Jiuyuan Yinhai (002777): Leading people’s livelihood informatization benefited from medical insurance TI’s construction of tide card position control fee upgrade business model

Jiuyuan Yinhai (002777): Leading people’s livelihood informatization benefited from medical insurance TI’s construction of tide card position control fee upgrade business model

Jiuyuan Yinhai: a leader in the field of informatization of people’s livelihood.

The company is a smart people’s livelihood and military-civilian integration service provider. Its business focuses on four major directions: medical and medical insurance, digital government affairs, smart cities, and military-civilian integration.

Among them, medical insurance and smart cities, digital government business accounted for more than 95% of revenue, and became the main force for the company’s growth.

The net cash flow generated by the company’s operating activities in 2019 was 2.

2.1 billion, an increase of 58 in ten years.

99%, achieving net profit attributable to mother 1.

190,000 yuan, an increase of 30 in ten years.

77%, the company’s net cash flow continues to be higher than net profit.

The company’s major shareholder is Sichuan Jiuyuan Investment Holding Group, with a shareholding ratio of 16.

32%, Sichuan Jiuyuan Investment is a state-owned platform exclusively controlled by the China Academy of Engineering Physics, and Ping An Holding Company3.

49% equity.

The establishment of the Medical Insurance Bureau drove the construction of medical insurance informatization, which became a key condition for DRGs.

1) The National Medical Insurance Bureau was established to undertake the “three guarantees in one”, organize the formulation of medical insurance catalogs and payment standards for medicines and medical consumables, payment standards, and alternative procurement policies, becoming China’s largest payer of medical care.

The design of the national medical insurance information system and platform was introduced. The launch of some designs will quickly sink to the provincial platform. The provincial medical insurance platform will use the national medical insurance platform as a template for the construction of a unified national standard local medical insurance platform.

At the same time, the “three guarantees in one” meanwhile drive the need for updating and reforming the medical insurance settlement interface.

2) On December 20, 2018, the National Medical Insurance Bureau issued the “Notice on Declaring National Pilots by Country Grouped by Disease Diagnosis.” DRG has become the main trend of medical insurance control fees, and informatization has become a prerequisite for achieving DRG.

The accumulation of resources in the field of people’s livelihood is deep, and the business model upgrade of the national medical insurance platform can be expected.

The company’s market covers 24 provinces (autonomous regions, municipalities) and more than 100 cities across the country, providing services to 70,000 hospitals and pharmacies and nearly 500 million members of the public.

The medical and medical insurance business is oriented to the in-depth layout of the Medical Insurance Bureau, the Health and Health Commission, the Drug Administration, and medical institutions, medical institutions, and commercial insurance institutions.

The 无锡桑拿网 company won the bid for the national medical insurance platform’s second package of cross-provincial medical treatment management model, the eighth package of basic information management architecture, medical insurance business infrastructure, and application support platform instead.

The eighth package belongs to the core business system of medical insurance, which plays a fundamental role in the three core functions of medical insurance payment, medical insurance pricing, and medical insurance supervision.

We believe that the successful bid of the core medical insurance business of the national medical platform will further enhance the company’s market expansion in the new round of medical insurance IT construction and become the core IT power of DRGs and “medical insurance big data”.

At the same time, on the medical 南京桑拿网 insurance side, the company also built multi-regional medical insurance core systems and the medical insurance DRGs platform; on the hospital side, the company supported the stable operation of more than 10 top three hospitals and more than 2,000 small and medium-sized hospitals.City Medical Community Data Center Integration Platform; On the medical side, the company has formed a one-stop solution for pharmacies.

Under the general trend of DRGS fee control, the company is expected to obtain commercial insurance and service costs through strategic card positions in medical insurance related businesses such as hospitals and pharmacies.

With a target market value of 9.3 billion in 2020, it is given a “Buy” rating.

We expect the company to achieve revenue in 2019-2021.



1.6 billion, with a net profit of 1, respectively.



30,000 yuan, the previous growth rate was 32.

05%, 48.

13%, 30.


The company was given a market value of 9.3 billion in 2020, corresponding to a 40-fold estimate in 2020. It was covered for the first time and given a “Buy” rating.

Risk reminder: The medical insurance informationization investment fails to meet expectations; the promotion of innovative business models fails to meet expectations; key assumptions may risk errors.