收入保持稳定，业绩表现略低于预期。收入端公司24H1 实现营业收入3.00 亿元，同比增长2.92%，保持稳定增长，此前预期10%左右，利润端亏损扩大，此前预期与去年同期持平。我们认为预期差主要由于：1）公司下游以医院客户为主，订单和回款情况受宏观环境因素影响较大；2）公司业绩季节性明显，一般在下半年进行项目验收完成收入确认；3）公司投资参股的子公司安德医智处于破产重整恢复期，短期内存在亏损。Key points of investment:
Event: The company released its 2024 semi-annual report, and 24H1 achieved operating revenue of 0.3 billion yuan, an increase of 2.92% over the previous year. Net profit to mother was -0.027 billion yuan, and 23H1 was -0.023 billion yuan. Non-net profit deducted -0.031 billion yuan, and 23H1 was -0.028 billion yuan.
During the reporting period, the company used overraised capital to repurchase the registered capital. As of August 15, 2024, the company cancelled the repurchase of 1 million shares, and the total share capital was reduced accordingly.
Revenue remained stable, and performance fell slightly short of expectations. The revenue-side company 24H1 achieved operating income of 0.3 billion yuan, an increase of 2.92% over the previous year, and maintained steady growth. Previously, it was expected to be around 10%, and profit-side losses increased. The previous forecast was the same as the same period last year. We believe that the difference in expectations is mainly due to: 1) the downstream of the company is mainly hospital customers, and the order and payment situation is greatly affected by macro-environmental factors; 2) the company's performance is seasonal, and project acceptance is generally carried out in the second half of the year to complete revenue recognition; 3) Ander Medical Intelligence, a subsidiary of the company invested in shares, is in a recovery period of bankruptcy and restructuring, and there are losses in the short term.
Strengthen research and development of key products and new technologies to increase gross profit space. The company's 24H1 gross profit margin was 48.03%, an increase of 2.51 pct over the previous year. During the reporting period, the company comprehensively improved the degree of intelligence of smart hospital construction solutions, improved implementation and delivery management, and further increased the overall gross profit margin.
Emphasis is placed on internal control management to improve personnel efficiency. During the reporting period, the company continued to optimize the cost rate for the period. The sales expense ratio was 16.39%, down 1.18 pct year on year, the management expense ratio was 16.21%, down 1.58 pct year on year, the R&D expense ratio was 25.35%, and the year-on-year decrease was 7.18 pct. As of 24H1, the total number of people in the 24H1 company was 1,864, a year-on-year decrease of 6.61%. The per capita income generation increased from 0.1463 million yuan in 23H1 to 0.1612 million yuan in 24H1, and human efficiency improved markedly.
Continue to focus on R&D investment, and focus on breakthroughs in AI medicine. The company's 24H1 R&D investment (cost+capitalization) totaled 0.122 billion yuan, up 0.20% year on year. Among them, capitalized R&D investment increased 70.20% year over year. It is mainly due to multiple application software products completing technical research and product design and entering the development stage at 23H2. It is expected that subsequent R&D results can be directly sold. During the reporting period, the company's vertical medical model was launched in the head hospital: the Sansheng Big Model was released in conjunction with Beijing Medical Hospital, which assisted in automatic generation of electronic medical records, questions and answers on pharmaceutical knowledge, and multi-modal patient guidance before diagnosis, etc., and implementation and verification achieved remarkable results.
Maintain a “buy” rating. Maintaining the profit forecast, the 2024-2026 revenue is expected to be 0.856, 1.082, and 1.334 billion yuan, and the 2024-2026 net profit forecast is 0.104, 0.151, and 0.212 billion yuan. Considering that the electronic medical record rating results are linked to the performance of public hospitals, the actual effect of medical insurance fee control also needs to be supported by electronic medical records. Over the long term, the demand for electronic medical record upgrades is sufficient. The company has the largest share of the electronic medical records market for 10 consecutive years, has a leading advantage in electronic medical records and specialist electronic medical records, and maintains a “purchase” rating.
Risk warning: New product sales fall short of expectations, industry competition intensifies, and the risk that the macro environment will affect the revenue of hospital customers.
