公司在医保信息化领域处于领先地位，是国家医保局信息化建设重要合作伙伴。根据年报披露，公司全力保障国家医保信息平台和22个省份医保信息平台（其中10 个省份核心业务系统）的高效、稳定、安全运行，各地医保用户反馈良好；中标了国家医保局运维标第4包，承担国家医保信息平台的跨省异地就医管理子系统、支付方式管理子系统、基础信息管理子系统、医保业务基础子系统、业务中台等6 个子系统运维工作；参与了成都、深圳、黄石、昆明等多个地市DRG/DIP 改革试点。Overview of events:
Recently, National Healthcare Security Administration drafted the Agreement between the State Administration of Financial Supervision and Administration and National Healthcare Security Administration on promoting information sharing between the commercial health insurance information platform and the national medical security information platform (draft for soliciting opinions). It is expected to promote the integration of commercial insurance into the health insurance system chain and further clarify the direction of health insurance data elements. We believe that Jiuyuan Yinhai, as a leader in health insurance information, is expected to benefit from the rapid development of health insurance data elements.
Significant advantages in the field of medical insurance information, continuous breakthroughs in the field of digital government affairs
The company is in a leading position in the field of medical insurance informatization and is an important partner in National Healthcare Security Administration's informatization construction. According to the annual report, the company makes every effort to ensure the efficient, stable and safe operation of the national health insurance information platform and 22 provincial health insurance information platforms (including 10 provincial core business systems), and the feedback from local health insurance users is good. Won the fourth package of the operation and maintenance standard of the National Medical Insurance Bureau, and undertook the operation and maintenance work of six subsystems of the national health insurance information platform, including inter-provincial medical treatment management subsystem, payment mode management subsystem, basic information management subsystem, medical insurance business basic subsystem, and business in Taiwan; participated in DRG/DIP reform pilot projects in Chengdu, Shenzhen, Huangshi, Kunming and other cities.
At the same time, the company is also a leader in the field of digital government affairs. In the field of social security, the company undertakes the core bid section of the national overall planning of provincial information construction for enterprise workers' old-age insurance in 8 provinces; in the field of employment and labor relations, winning the bid Jilin Employment Information system Integration platform Software Development Project, Guizhou Mobile personnel File Management system, Sichuan Labor Relations Integration platform, etc., to effectively promote employment and entrepreneurship with information construction. In the field of civil affairs, the first phase construction project of Liaoning Provincial Civil Affairs Service Management platform (Jinmin Project), the "Wisdom Civil Affairs" project of Xiamen Civil Affairs Bureau, and the Guangdong Civil Affairs Business Comprehensive Information platform (Phase I) have been awarded to continuously improve the product strength and implementation capacity of the civil affairs integration platform.
Data products are listed on the Guangzhou Digital Exchange, and health insurance data elements open up space.
In June, Jiuyuan Yinhai was invited to participate in the official opening ceremony of the service base of Guangzhou data Exchange (Zhanjiang) and the release ceremony of the first batch of data products and data capabilities in Zhanjiang. Zhanjiang Service Base of Guangzhou data Exchange has successfully released 9 Zhanjiang data products, 3 data capabilities and 5 industry data indexes. among them, the two data products developed by the company, "Hospital Disease diagnosis and treatment path knowledge Base" and "Medical expense Analysis system", have become the first batch of data capabilities of Guangzhou data Exchange, indicating that the company's data products have been applied in specific areas. Let the value of data elements become a new kinetic energy to promote the "integration of data and reality". As a service provider of wisdom and people's livelihood, the company has been committed to creating data products in the field of people's livelihood and constantly improving the operation and service capabilities of the government and enterprises big data, and will continue to expand big data's application and data element scene services in the future. give full play to the enabling role of the data element industry, help the construction of the national digital government, and promote the market-oriented and high-quality development of data elements.
Recently, National Healthcare Security Administration drafted the Agreement between the State Administration of Financial Supervision and Administration and National Healthcare Security Administration on promoting the information sharing between the commercial health insurance information platform and the national medical security information platform (draft for soliciting opinions), and drew up six major areas of cooperation. including: through basic medical insurance and commercial health insurance in drugs, medical consumables and medical service items As well as the sharing of information between designated medical institutions and medical personnel, to support the effective connection between basic medical insurance and commercial health insurance in terms of coverage and level of protection. Through the information sharing of the summary and analysis of the historical data of basic medical insurance and commercial health insurance, we can support commercial health insurance to develop products for specific areas and people, so as to meet the individual health security needs of the people. Through the sharing of information on the payment and settlement of basic medical insurance and commercial health insurance in designated pharmaceutical institutions, support commercial health insurance to improve the limitation of claims settlement and provide rapid claims settlement services for the people. We believe that with the gradual implementation of the health insurance data element policy, Jiuyuan Silver Sea is expected to benefit significantly with its leading market position and project delivery capacity.
Investment suggestion
Jiuyuan Yinhai is a leading intelligent livelihood service provider in China, focusing on the three strategic directions of health care, digital government affairs and smart city, which is expected to benefit from the development of health insurance data elements to open up growth space. It is estimated that the operating income of the company from 2023 to 2025 is 15.79 yuan 19.32 / 2.349 billion yuan respectively, and the net profit of returning to the mother is 2.52 million yuan. For the first time, it covers the investment rating of Buy-A, with a six-month target price of 35.69 yuan, equivalent to a dynamic price-to-earnings ratio of 45 times in 2024.
Risk Tips:
The promotion of data factor policy is not as expected, the information construction is not as expected, and the market competition is intensified.
