报告期，公司推进精品产品线、解决方案卓越生产力等专项工作，实现收入增速稳健恢复。整体营收规模增速同比+14.98%，其中自主软件、产品及服务业务收入占比达到88.75% (+6.46pcts)。从行业收入结构来看，医疗健康及社会保障收入7.52亿元(+35.65%)、智能汽车互联收入16.08亿元(+18.89%)、智慧城市收入6.04亿元(+12.39%)、企业互联及其他9.27(-1.36%)，收入占比分别为19.32%、41.340%、15.52%、23.82%。智能汽车互联收入占比4成以上、增速稳健，医疗健康及社会保障收入增长动力强劲。智能汽车互联领域，持续获得比亚迪、吉利、长安、一汽、上汽、长城、零跑等多家车厂的定点订单，整体出货量持续提升。根据高工智能汽车研究院市场数据，公司在乘用车智能座舱（单芯片)域控制器前装市场份额国产厂商占比第一，乘用车前装(国产）车载无线终端（联网功能)一级供应商标配搭载量排名第一，中国市场乘用车C-V2X车端集成方案本土供应商软件能力排名第一。医疗医保领域，新增助力16家医院客户、累计助力51家医院客户通过国家电子病历系统功能应用水平高级别（五级及以上)评价。根据IDC相关报告，公司在医疗及社会保障行业稳居市场份额第一，在医学影像信息系统市场份额第一。我们认为，公司自主软件、产品及服务收入占比稳健提升，核心业务(智能汽车、医疗医保)规模增长较快，整体营收结构有逐步优化趋势。Overall Arrangement
Event: in the first half of 2023, the company realized operating income of 3.89 billion yuan (+ 14.98%), net profit of 95 million yuan (+ 14.509%), and non-return net profit of 27 million yuan (+ 128.04% 6).
The income growth rate has recovered steadily, and the revenue structure has been optimized.
During the reporting period, the company promoted special work such as high-quality product lines and excellent productivity of solutions to achieve a steady recovery of revenue growth. The overall revenue growth rate was + 14.98% compared with the same period last year, with revenue from proprietary software, products and services accounting for 88.75% (+ 6.46pcts). In terms of industry income structure, medical and health care and social security income is 752 million yuan (+ 35.65%), smart car connected income is 1.608 billion yuan (+ 18.89%), smart city income is 604 million yuan (+ 12.39%), enterprise interconnection and other 9.27 (- 1.36%), the proportion of income is 19.32%, 41.34%, 15.52% and 23.82%, respectively. Smart car connected revenue accounts for more than 40%, the growth rate is steady, and the growth momentum of health care and social security income is strong. In the field of smart car connectivity, it continues to obtain fixed-point orders from many car factories, such as BYD, Geely, Changan, FAW, SAIC, Great Wall, Zero and so on, and the overall shipments continue to increase. According to the market data of Gao Gong Intelligent Automobile Research Institute, the domestic manufacturers account for the first place in the market share of front-loading of intelligent cockpit (single chip) domain controller in passenger cars, the first-level supply trademark of wireless terminals (networking functions) in passenger cars ranks first, and the software ability of local suppliers of C-V2X integration solutions ranks first in the Chinese market. In the field of medical insurance, 16 new hospital customers and 51 hospital customers have passed the high-level (level 5 and above) evaluation of the functional application level of the national electronic medical record system. According to the relevant report of IDC, the company ranks first in the market share of medical care and social security industry, and the first market share in medical imaging information system. We believe that the proportion of the company's independent software, products and services has steadily increased, the scale of the core business (smart cars, health insurance) has grown rapidly, and the overall revenue structure has a trend of gradual optimization.
Forward-looking layout of R & D investment.
During the period, the financial cost was 20 million yuan (+ 98.759%), the absolute scale was relatively small, mainly due to the increase in exchange losses over the same period last year, and the R & D expenditure was 450 million yuan (+ 17.37%), maintaining a large investment in the field of new technology. In terms of R & D achievements, 136 software copyrights were registered, 75 patents were applied for, and 75 patents were authorized (including 66 invention patents). Newly authorized invention patents are mainly distributed in big data analysis, artificial intelligence, block chain, platform software, automotive electronics, Guoluo security and other fields. In the application of new technology, unify the cloud native technology architecture, create a common technology base based on cloud native technology, comprehensively enhance the future-oriented software architecture, methods and engineering capabilities, and promote the cloud upgrade of the company's core solutions, products and services. At the same time, we integrate big data, artificial intelligence, Internet of things, blockchain and other technologies to systematically build a data-driven, intelligent ubiquitous, large connection and highly reliable technical capability for the era of IoT. Promote the implementation of the large language Model Systems Engineering Strategy (LLM-SE), rely on the existing industry knowledge, domain data and massive code resources, take "intelligent software production" and "software intelligent service" as the core goal, carry out key technology and product research and development, and continuously enhance the market competitiveness and industry influence of enterprises through technology.
The field of medical AI empowerment and value discovery of medical insurance data elements has the potential for development.
On the policy side, the state's "opinions on further improving the medical and health service system" points out that it is necessary to strengthen the construction of health care big data sharing and exchange and security system. The Agreement on promoting the Information sharing between the Commercial Health Insurance Information platform and the National Medical Security Information platform (draft for soliciting opinions) clearly points out that it is necessary to effectively integrate and analyze health insurance data and support close cooperation between basic health insurance and the insurance banking industry. to help build a multi-level medical security system. Medical AI enabling, the company launched a large model of the medical field, flying standard medical image annotation platform 4.0, as well as WEB-based virtual endoscope and other AI+ industry applications, forming the "1N1" application portfolio in AI+ Healthcare. Take the East soft Magic Science and Technology Research Institute as the carrier, promote the implementation of the large language model system engineering strategy, and continue to explore the innovation and application of artificial intelligence technology. The value of health insurance data found that the company has many years of experience in health insurance big data analysis and commercial insurance data service in the fields of health insurance core management system and data service. Help the national health insurance data "two combinations and three abilities" contact point city business innovation and give full play to the value of health insurance data elements, and deeply participate in the national platform and health insurance data governance work in Hainan, Inner Mongolia, Suzhou, Nantong and other provinces and cities. We believe that the policy-side countries continue to promote, business-side Neusoft is deeply involved, and the company has potential for development in related fields in the future.
Investment suggestion
We believe that the company's revenue structure has been optimized and has development potential in the areas of medical A Ⅰ enabling and health insurance data element value discovery. It is estimated that the company's operating income from 2023 to 2025 is 10.767 billion yuan, 12.432 billion yuan and 14.565 billion yuan respectively, and the net profit is 258 million yuan, 297 million yuan and 471 million yuan respectively, corresponding to the current PE of 47X / 41X / 26X, maintaining the "buy" rating.
Risk hint
Downstream demand is lower than expected; technology iteration is accelerated; market competition is intensified.