Main points of investment:
Jiangsu Hospital of traditional Chinese Medicine successfully launched the new information platform: Heren Science and Technology announced the successful launch of the information platform of Jiangsu Hospital of traditional Chinese Medicine on February 12, 2021. The construction of the project took four months, with a total investment of 39.9 million yuan.
In history, the HIS and core management system of Jiangsu Hospital of traditional Chinese Medicine were provided by different manufacturers. As a super-large general hospital with an annual emergency volume of up to 5.3 million, the huge volume of outpatient and emergency calls put forward extremely high requirements for the high-frequency interaction of data between HIS and electronic medical records in the hospital of Jiangsu Province. However, the system provided by different manufacturers may have problems such as disunity of interface and lack of consensus in front, thus affecting the efficiency of hospital operation.
In August 2020, Jiangsu Province Hospital of traditional Chinese Medicine invited public bidding to build a new generation of hospital information platform, and Heren Science and Technology won the bid. The amount of the project is 39.9 million yuan, the project is completed within 4 months and the system is online. The new system effectively solves the demand for high-frequency interaction between HIS and electronic medical records in the hospital due to the huge volume of outpatient and emergency services. The systems provided by different manufacturers may have problems such as inconsistent interface and lack of consensus in front.
The new generation of Heren technology products will be replicated quickly after 2020! After the resumption of bidding in the second half of 2020, according to public information, the company's new system has successively won the bid and carried out construction in seven hospitals, including Taizhou first people's Hospital, Jiaxing second Hospital, Jiangsu Provincial Hospital of traditional Chinese Medicine, Shanxi Yuncheng Central Hospital, and so on.
Under the high reuse rate, the delivery efficiency of Heren science and technology integrated products has been greatly improved. 1) New products achieve relative separation of R & D and delivery, with high granularity, greatly reducing personalized development costs and improving delivery efficiency; 2) from the observation of existing implementation cases, the company's 10 million-level order project in 2018 takes one year from signing the contract to delivery and online operation. however, the overall construction period of the same volume new system project that won the bid in 2020 is only five months. Orders for the new system in the second half of 2020 are expected to be confirmed in 2021. 3) according to our estimates, the overall implementation time of 10 million-level software orders will be shortened by 1 beat 3, and the outsourcing will be reduced by 1 stroke by 5%, which will more than double the return of core R & D personnel and increase the true net profit rate of the project by nearly 10%.
The market for integrated products has a huge demand space: with the increase in medical demand, many tertiary hospitals in China are facing the same difficulties as traditional Chinese medicine hospitals in Jiangsu Province. it is estimated that the products of hospital integrated information platform will have a market space of 69-17.1 billion yuan in the next five years. at the same time, it brings a maintenance cost space of 9-2.2 billion yuan per year.
Maintain earnings forecasts and buy ratings. Taking into account the Heren technology 1) to meet the information needs of large hospitals, the new generation of hospital integrated IT solution is rapidly promoted; 2) the cloud deployment of the new generation of products is gradually improved, and the cost of high probability implementation will be reduced after 2021. We estimate that the income of Heren Science and Technology from 2020 to 2022 will be 4.48,5.75 and 721 million yuan, and the net profit from 2020 to 2022 will be 4351, 6675 and 94.67 million yuan. Corresponding to the current 2021 valuation of 53 times PE.
Risk hint: insufficient customer demand in downstream industry, industry competition aggravates risk
