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Jiuyuan Yinhai (002777): Refinement of strategic direction, optimization of resource allocation and acceleration of strategy landing

Jiuyuan Yinhai (002777): Refinement of strategic direction, optimization of resource allocation and acceleration of strategy landing

Investment event: 2018 results flash: operating income 85,744.

710,000 yuan, an increase of 24 in ten years.

19%; net profit attributable to shareholders of the listed company 11,825.

720,000 yuan, an increase of 30 in ten years.


Multi-business lines have good growth and the company’s performance has grown steadily.

The company’s traditional main business is the construction and operation and maintenance of IT systems for human and social organizations. After the adjustment of the organizational structure of the State Council in 2018, the scale of medical insurance management was divided from the Ministry of Human and Social Affairs.

As a leading company in medical insurance IT and a leader in the field of human and social IT, the company continues to develop the industry, and related business orders and revenue have achieved steady growth.

In addition, the company also actively develops new information-based businesses in the fields of medical health, civil affairs, housing finance, and smart cities. The market competitiveness continues to be optimized and new businesses achieve rapid development.

In 2018, the company’s multiple business lines showed good growth, and the company provided process improvements, cost management and control to achieve energy increase and efficiency, cost and cost improvement control, and the company’s revenue and profits achieved considerable growth, with a revenue growth rate of 24.

19%, net profit growth attributable to mothers as high as 30.

25%, higher than the growth rate of income.

Refine the strategic direction, optimize the allocation of resources, and accelerate the implementation of the strategy.

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

Aiming at different strategic directions, the company optimized resource allocation, promoted the independence and synergy of business development, and helped accelerate the implementation of the strategy.

It is expected to accelerate its implementation with sufficient cash in hand.

In February 2018, the company’s fixed-increasing projects officially landed, raising a total of 4 funds.

480,000 yuan, the issue price of 35.

At 72 yuan / share, the fundraising projects that will be increased include medical insurance convenience service platforms, medical insurance fund actuarial and medical insurance service governance solutions, and military-civilian integration public service platform information support services.

According to the data for the third quarter of 2018, the company 深圳桑拿网 has about 8 cash on hand.

500 million (cash + wealth management), sufficient funds in hand.

The company will vigorously promote the implementation of fixed-increasing investment projects, which will help the company’s various businesses to accelerate development.

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



23 yuan, corresponding to PE is about 44.



93 times, give “Buy” rating.

Risk warning: Business development is worse than expected, and investment projects are not progressing smoothly