Jiuyuan Yinhai (002777): Performance in line with expectations

Jiuyuan Yinhai (002777): Performance in line with expectations

Performance is in line with expectations.

The company achieved operating income in the first half of 20193.

41 ppm, an increase of 15 in ten years.

14%; net profit 6191.

320,000 yuan, an annual increase of 42.

50%; deduction of non-net profit 6015.

50,000 yuan, an annual increase of 53.


Business structure was optimized and gross profit margin was significantly improved.

In the first half of the year, the company optimized its business structure. The software business with a higher gross profit margin, the revenue and proportion of the operation and maintenance business increased significantly, and the revenue and proportion of the system integration business with gross margin reset decreased significantly, thereby achieving the overall grossInterest rate 571.

4%, an increase of 13.

11 averages.

Specifically, the company achieved software revenue of 1 in the first half of the year.

6.9 billion, a 64-year growth of 64.

55%; gross profit margin 67.

87%, an increase of 7 from the same period last year.

45 units.

O & M services achieved revenue of 0.

9.3 billion, an increase of 18 years.

5%; gross profit margin 65.

5%, an increase of 1 over the same period last year.

95 units.

System integration achieves zero revenue.

7.6 billion, down 31 each year.

31%; gross profit margin 22.

86%, an increase of 7.


The overall business maintained a good growth momentum, and the military-civilian integration business achieved high growth.

In terms of business segments, 1) Medical and medical insurance business: revenue in the first half of the year1.

3.4 billion, an increase of 10 years.

19%; 2) Smart city and digital government business: realize revenue 1.

8.3 billion, an increase of 10 in ten years.

46%; 3) Military-civilian integration business: realized revenue of 21.4 million yuan, an annual increase of 240.


It is worthy of experts that grassroots research shows that the medical procurement bureau’s IT procurement curtain has just opened, and the second half will be the peak of IT procurement, and the company’s performance is expected to continue to maintain high 南京夜网 growth.

Together, Ping An will expand the blue ocean market for medical insurance control fees.
Refer to the in-depth report “Yinhai Yinhai: Control tool” weapon “, breaking the medical” dilemma “. The core of medical insurance control fee is to maximize the role of the strong players in the medical industry, and standardize clinical diagnosis and treatment.Based on the evidence of health economics, the quality of medical care and medical insurance costs are monitored and controlled, and the IT system will become the core player in paying medical insurance control costs.

The government has set up a medical security bureau to accelerate the advancement of medical insurance control fees.
Ping An Medical Insurance Technology is a core player in the field of medical insurance cost control. The company will work with Ping An 佛山桑拿网 to expand the blue ocean fee control market for medical insurance.

According to the company’s disclosure on Panwang.com, the company and Ping An have launched related services such as medical insurance control fees, smart medical care, and integrated payment in more than 100 cities across the country, and cooperation has progressed well.

Investment suggestion: The gradual advancement and implementation of the work of the National Medical Security Bureau will start a new round of construction peaks in the medical insurance information market.

As a leader in the medical insurance information industry, the company is expected to fully benefit.

EPS is expected to be zero in 2019 and 2020.

72, 0.

92 yuan, maintain Buy-A rating, 6-month target price of 35 yuan.

Risk warning: The industry development is lower than expected; the intensified competition in the industry leads to the decline in gross profit margin.