In 2015, the company achieved operating income of RMB 775,169,000, down 0.57% year-on-year; net profit (net profit attributable to shareholders of listed companies) was RMB 386.36 million, a year-on-year increase of 51.10%. Earnings per share were 0.31 yuan, a year-on-year increase of 50.60%. After deducting non-recurring gains and losses, the net profit was 221.19 million yuan, an increase of 87.32%. The ending balance of monetary funds increased by 86.36% compared with the initial period.
1. Our analysis and judgment
(1) Rapid growth of profits, software and medical business driven obviously According to the company's annual report, operating income decreased by 0.57% year-on-year, mainly due to the decline in operating income of software-level system integration business. Among them, the company's software and system integration business realized operating income of 614.43 million yuan, down 2.82% year-on-year, accounting for 79.26% of the company's operating income. The main reason for this change is caused by the overall impact of the system integration industry and the intention to reduce system integration orders during the company's business transformation. Medical Systems business to achieve revenue 153,766 yuan, an increase of 9.59%, accounting for 19.84% of operating income, the reason for the change is based on the company's advantage in the medical field of information technology, in-depth medical information layout of the industrial chain, core competitiveness The force is gradually enhanced.
The sharp increase in profits was due to the rapid growth of its software business and medical system products. The gross profit of the software business was 169.18 million yuan, an increase of 6.29% over the previous year; the gross profit of medical system products was 681.151 million yuan, an increase of 19.69% over the previous year. In the past few years, the company has realized the transformation from a model driven by personnel-scale growth to a growth model driven by knowledge assets, and its business transformation has achieved initial success.
(2) Increase in gross profit margin for software and medical services, and increase of 80% for monetary capital projects
The gross profit margin of the company's software and system integration increased by 2.41 percentage points year-on-year, mainly due to the year-on-year increase in the proportion of domestic software business revenue. The operating income of the domestic software business increased by 0.8% compared with last year, showing a steady upward trend. In recent years, the company's domestic software business has grown steadily. As the largest provider of domestic government, telecommunications, finance, power, education, medical and other industry solutions, its market share has been expanding.
The gross profit margin of the medical system increased by 2.61 percentage points year-on-year, mainly due to changes in product structure. The market share of LIS, PACS, surgical anesthesia and other products has further increased. During the reporting period, elephants for medical treatment, cloud HIS and other cloud applications achieved large-scale user coverage nationwide; successfully won two national 863 medical big data research projects, laying the Foundation for the layout of medical big data. In the field of health services, the company actively promotes the layout of cloud hospitals nationwide, accelerates the innovation of "cloud + end" and O2O (integral online and offline) medical service models, and continuously enriches smart wearable devices, terminals and related applications, and promotes Hee. Kang business continues to develop.
The major changes in the company's major assets are monetary capital projects. The ending balance of monetary funds was 343.37 million yuan, an increase of 86.36% over the beginning of the period. This was due to the completion of the first delivery of investors by Neusoft Medical and Neusoft Xikang in 2015, and the equity transfer and capital increase paid by investors 81. 2.98 million yuan and 607.71 million yuan; at the same time, the implementation of the restricted stock incentive plan, received a total of 134.84 million yuan of restricted stocks.
(3) Focus on smart car products, medical business is expected to develop
The company expects to focus on the next generation of smart car interconnect products. In January 2016, he signed a contract with NavInfo, and cooperated with map data and dynamic traffic information, driverless technology, vehicle networking application service system, mobile phone vehicle interconnection technology, and global business. Neusoft has been deeply involved in the automotive electronics field for more than 20 years and has accumulated a wealth of product lines (including in-vehicle infotainment, T-Box, Telematics car networking, mobile phone connectivity, in-vehicle information security, etc.).
As the largest map data provider in China, 4D is expected to provide Neusoft with real-time and dynamic map data and products (including navigation electronic maps, high-precision maps and dynamic traffic information data). At present, Neusoft is vigorously developing and promoting an analysis platform based on driving behavior (the platform includes Love Driving APP, Sensteer Data Analysis Platform and Sensteer Cloud Service Platform).
The company has completed the entire industrial chain layout in the medical industry , and the medical business will have great development. On February 25, 2016, the company invested 100 million yuan to participate in the establishment of Sunshine Health Insurance Co., Ltd., completing an important part of the medical layout.
Combined with the company's software technology advantages, the medical business will achieve great development. The company focuses on exploring the international market and further strengthening the sales channels and service platforms in regional markets such as North America, the Middle East and Africa.
2. Investment advice
The company's growth rate in 2015 has steadily increased, in line with market expectations, and the smart car and medical business is expected to have great development. We expect the company's EPS for 16 and 17 years to be 0.45 yuan and 0.60 yuan, respectively, for the first time, giving a "recommended" rating.
3. Risk warning
The progress of automotive electronics and medical informatization business has not progressed as expected, and market competition has intensified.
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