Jiuyuan Yinhai (002777): First-quarter profit exceeded expectations and high growth

Jiuyuan Yinhai (002777): First-quarter profit exceeded expectations and high growth

Investment event: The company released the first quarterly report for 2019: it is expected to realize a net profit of 1,249.

800,000-1416.

440,000 yuan, an increase of 50% -70% in ten years.

  The first-quarter profit exceeded expectations and achieved high growth.

In Q1 2019, the growth rate of net profit attributable to mothers is 50% -70%, with a median value of 60%, far exceeding the market growth rate of 30%.

The high performance growth is due to the accelerated advancement of multiple businesses.

As a leading company in medical insurance IT business, the company has obvious brand awareness and market influence in previous 杭州夜网论坛 years, and its competitive advantage is obvious.

With the establishment of the Medical Insurance Bureau, the demand for medical insurance IT will increase, and the company will gain more opportunities in the medical insurance IT market, and the relevant business orders will achieve steady growth.

The company also actively develops new information-based businesses in the fields of medical and health, civil administration, housing finance, and smart cities. Related businesses are progressing smoothly, and multiple new business lines have achieved ultra-high-speed growth.

  The demand for medical insurance IT has been released, and tens of billions of market opportunities have yet to be tapped. The development of the company’s medical insurance IT business has ushered in an explosive period.

The newly established Medical Insurance Bureau is responsible for medical insurance, drug device bidding, drug pricing, medical insurance fund management and other affairs. The implementation of the new department and new measures will stimulate the demand for medical insurance IT construction.

According to estimates, there is a billion-scale scale for the reform and upgrade of medical insurance business systems. The market scale for the construction of new pharmaceutical equipment collection and acquisition platforms reaches US $ 3 billion. The annual service fee for DRGs at the medical insurance bureau will reach one billion. The DRGs at the hospital is expected to exceed 10 billionWith USD and USD, the market for innovative service business brought by the Medical Insurance Bureau is broad.

As a leading company in the medical insurance IT industry, the company is expected to fully enjoy the high growth dividend of the industry, and the development of medical IT business will usher in an explosive period.

  Refine the strategic direction, strengthen business collaboration, and optimize resource allocation.

The company’s strategic direction has been refined from the initial three strategic directions of “big data, big health, and military-civilian integration” to the four strategic directions of “medical health insurance”, “digital government affairs”, “smart city” and “military-civilian integration” at the end of 2018.

With the refinement of the strategic direction, the company’s internal organizational structure has also changed, the internal resources have been restored to a more optimized configuration, and the synergy between the original business units has increased, thereby integrating medical and health services and medical insurance services, and strengthening theSynergy.

  Investment proposal: The company is expected to have EPS 0 in 2018/2019/2020.

69/0.

94/1.

23 yuan, corresponding to PE is about 52.

52/38.

42/29.

28 times, give “Buy” 杭州桑拿网 rating.

  Risk warning: Business development is less than expected, and policy implementation is slow