medicine, and the business extends from the informationization of medicine circulation to the upstream and downstream. Upward integration of agricultural informatization and production informatization, and downward access to medical informatization. With the help of policy support and industry development opportunities, the company follows the industry trend to deploy the strategy, business income shows a growing trend, broad prospects for future development.
The field of circulation information continues to develop, and the competition in the industry is fierce, but the scale of the industry is increasing and there are broad prospects for development. With agriculture, circulation, production layout as the starting point, mutual integration and development, the company forms a series of products to meet the needs of different customers, and serves the pharmaceutical circulation market in many provinces and cities, the share is expected to further increase. The competition in the industry pattern is fierce, and the company will have an advantage in developing platform services and extending the industrial chain. The trend of industry intelligence is prominent, it is optimistic that the basic level of interdisciplinary innovation and development of agricultural informatization in the future is low, and the future development trend is better under policy support, and the company conforms to the development trend of the industry. with the help of information technology to provide all-round services to form advantages. In the field of agricultural informatization, due to the actual situation of farmers and rural areas, the overall level of development is not high, in the incubation period, there is more room for development in the future. Due to the large agricultural information market, the regional characteristics of related enterprises and industry segmentation are obvious, so the industry is in the development stage of orderly competition, there are no particularly strong competitors, and the distribution is relatively scattered. The company can provide all-round information service technical support from planting to production to circulation, and has achieved a certain competitive advantage.
The informationization of traditional Chinese medicine production has a broad prospect, and the company has an advantage in differential competition with foreign giants. During the 14th five-year Plan period, the state will invest nearly 1000 billion yuan around traditional Chinese medicine, from sub-projects to independent strategic projects, not only to support traditional Chinese medicine itself, but also to support the comprehensive development of the whole industry chain. The company's continuous and in-depth innovative research and industrial application in the direction of the integration of traditional Chinese medicine production and information technology will continue to benefit. Compared with the foreign giants in the field of medical information, the company develops the traditional Chinese medicine information system on the basis of traditional Chinese medicine process optimization, accumulates a more comprehensive traditional Chinese medicine process knowledge base and model, and builds a strong competitive advantage for the company.
Company profit forecast and investment rating:
It is estimated that the return net profit of the company from 2020 to 2022 is 91 million yuan, 123 million yuan and 172 million yuan, corresponding to 1.10,1.48 yuan and 2.07 yuan per share, and the corresponding dynamic PE is 40.65,30.27,21.54 times. We are optimistic about the future development of the industry and the company, covering for the first time and giving a "recommended" rating.
Risk hints: major changes in industry policy, disproportionate R & D investment and income, less than expected technological progress, core brain drain, customer concentration risk, intensified market competition.
