研究报告全文：23Feb2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateYiduTech2158HKBUYMaintainEyesonpost-COVIDbusinessrecoveryTargetPriceHK1407PreviousTPHK3212UpDownside455WethinkYidusFY23EMar-YEearningshasbeenheavilyimpactedbyCOVIDCurrentPriceHK967resurgenceinCY4Q22inChinaandthathealthcareinstitutionshaveslowedResearchTeamdownthedigitalizationpaceInFY23EweexpectYidusrevenuetobedown22researchcmbicomhkYoY-55YoYinFY1H23butnetlosscouldnarrowtoRMB460mnvs-RMB762mninFY22onbetteropexcontrolMgmtguidedtoachieveadjStockDataEBITDAbreakeveninFY24EWethinkpost-COVIDtop-linerecoveryandMktCapHKmn9786improvingoperatingleveragecouldsupportre-ratingMaintainBUYAvg3mthstoHKmn939052wHighLowHK1234363BigDataPlatformandSolutionsBDPSFY23EsufferedfromprojectTotalIssuedSharesmn1006delayswithCOVID-19resurgenceYiduprovidesdata-analyticsplatformtoSourceBloomberghospitalshealthcareinstitutionsregulatorsandpolicymakersInFY1H23ShareholdingStructureYidusBDPSrevenuewasdown21YoYtoRMB124mnduetotheMsGongYingying4218prolongedpandemicthatresultedindelaysinbiddingon-siteimplementationGIC498SourceBloombergdeliveryandclientacceptanceofcertainprojectsWeexpect29YoYgrowthinBDPSinFY24EafterChinaliftedCOVIDrestrictionsSharePerformanceAbsoluteRelativeLifeSciencesSolutionsLSSmargintoslowlypickupTargeting1-mth485595pharmaceuticalbiotechandmedicaldevicecompaniesYidusLSShelpsave3-mth598375timeandcostduringtheclinicaldevelopmentprocessYidusLSSrevenue6-mth232186grew06YoYtoRMB147mninFY1H23draggedbythedelaysinbiddingSourceBloombergprocessandon-siteexecutionIncreasingoutsourcingfeeandfixedemployee12-mthPricePerformanceexpensehaveresultedintemporaryGPMerosion145inFY1H23vs200HKinFY1H22WeexpectgradualrecoveryinLSSGPMby2-3pctptsYoY1402158HKHSIrebased120whenbusinessscalesupat23revenueCAGRinFY22-25E10080HealthManagementPlatformandSolutionsHMPSGrowingrevenue6040fromdiseasemanagementplatformsolutionsHMPSincludesrevenue20fromdiseasemanagementplatformandcitysupplementaryinsurance00Feb-22May-22Aug-22Nov-22Feb-23businessHuiMinBaoYidusHMPSrevenuegrew7YoYinFY1H23SourceBloomberggivenincreasingrevenuefromplatform-basedsolutionsWeexpectHMPSrevenuetodeliverstablegrowthat11CAGRinFY22-25EAuditorPwCMaintainBUYWearepositiveonthelong-termdigitalizationtrendinChinahealthcareindustryandexpectYidusrevenuetogrow11CAGRinFY22-25EHoweverwereviseddownFY23-25Erevenueby45-57basedonmanagementupdateregardingaslowrecoveryindigitalizationpacepostCOVID-19OurSOTP-basedTPofHK1407implied101xFY24EPSDownsideriskstighteningregulationsandintensifyingcompetitionEarningsSummaryYE31MarFY21AFY22AFY23EFY24EFY25ERevenueRMBmn867123796312401680YoYgrowth5543-222935OperatingprofitRMBmn443720477293110YoYgrowthnananananaNetincomeRMB370076245927794EPSRMB-724-080-046-028-009YoYgrowth94-89-43-40-66PS9970897051ROEnananananaNetgearingnetcashnetcashnetcashnetcashnetcashSourceCompanydataBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk23Feb2023FocusChartsFigure1RevenueandYoYgrowthFigure2RevenuebreakdownFY1H23RMBmn1800FY22-25ECAGR111600Bigdataplatform1400and1200Healthsolutionsmgmt261000platform800andsolutionsLife60043sciences400solutions312000FY18FY19FY20FY21FY22FY23EFY24EFY25ESourceCompanydataCMBIGMestimatesSourceCompanydataCMBIGMestimatesFigure3RevenuemixFigure4Grossmarginbysegment10090502929268036454640706760783033343950292040213034102018373629343501022FY18FY19FY20FY21FY22FY23EFY24EFY25E111000-10FY18FY19FY20FY21FY22FY23EFY24EFY25EBigdataplatformandsolutionsBigdataplatformandsolutionsLifesciencessolutionsLifesciencessolutionsHealthmgmtplatformandsolutionsHealthmgmtplatformandsolutionsSourceCompanydataCMBIGMestimatesSourceCompanydataCMBIGMestimatesFigure5OpexratioFigure6Margins50100400FY20FY21FY22FY23EFY24EFY25E30-10020-20010-3000FY18FY19FY20FY21FY22FY23EFY24EFY25E-400-10-500BigdataplatformandsolutionsLifesciencessolutionsHealthmgmtplatformandsolutionsGrossmarginOperatingmarginNetmarginSourceCompanydataCMBIGMestimatesSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE223Feb2023EarningsrevisionFigure7Earningsrevision2023E2024E2025ERMBmnNewOldDiffNewOldDiffNewOldDiffSales9631744-4512402642-5316803924-57Grossprofit307615-50431977-565961507-60OPProfit-477-43011-293-75292-110445-125Netprofit-459-41211-277-60359-94458-121EPS-046-0429-028-006351-009046-120MarginsGM318353-344bps348370-221bps355384-291bpsOPM-495-247-2487bps-236-28-2081bps-65113-1788bpsNetmargin-476-236-2398bps-224-23-2009bps-56117-1727bpsSourceCompanydataCMBIGMFigure8CMBIestimatesvsconsensus2023E2024E2025ERMBmnCMBIStreetDiffCMBIStreetDiffCMBIStreetDiffSales9631126-1412401427-1316801923-13Grossprofit307nana431nana596nanaOPProfit-477-508-6-293-26411-110-7645Netprofit-459-504-9-277-2568-94-6058EPS-046-051-11-028019-245-009-00744MarginsGM318nana348nana355nanaOPM-495-451-443bps-236-185-515bps-65-39-259bpsNetmargin-476-448-283bps-224-180-441bps-56-31-250bpsSourceBloombergCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE323Feb2023OperatingmodelFigure9OperatingmodelRMBmnFY18FY19FY20FY21FY22FY23EFY24EFY25ERevenuebreakdownBigdataplatformandsolutions1846372402445281364431Lifesciencessolutions535103184359321424662Healthmgmtplatformandsolutions-1156252425361451587Others-1128298---Total23102558867123796312401680RevenuemixBigdataplatformandsolutions7845674636292926Lifesciencessolutions2234182129333439Healthmgmtplatformandsolutions011102934373635RevenueYoYBigdataplatformandsolutions160710811-372918Lifesciencessolutions5891957995-113256Healthmgmtplatformandsolutionsna41735369-152530Total3494475543-222935GrossmarginBigdataplatformandsolutions-5932334451433430450460Lifesciencessolutions2182134217247185220250Healthmgmtplatformandsolutions88139407277350385397Others402511567000000AssumptionsBigdataplatformandsolutionsNoofactivecustomers38578595108114128144netadd-1928101361416Avgrevenueperactivecustomer0508444241252830RMBmnYoY073443-3-3-40155LifesciencessolutionsNoofactivecustomers93774108141148170221netadd-2837343372251Avgrevenueperactivecustomer0609141725222530RMBmnYoY068482349-151520Pharmabiotechmeddeviceco-17115214113090110130revenueretentionSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE423Feb2023ValuationYiduTech2158HKBUYTPHK1407WehaveBUYrecommendationonYiduTechwithSOTP-basedTPofHK1407implied101xFY24EPSWederivedourtargetpricewithSOTPmethodandappliedunchanged50premiumonrespectivebusinesssegmentpeersFY23EPStoreflecthighergrowthandmarginupsideinthelongtermgivenitsuniquepositioningcomparedtootherhealthcarepeersYiduservicesalongthehealthcarevaluechainLeveragingonitsbigdataplatformbuiltforhospitalsandregulatorsYiducanprovidevalue-addeddatasolutionsforlifescienceresearchandhealthmanagementpurposestargetingbiotechandmedicalinsurancecompaniesFigure10SOTPvaluationTargetBusinesssegmentRMBmnFY23ErevenueImpliedmktcapmultiplexBigdataplatformandsolutions364124370Lifesciencessolutions424156363Healthmgmtplatformandsolutions45141806Total12539exchangerate083TargetpriceHK1407ImpliedFY24EPS1011SourceBloombergCMBIGMFigure11PeersvaluationMarketSales2158HKPricePSPEPSGrowthCapCAGRCompanyTickerRatingUSbnLCFY22EFY23EFY22EFY23EFY21-24EFY23EBigdataplatformandsolutionprovidersYiduTech2158HKBUY139677089nana1108Winning300253CHNR32105370555683912203HealthB-soft300451CHNR2090170553822551603PalantirPLTRUSNR178847948118414212004VeevaSystemVEEVUSNR264169631431234594061807Mean89818133681705LifesciencesolutionprovidersWuxiAppTec2359HKNR359881063552662423602Tigermed3347HKNR14092651311053342632904WuxiBio2269HKBUY2985605136994313213903Medlive2192HKNR0910102021616565212108Asymchem002821CHNR771481649481751983901Mean116943723093303HealthmanagementplatformprovidersJDHealth6618HKNR236571037289437263501AliHealth241HKNR1025863427na19202701PAGood1833HKBUY2819422824nana703DocorTeladocTDOCUSNR4628541917nana1401Mean302494713292102SourceBloombergCMBIGMYiduTechsfiscalyearendson31MarPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE523Feb2023Figure1212MforwardPSchartFigure1312MforwardPSband45HKmn40700003560000305000025400002030000152000010100005-0Apr-21Oct-21Apr-22Oct-22Jun-21Jun-22Feb-21Feb-22Feb-23Aug-22Dec-21Dec-22MktCapAug-2127x121x1-yrfwdPSMeanMean1SDMean-1SD216x31x404xSourceCompanydataCMBIGMSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE623Feb2023FinancialSummaryIncomestatementCashflowsummaryYE31DecRMBmnFY21AFY22AFY23EFY24EFY25EYE31DecRMBmnFY21AFY22AFY23EFY24EFY25ERevenue867123796312401680NetIncome369376746127995Costofsales5408386578091083DepreciationAmortization3647414346GrossProfit327399307431596NetChangeInWC791377082111Others3404243000SM239414274264258Netcashfroperatingact332615490317159GA310337223201196RD222369287259252CapitalExpenditures1969191217OperatingProfitLoss443720477293110Others38553455647654Netcashfrinvestingact38743386446437Interestincome15443Interestexpense34---Equityraised37780000Othernon-ops324747121012Changeofdebts48118000ProfitBeforeTax369376746127995Dividendpaid00000Incometax10000Netcashfrfinancingact425935000ProfitAfterTax369576646127995Netchangeincash532737446253123Non-ControllingInterest54210Cashatthebegoftheyear720740340929622709Netprofit370076245927794Exchangedifference3368---Cashattheendoftheyear7403409296227092586BalancesheetKeyratiosYE31DecRMBmnFY21AFY22AFY23EFY24EFY25EYE31DecFY21AFY22AFY23EFY24EFY25ENon-currentassets10017114911889SalesmixPPEnet2859493013Bigdataplatform4636292926Intangibleassets39352412-0Lifesciencessolutions2129333439Others3276767676Healthmgmtplatform2934373635Others31000Currentassets51504552388036523638Cash7403409296227092586GrowthYoYAccountsreceivable366513342440597Revenue5543-222935Others4045630576503455Grossprofit12322-234038OperatingprofitnananananaCurrentliabilities415612379399450NetprofitnananananaConvertpreferredshares-----Accountspayable177330178196236MarginsAccruedexpenses184206125126138Grossmargin3832323536Others5476767676Operatingmargin-51-58-50-24-7Netmargin-427-62-48-22-6Non-currentliabilities83104104104104Convertpreferredshares-----BalancesheetratioConvertiblenotes-----NetdebtequityrationetcashnetcashnetcashnetcashnetcashOthers83104104104104Currentratio12427441023915808Sharecapital0101010101ReturnsOtherreserves1220512228122281222812228ROEnananananaRetainedearnings-7476-8238-8697-8974-9068ROICnananananaOthers2318151413Totalequity47524007354632683173PershareEPSRMB-724-080-046-028-009DilutedEPSRMB-724-080-043-026-009BVPSRMB9342353232SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE723Feb2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE8