This report is read as follows:
The company's business structure is more optimized, the three major plates go hand in hand, the synergy effect appears, and it is optimistic that the loss under the revenue scale will narrow.
Summary:
Maintain the holding increase rating. With reference to the improvement of the company's operating efficiency, adjust the profit forecast for fiscal year 2023-2024 and add the profit forecast for fiscal year 2025. It is estimated that the operating income of the company in the fiscal year 2023-2025 is 18.18,26.77 and 4.099 billion yuan respectively, and the net profit of returning mother is-4.56,1.19 and 215 million yuan respectively. Considering that the company's current business sectors maintain high growth, continue to use the PSG method of valuation, the target price is lowered to HK $37.56, corresponding to the 2023 PS of 26 times, maintain the overweight rating.
With YiduCore as the core, the intelligent medical ecology continues to advance. The company's three major scenarios of focus bed research, diagnosis and treatment, and public health, relying on the data processing capabilities of YiduCore ecosystem, disease knowledge graph insight and models, continue to promote multi-scene applications within and across scenes, and complete repeated iterations and optimization of data and intelligence, so as to realize the technical infrastructure of closed-loop development. As of fiscal year 2022, YiduCore has cumulatively handled more than 2.6 billion life-cycle cases, covering more than 600 million patients and covering more than 800 hospitals.
Revenue grew faster than expected, and profits were under pressure under high investment in R & D. Revenue of RMB 1.237 billion (YOY+42.7%) in fiscal year 2022 was mainly due to strong growth in divisions such as Life Sciences (YOY+95%) and Health Management (YOY+68.5%). In fiscal year 2022, the company continued to increase investment in research and development and personnel, with an operating loss of 767 million yuan and an adjusted net loss of 584 million yuan from 275 million yuan in fiscal year 2021.
The three core business sectors have coordinated development and have a broad space for growth. In fiscal year 2022, the revenue from big data platform and solutions of the company was 445 million yuan (36%), up 10.7% from the same period last year, and the adjusted gross profit margin was 0.9% lower than the same period last year; the income from life science solutions was 359 million yuan (29%), up 95% from the same period last year, with strong growth, and the adjusted gross profit margin increased by 2 percentage points year-on-year Revenue from health management platforms and solutions was 425 million yuan (34%), a substantial increase of 68.5% over the same period last year. The overall revenue shows a trend of rapid growth, and it is expected that the three core business sectors will continue to maintain steady growth and have broad room for growth in the future.
Risk hint: big data platform landing is not as expected, medical data may have security and policy risks, commercial progress is not as expected, leading to financial risks.