Founded in 200 1, the company focuses on the software service industry, and at the same time, keeps up with the technology trends and actively deploys new fields such as cloud computing and big data. The company is rich in customer resources, and the downstream industries cover finance, health, energy, government, internet and communication. The company has complete qualifications, and it is one of the software enterprises that passed the CMMI 5 certification earlier in China. It has obtained the "special first-class" qualification of information system integration (8 in China on 20 19), and has the first-class qualification of classified computer information system integration and the single qualification of software development.
Judging from the operating income of each sector, system integration equipment is the company's largest source of income, with the fastest growth in scale. In 20 19, the operating income of system integration equipment was 6.032 billion yuan, accounting for 68.2%. The second largest source is technical service income. In 20 19, the operating income of technical services was 2.005 billion yuan, accounting for 22.67%. The third largest source is the self-made and customized software sector, achieving an operating income of 807 million yuan, accounting for 9.13%; Since 20 14, the operating income of self-made and customized software sector has shown a downward trend.
Second, the mystery of the deviation between income and profit.
1. In terms of scale, the company's operating income has increased year by year, but the rapid growth of the company's income is mainly driven by the extension of mergers and acquisitions, and the growth rate has obviously slowed down after mergers and acquisitions. In 20 19, the company realized an operating income of 8.849 billion yuan, up 4.47% year-on-year;
The company's operating income has two high-speed growth periods in 2008 and 20 1 1 respectively, mainly driven by mergers and acquisitions.
In 2008, the company acquired Lianyintong Technology, with a value-added rate of 824.94% and a goodwill of 247 million yuan. Lianyintong Technology is mainly engaged in bank application software development and technical services. 20 1 1, the company acquired shenzhou Xinqiao, with a value-added rate of 327.63% and a confirmed goodwill of 225 million yuan. Shenzhou Xinqiao is mainly engaged in banking system integration and network application services. In the same year, the company also acquired Dongfang Yiwei and Zhuoxun Kexin.
In addition, the company has two M&A peaks at 20 14 and 20 15 respectively. However, as far as the growth rate of operating income is concerned, these two rounds of mergers and acquisitions failed to produce the previous effect, and the growth rate of operating income is still declining.
2. The company has achieved rapid growth in operating income through extended mergers and acquisitions. Then the net profit can't keep up with the revenue.
After the company's net profit peaked at 15, it began to decline slowly. /kloc-The net profit in 0/9 was 580 million, the lowest in recent 7 years.
The decline in net profit is also due to the goodwill formed by mergers and acquisitions. In 20 15 years, the book value of the company's goodwill reached16.6 billion yuan. Qualcomm, the target of the acquisition, failed to fulfill its performance commitments in 20 16 and 20 17, and deducted the net profit of 62051kloc-0/400000 yuan (corresponding commitment 10544 12653000 yuan). The decline in the performance of M&A targets superimposed on the subsequent impairment of goodwill, which dragged down the company's performance. In 2065438+2009, the company made provision for impairment of RMB 65438+65 million, and the balance of book goodwill was RMB 670 million.
After several years of goodwill impairment, the risk of goodwill has been released, and the profitability of the company is expected to recover in the future.
Third, the company's new highlights
1, join hands with Huawei Kunpeng to help grow.
The company has cooperated with Huawei for 20 years, and the two sides have formed multi-directional cooperation in software and hardware. As a strategic ISV partner of Huawei Kunpeng, the company has launched a number of solutions in finance and water conservancy, and actively participated in the adaptation of Kunpeng's ecology. 20 19 10 year1On October 24th, the company and Huawei released two joint solutions based on Kunpeng Ecology. In the future, thousands of applications of the company will be tested on Kunpeng one after another.
Through cooperation with Huawei, the company can achieve three aspects of development:
1) new server production and sales business. The production and sale of servers is a brand-new business of the company, and the company will also provide other services on the basis of hardware. At present, the Xiao Peng server in Ningbo has been used, and the Laoshan base in Qingdao is also advancing rapidly.
2) Expand the market share of software. In the process of continuous improvement of Kunpeng's ecology, more and more basic software and application software will adapt to Kunpeng's system. Based on long-term sinking service, traditional integrators have accumulated an understanding of the industry and a group of loyal customers, and their application software has also become an indispensable part of Kunpeng's ecology. When the company's software is first integrated into Kunpeng, it will also benefit from the growth of Kunpeng's computing industry and seize the opportunity in constant running-in.
3) Cloud MSP transformation opportunities. Traditional IT service companies mainly focus on system integration and software development, with low gross profit margin and low human efficiency. However, in the process of serving customers, we have accumulated rich experience in software development in the industry and established a highly viscous trust relationship with customers, which has become the capital for business upgrading in the cloud era. With the help of Huawei Ecology, it will become Kunpengyun MSP, and the company is expected to accelerate its transformation. In terms of business model, it can be extended to cloud consulting, cloud migration, cloud disaster tolerance and cloud operation and maintenance; In the business model, we can diversify the charging model, increase the proportion of consulting fees and operation and maintenance fees with high gross profit margin, and complete the genetic transformation of the company.
2. Join hands with Tencent to explore cloud medical care.
At present, the business scale of the company's medical sector has reached 13.5438+0 billion, accounting for 15%. It is the second business outside the financial sector, and its performance has grown rapidly. At present, the business of the medical sector includes four sub-sectors: smart hospital solution group, regional medical solution group, Internet medical solution group and comprehensive medical insurance payment and fee control solution family.
After 20 years of development, the company has accumulated a large number of hospital customers, up to 500, including more than 300 top hospitals, including Peking Union Medical College Hospital, Sichuan Huaxi Hospital, PLA General Hospital (30 1 hospital) and other well-known large top hospitals in China. In 20 17, among the top hospitals 100 published by Alibi, corporate customers accounted for 32%. Compared with friends, Donghua's top hospitals have a high coverage rate, and the successful cases of high-quality customers are easy to form a benchmark effect.
In recent years, technology giants have frequently laid out the field of medical informatization. At present, Tencent indirectly holds about 5% of the shares of Donghua Software. 2065438+July 2008, Donghua Medical proposed the strategy of "One Chain, Three Clouds" and six joint solutions for Tencent. 2065438+March 2009, the two sides jointly released iMedical Cloud, an Internet cloud ecosystem platform for big health medical services, officially launched the online operation of Cloud HIS, and the strategy of "one chain, three clouds" was accelerated. Through the cooperation with Tencent, Donghua has improved the productization ability and high deployment efficiency of cloud HIS products, which is expected to improve performance flexibility.
Four. assess
Because Donghua Software involves many businesses, it is necessary to analyze the company's business before making a valuation.
Judging from the proportion of revenue, health industry, financial industry and energy industry are the bulk of the company's revenue, of which the financial industry accounts for half, which is the main business of Donghua Software. From the perspective of growth rate, the health industry has the fastest growth rate, up to 25%, which is much faster than other industries and is the company's potential business.
From the perspective of gross profit margin, the health industry has the highest gross profit, with the gross profit exceeding 50%, which belongs to the company's advantageous business. The gross profit of the financial industry is low, only about 2 1%.
On the whole, although the financial industry is the cornerstone of the company's performance, it is difficult to provide large performance growth because of its low gross profit and slow growth rate, while the high gross profit and fast growth rate of the health industry are important increments and driving forces for the company's short-term performance.
The health industry is mainly medical informatization. Affected by the epidemic situation and the promotion of medical insurance control fees, medical informatization will be in a boom cycle in the next few years. At present, Weining Health is the leader of medical informatization, with revenue of 20 19 1900 million, revenue growth rate of 32% and gross profit margin of 5 1.4%. Donghua Software is 65.438+0.4 billion, with a revenue growth rate of 25% and a gross profit margin of 565.438+0%.
At present, the competitive pattern of medical informatization is Donghua Software blessed by Tencent and Weining Health blessed by Ali, among which Donghua Software is mainly in large hospitals such as 3A hospitals, and Weining Health is mainly in small and medium-sized hospitals.
Recently, however, Donghua Software took the lead in launching a unified standard HIS cloud, which can be directly used by small and medium-sized medical institutions by using the high-quality management mode and functions formed by Donghua Software in large 3A hospitals. In the future, HIS Cloud will gradually seize the small and medium-sized medical market, and the performance of Donghua Software's health business is expected to further accelerate.
At present, Weining's healthy market value is 55.8 billion. Since the growth rate of Donghua Software is slightly lower than Weining Health, we calculate that the revenue of Donghua Software is 70% of Weining Health, and then 20% discount, so the reasonable market value of Donghua Software Health business should be about 31.200 million. At present, the market value of Donghua Software is about 4.31100 million, and the remaining market value after deducting the health industry is110.90 billion.
Donghua Software's total revenue is 8.8 billion, and the health industry's revenue is 65.438+0.4 billion, leaving 6.6 billion revenue and 560 million profit. The valuation is 654.38+0.10.90 billion, which is relatively underestimated.
In the future, Donghua Software will benefit from the high boom cycle of medical informatization, and now it is a good time to lay out.