Investment events:
Intelligent medical treatment + intelligent fusion cloud double main business neck and neck, the company has entered the "Rongke 3.0" era.
The company has entered "Rongke 3.0", opening the dual main business era of intelligent medical treatment and intelligent fusion cloud. Smart medical business mainly includes clinical application segment products, data platform-level products and hospital core business products and health big data 020 platform, while intelligent fusion cloud business mainly includes intelligent industry cloud and intelligent fusion cloud operation. According to the company's 2017 semi-annual report, smart medical business accounts for about 27%, while intelligent converged cloud business accounts for about 73%.
Endogenous + 91-extension two-pronged approach to improve the layout of the CIS domain. The company acquired 51% and 4G% of Mijian Information in 2015 and 2016 respectively, and Mijian Information became a wholly owned subsidiary of the company.
In 2017, the company expects to acquire 100% stake in China Shihan by issuing shares and paying cash, and the acquisition plan has been approved by the CSRC. Mijian Information is a high-quality CIS enterprise, and its surgical anesthesia information system, ICU information system and emergency information system are well known in the market. Shenzhou Shihan characteristic products are intelligence clinic, digital ward, medical video collaboration and other medical information products, and has a national marketing system. In addition, the company has its own hemodialysis information system, nursing resource planning system, mobile clinical nursing and other products.
With both endogenous and epitaxial development, the company now has a rich CIS product line.
The accelerated development of the medical information industry is conducive to the steady growth of the company. The era of medical informatization 2.0-the era of CIS has come, and the demand for medical clinical information system is released rapidly, contributing to the growth and increment of the medical information industry. Big data, artificial intelligence and other new technologies have penetrated into the medical information industry. Medical big data, medical AI and other new technologies have developed rapidly and began to be applied in subdivided fields, such as imaging AI, cancer big data, gene big data and so on. The public bid-winning data show that the total amount of bid-winning in the field of medical informatization shows an accelerated growth trend, and the inflection point for the accelerated growth of the industry is coming. The opportunities of the new era, the promotion of new technologies, the acceleration of industry investment and other factors drive the accelerated development of the medical information industry. The company has improved the layout of medical IT business, has a rich CIS product line, and is expected to fully enjoy the growth dividend of the industry.
Investment suggestion: the project of the company issuing shares to purchase assets has been approved by the CSRC and can be completed in 2018 under normal circumstances. It is estimated that the company will have an "over-holding" rating of RMB 0.170.24 for the company's 2017 EPS in 2019, corresponding to PE 99.56, 39.09 and 28.44 times.
Risk hint: business development is not as expected