This report is read as follows:
As a technology-based, whole-hospital-level CIS manufacturer, the company will develop and grow with the expansion of products, service upgrading and regional expansion. For the first time, the "overweight" rating was given, with a target price of 34.79 yuan.
Main points of investment:
For the first time, the "overweight" rating was given, with a target price of 34.79 yuan. The company was established late, the current scale is still small, and the market has insufficient understanding of its competitiveness. as a university derivative enterprise and early military health information department partner, the company has a profound technical background. As a full-level CIS provider, the company has a number of top hospitals in the country, with high recognition, and plans to build an intelligent hospital with increased power, and the revenue volume is expected to rise to a higher level. It is estimated that the operating income from 2019 to 2021 is 5.33,7.28 and 983 million yuan respectively, and the net profit is 0.62,0.83 and 112 million yuan respectively, corresponding to EPS 0.52,0.71,0.95 yuan. Give the target price 34.79 yuan, corresponding to the 2020 PE49x, for the first time to cover the "overweight" rating.
The strong demand of the industry, policy catalysis and technological progress are the source of growth. Medical information industry policy catalysis constantly, and is showing cloud computing, big data, AI and other technologies to the industry penetration, Internet + and regional medical information continue to explore and other characteristics, high prosperity. According to IDC data, the compound growth rate from 2018 to 2023 is expected to be 10.0%. The market size in 2023 will reach 79.16 billion yuan.
The company's positioning is high-end, product expansion, regional expansion is the way to do. The company locates the high-end, takes the whole hospital level clinical information system as the characteristic, takes the large hospital as the main target customer. In the early stage, the company jointly developed the military hospital information system with the Information Center of the Ministry of Health of the PLA General Logistics Department, and self-developed the electronic medical record system for application in 155 hospitals throughout the army. Later, the company began to set up subsidiaries in many places across the country to develop local hospital business. As a university derivative enterprise, the company has strong technology, has a number of national top hospital customers, and has strong competitiveness. The future growth of the company depends on product upgrade iteration, service innovation upgrade and business area expansion.
Catalyst: release key R & D products and sign major orders
Core risk: policy change, the progress of a single large order is less than expected, and it is easy to disturb the performance.