Niuniu knocked on the blackboard:
1) Yidu Technology has the halo of "SaaS concept + Tencent shareholding". As the leader of medical SaaS, the track has a lot of room for growth.
2) the company is still in the start-up stage, the business growth is very fast, and the R & D expenditure is the main cost, which belongs to the reasonable stage. According to the conservative valuation of the three major conservative businesses of about HK $33.1 billion, it is estimated that there will be 40% and 57% growth after listing.
Yidu Technology has the halo of "SaaS concept + Tencent shareholding". As the leader of medical SaaS, the track has a lot of room for growth.
First, background introduction
With YiduCore as the core, the products are used in a variety of ways.The company provides medical solutions based on big data and artificial intelligence (AI) technology, and its customers are mainly hospitals, pharmaceutical companies, insurance companies, regulators and so on. In 2019, the company ranked first among all medical big data solution providers in China, with a market share of 5.0% in China's medical big data solution market.
Meanwhile, the company is favored by star institutional investors, including Sunshine Insurance, GIC, Tencent and so on.
Core Barrier YiduCore Infrastructure
The company's data intelligence infrastructure YiduCore represents the company's core competencies, which can be understood from three levels.
The first layer: the data processing ability of the company.Yidu Technology can collect and transform the original and scattered data in Chinese hospital information technology system into computable, structured and standardized data in a fast, accurate and low-cost way.
The second layer: medical knowledge and disease model composition. In the process of strengthening and learning medical data, the company provides customers with a variety of data analysis-driven solutions.
The third layer: develop related specific scenarios and services according to the data.The company combines the above capabilities to develop the operation and service capabilities of specific scenarios to realize the value of the whole ecosystem for customers.
Introduction of three major businesses
The company's three core businesses are: big data platform solution, life science solution and health management platform.Big data platform solutions mainly include providing big data platform construction, data processing and follow-up maintenance services, software application sales, etc., for clients such as hospitals and regulators, and life science solutions, including service contracts with pharmaceutical, biotechnology and medical device companies, analysis-driven clinical development and RWE-based research services.
Photo source: Futu Information "one picture to understand"
1) big data platform solution: solutionDomesticNon-standard pain points of medical data standards
At present, the domestic medical data standards are not unified.Different from other industry data, the original data produced by the medical industry may be described as "inconsistent data standards and norms". Each doctor has his own writing habits and expressions when recording cases. there may be dozens or even hundreds of expressions of the same disease. The data of the information system between the hospital and the hospital is difficult to interconnect, just like an isolated island of data of different shapes, if the examination reports of different hospitals are not recognized, especially the relevant radiation tests, it is money and health harm to patients.
This section is the company's longest-running division, mainly providing services to hospitals and other medical institutions, regulators and policy makers.The company's DPAP platform facilitates the establishment of 40 standardized disease data sets, which is very important for disease research and data analysis in related disease fields. Yidu Technology discovered the value of this track a long time ago, and is committed to turning medical data with non-uniform data standards into structured, standardized and computable data according to authorization, and then building corresponding intelligent models. and finally put it into real application.
2) Life science solutions: more efficient, time-saving and cost-saving than traditional clinical CRO
Since the second half of 2017, the company has been providing life science solutions under the "Happy Life Tech (HLT)" brand to practitioners in the life sciences industry to help them reduce the development time and cost of drugs and medical devices, while speeding up regulatory approvals and improving business success rates.
Life science solutions are mainly located in the field of clinical CRO.The company provides software and technical solutions to sponsors, trial sites and CRO companies such as Tigermed to improve the efficiency and quality of their clinical trials. The company's clinical trial and trial site management software can be better integrated with DPAP or Eywa platforms, and the company also provides digital solutions and remote tools to enable patients to report clinical data.
As of June 30, 2020, the company has a project order of about RMB 96.7 million, involving 128projects of the Life Science solution Division, including RMB 70 million for clinical development and RWE-based research projects and RMB 26.7 million for commercial projects.
3) Health management platform and solutions: purchase health plans, drugs and insurance through doctorsThere is great potential for the future
Health management platform and solutions are the latest division of the company with great potential for growth.Health management platform is the company's third largest business, through the Internet hospital platform to "factor health" brand to provide one-stop research-driven personal health management services. Users can consult online doctors through the Internet hospital platform and purchase health plans, drugs and insurance through doctors.
The number of active doctors on the company's factor health platform has increased significantly, from about 7000 as of June 30, 2020 to about 29900 as of September 30, 2020. The company aims to attract chronic disease experts and patients from all over the country to join the company's platform by organizing online and offline academic conferences and free public consultation activities.
Research and development expenditure is the main cost
Big data platform and Solutions Division is the main revenue contribution segment, contributing about 67% to the total revenue of all divisions of the company. The second majority of revenue comes from life science solutions, the third largest business health management platform is growing rapidly, and the future is one of the company's development strategies.
At present, the company is still in the start-up stage, and the R & D expenditure is the main expenditure, which belongs to the reasonable stage. It is also worth mentioning that the company's loss in June 2020 decreased compared with the same period, which is a positive sign.
The conservative valuation is about HK $33.1 billion, with more than 40% room for growth.
The related products of Yidu Technology have just been listed on the market, and the growth rate of its business sectors is very fast. Based on a very conservative valuation of the company's three major business segments, Yidu Technology is valued at about HK $33.1 billion. The company is currently valued at about HK $21.1 billion-23.7 billion and is expected to have about 40 per cent room for 57 per cent growth.
Data source: Yidu Technology prospectus, Futu Securities arrangement
Summary
1. Yidu Technology has the halo of "SaaS concept + Tencent shareholding". As the leader of medical SaaS, the track has a lot of room for growth.
2. The company is still in the start-up stage, the business growth is very fast, and the R & D expenditure is the main cost, which belongs to the reasonable stage. According to the conservative valuation of the three major conservative businesses of about HK $33.1 billion, it is estimated that there will be 40% and 57% growth after listing.