公司加大数据要素业务投入，项目落地情况良好。公司加大数据要素业务的开拓，公司针对数据要素标准研制、数据基础设施建设、数据产品开发运营、数据要素生态合作等方面加大投入力度。截止2024 年6 月，公司共参与18 个数据要素相关标准的编制。目前公司与成都数据集团、福建省大数据集团、贵阳块数据城市建设有限公司等多家企业在数据要素领域开展合作，不断完善数据要素业务合作生态。数据要素业务发展空间广阔，有望成为公司新的业务增长点。Investment event: The company released its 2024 mid-year report: the revenue scale reached 0.395 billion yuan, a year-on-year decrease of 23.91%, and the net profit to mother reached 0.011 billion yuan, a year-on-year decrease of 86.81%.
Multiple factors affect revenue recognition, putting pressure on the company's performance in the short term. Affected by multiple factors such as the macro environment, project implementation and extended acceptance cycles, the company's revenue recognition was affected. Some business lines experienced a marked decline in revenue scale. The company's revenue scale reached 0.395 billion yuan during the reporting period, a year-on-year decrease of 23.91%. Moreover, most of the company's costs are employee remuneration, and expenses are quite rigid, which puts a lot of pressure on the company's profits. However, in the first half of 2024, the company's orders grew steadily, and there were sufficient orders on hand. As the situation improves, the company's performance is expected to recover.
The medical insurance business is developing steadily, and the product system is constantly being upgraded. During the reporting period, the company's medical insurance business revenue reached 0.232 billion yuan, an increase of 0.31% over the previous year, accounting for 58.86% of revenue, and the business achieved steady development. The company's medical insurance business product system is continuously upgraded to enhance the competitiveness of the company's products. During the reporting period, the company released the smart next-generation hospital operation management system (HRP), the V8 version of the next-generation hospital HIS system, the next-generation smart medical community solution Unite Health, and the next-generation national health informatization solution All Health. In terms of health insurance business, the company promoted the implementation of scenario-based and intelligent innovative applications in medical insurance, and signed dozens of new hospital DRG/DIP projects and intelligent health insurance audit projects in the first half of the year.
The company has increased investment in data element business, and the project implementation situation is good. The company is increasing the development of data element business, and the company is increasing investment in data element standard development, data infrastructure construction, data product development and operation, and data element ecological cooperation. As of June 2024, the company has participated in the preparation of standards related to 18 data elements. Currently, the company cooperates with many enterprises such as Chengdu Data Group, Fujian Big Data Group, and Guiyang Block Data City Construction Co., Ltd. in the field of data elements to continuously improve the data element business cooperation ecosystem. The data element business has broad development space and is expected to become a new business growth point for the company.
Investment advice: We expect the company's revenue for 2024/2025/2026 to be 1.554/1.778/2.048 billion yuan, net profit 0.2/0.23/0.272 billion yuan, respectively, and the corresponding PE is 24.4/21.2/17.9 times, respectively. Considering the company's business growth and the new development opportunities brought by the data element business, we gave the company a “buy” rating.
Risk warning: business development falls short of expectations, policy implementation is slow
