Jiuyuan Yinhai (002777): IT Leader of People’s Livelihood Ushers in a High Boom Cycle
The leading domestic smart people’s livelihood and military-civilian integration service provider company originated from the China Academy of Engineering Physics and is essentially controlled by the Chinese Academy of Sciences.
The company focuses on the four strategic directions of medical and medical insurance, digital government affairs, smart cities, and military-civilian integration. It is aimed at government departments and industry ecological subjects, and empowers people’s livelihood and national defense with information technology, big data applications and cloud services.
Since listing in 2015, the company’s operating income CAGR has been 24.
31%, CAGR of net profit attributable to mother is 27.
53%, the growth rate is better than before listing.
Since 2012, except for 2016, the company’s net operating cash flow has been greater than net profit, and its operating quality is high.
Medical insurance IT is about to usher in the construction peak After the establishment of the National Medical Insurance Bureau, the “Guiding Opinions on Medical Security Informatization Work” was issued, which clarified the national medical insurance “building a system, building a two-tier platform, improving three levels, and highlighting four types of applications”Informatization master plan and deployment.
The company is a leading informationization company in the medical insurance industry and is currently providing effective services for the stable operation of the medical insurance core business system in more than 10 provinces (autonomous regions, municipalities) and nearly 100 prefecture-level cities across the country.
The company won the second and eighth packages of the National Medical Insurance Bureau ‘s medical security information platform construction engineering business application software procurement project. In the future, it will have obvious advantages in the construction of provincial medical insurance systems.
The first phase of the Jinmin Project is fully promoted. According to the requirements of the Ministry of Civil Affairs, by 2020, the informatization coverage of major businesses at the ministry level will reach 100%, and the informatization coverage of the major businesses of provincial civil affairs departments will reach 80%.The online transaction rate reached over 80%.
In August 2019, the Ministry of Civil Affairs issued the “Pilot Work Plan of the Jinmin Project Phase I Project”.
The company won the bid for the “Jinmin Project Phase I Application Support Platform Development Integration Project” to realize another major breakthrough in the “2 + 3” new military and civilian strategy in the field of people’s livelihood.
With advanced technology and experience in the field of Jinmin Engineering, the company is expected to obtain orders from provincial civil affairs departments to promote sustainable development.
Investment advice and profit forecast The construction of new medical insurance information system at the provincial and municipal level is expected to be fully launched in 2020. The civil IT construction represented by Jinmin Engineering has also been expanded, and the company is conducive to full use.
The company’s operating income is expected to be 10 in 2019-2021.
06 million yuan, the net profit attributable to the mother is 1.
63 trillion, EPS is 0.
17 yuan / share.
In the past three years, the company’s PE has mainly run between 40-80 times, and the computer (Shenwan) index currently has a PE of 62.
0 times, considering that the company promotes accelerated growth in the fields of medical insurance IT and civil IT, given a target PE of 55 times, the target price is 48.
95 yuan, currently 37.
48 yuan, space is about 30.
60%, recommended for the first time, give “Buy” rating.
The risk reminds that the bidding progress of the provincial and municipal medical insurance system exceeds expectations; the construction progress of DRGs exceeds expectations; 北京夜生活网 there are many bidders for the Jinmin Project, and market competition is intensified; the government’s ability to pay is insufficient, affecting the company’s cash flow.