营业收入实现稳健增长，经营活动产生的现金流量净额同比较大改善2023 年，公司继续坚持“做实做深主营、围绕主营拓展、创新多元营收”的总体经营思路，实现营业收入13.47 亿元，同比增长5.01%；实现归母净利润1.68 亿元，同比下降8.83%；实现扣非归母净利润1.35 亿元，同比下降20.61%；经营活动产生的现金流量净额为1.88 亿元，同比增加401.38%。分行业来看，医疗医保业务实现收入7.07 亿元，同比增长15.07%，毛利率为45.20%；数字政务业务实现收入5.50 亿元，同比下降7.48%，毛利率为49.37%；智慧城市业务实现收入0.68 亿元，同比增长62.81%。Incidents:
The company released the “2023 Annual Report” after closing on April 2, 2024.
Comment:
Operating income achieved steady growth, and net cash flow from operating activities improved significantly in 2023. The company continued to adhere to the overall business philosophy of “implementing and deepening the main business, expanding the main business, and innovating diversified revenue”, achieving operating income of 1,347 million yuan, an increase of 5.01% year on year; realized net profit of 168 million yuan, down 8.83% year on year; realized net profit deducted from non-return mother of 135 million yuan, a year-on-year decrease of 20.61%; net cash flow from operating activities was 188 million yuan, an increase of 401.38% year on year. By industry, the medical insurance business achieved revenue of 707 million yuan, an increase of 15.07% over the previous year, and gross margin of 45.20%; the digital government business achieved revenue of 550 million yuan, a year-on-year decrease of 7.48%, and gross margin of 49.37%; and the smart city business achieved revenue of 68 million yuan, an increase of 62.81% over the previous year.
Continuously explore various application scenarios of innovative health insurance data elements and actively expand the smart city business medical insurance business. The company actively carries out capitalization, commercialization, and service innovation of medical insurance data elements. The company's “Hospital Disease Diagnosis and Treatment Path Knowledge Base and Medical Expense Analysis System” was the first batch of data capabilities listed on the Guangzhou Data Exchange, making the value of data elements a new driving force for “digital and real integration”. In terms of smart city business, the company continues to expand the smart Rongcheng market share. It has successively constructed the “Smart Rongcheng” project in 9 districts (cities) and counties including Qingbaijiang District, set a new benchmark for “one network management” city operation, explored a new “micro-grid real” embroidery management path, and promoted a new model of “one table for all” grassroots burden reduction. At the same time, it is actively expanding the national market and deeply participating in the construction of the “Digital Chongqing” three-level governance center. It is currently the most influential “Digital China” leading exemplary project.
R&D investment continued to be increased. In 2023, the company's R&D investment was 276 million yuan, an increase of 12.29% over the previous year, accounting for 20.51% of revenue, of which the capitalization amount was 143 million yuan. The company actively embraced the AIGC wave, launched Yinhai Wenyu's large-scale model in the field of livelihood and the Wenyu MaaS R&D and management platform including core capabilities such as data labeling, prompt management, and service process assembly, to continue to promote AIGC scenario research and development combining big models with the needs of the people's livelihood sector; at the same time, it continues to incubate innovative scenarios in industries such as AI+ healthcare, AI+ digital government, and AI+ smart cities, and has formed AI products in the fields of clinical support decision-making, smart labor arbitration, smart social governance, and smart market supervision to help people's livelihood Innovation in services, governance and decision-making in the field.
Profit forecasting and investment advice
The company focuses on the three strategic directions of healthcare, digital government, and smart cities to help the “Healthy China” initiative and the construction of a “digital China”. There is plenty of room for continued growth in the future. The company's revenue for 2024-2026 is estimated to be 1,547, 17.47, and 1.945 billion yuan, net profit due to mother of 1.98, 2.31, and 265 million yuan, EPS of 0.49, 0.57, 0.65 yuan/share, corresponding PE of 41.67, 35.65, 31.09 times. Maintaining a “buy” rating considering the industry's growth space and the continued growth of the company's business.
Risk warning
Market risk; technical risk; risk of rising operating costs; risk of falling fees for operation and maintenance services; risk of industry policy changes; management risk brought about by rapid development; human resources risk.
