This report is read as follows:
Overall performance against the trend growth, gross profit margin increase to verify the business model, the future cooperation of the three major sectors is worth looking forward to.
Summary:
Maintain the overweight rating. According to the company's current three major business development, high R & D investment status and changes in product structure, the revenue and profit forecast for fiscal year 2022 and 2023 is raised, and the profit forecast for fiscal year 2024 is increased. After adjustment, the operating income of the company from 2022 to 2024 was 12.96,20.78 and 3.459 billion yuan respectively, and the net profit of returning home was-9.98,16.57 and-2.175 billion yuan respectively. Considering that the company's current business sectors maintain high growth, continue to use the PSG method of valuation, the target price is raised to HK $61.71, corresponding to the 2022 PS of 37 times, maintain the overweight rating.
Continue to promote intelligent transformation with YiduCore as the core. The company focuses on supervision, scientific research, diagnosis and treatment, relying on the data processing capabilities of YiduCore ecosystem, disease knowledge graph insight and models to continuously promote multi-scene applications within and across scenes, to complete repeated iterations and optimization of data and intelligence, so as to realize the technical infrastructure of closed-loop development. In fiscal year 2021, YiduCore has cumulatively handled more than 1.7 billion life-cycle cases, covering more than 400 million patients and covering more than 300 hospitals.
The overall performance is growing against the trend, and profitability is expected to continue. Revenue of RMB 867 million (YOY+55.4%) in fiscal year 2021 was mainly due to strong growth in divisions such as Life Sciences (YOY+21%) and Health Management (YOY+353%). The net loss of the company's parent in fiscal year 2021 was 3.7 billion yuan. Excluding changes in the fair value of convertible notes, convertible redeemable preferred shares and warrants, the adjusted net loss narrowed to 275 million yuan from 322 million yuan in 2020.
The three core business sectors are growing rapidly and have a broad space for growth. In fiscal year 2021, the revenue of big data platform and solutions was 402 million yuan (46%), up 8.1% from the same period last year, and the gross profit margin was 11.7% higher than the same period last year; the income from life science solutions was 184 million yuan (21%), up 79.3% from the same period last year, with a strong growth rate. Revenue from health management platforms and solutions was 252 million yuan (29%), a substantial increase of 353.1% over the same period last year. The overall performance shows a trend of rapid growth, and it is expected that the three core business sectors will maintain steady growth and have broad room for growth in the future.
Risk hint: economic downside risk, cloud business development is not as expected or sustained loss risk.