降本增效成效显著，管理、销售费用率下降。报告期内，公司注重内控管理、人员能效提升，加强管理方式优化及费用控制，公司运营管理方面降本增效明显。2024 年上半年，公司销售费用率为16.39%，去年同期为17.57%，同比下降个1.18 百分点；管理费用率为16.21%，去年同期为17.79%，同比下降1.58 个百分点。公司管理费用率及销售费用率均实现下降，公司运营效率明显提升。Investment event: The company released its 2024 mid-year report: operating income reached 0.3 billion yuan, up 2.92% year on year, and net profit to mother was a loss of 0.027 billion yuan.
Revenue increased slightly and gross margin improved. During the reporting period, the company's medical clinical business, medical data business and other business segments developed steadily. The overall revenue scale reached 0.3 billion yuan, an increase of 2.92% over the previous year, and the overall revenue achieved steady growth.
As the company optimizes its product structure and improves implementation delivery management, the company's gross profit margin has increased. During the reporting period, the company's comprehensive gross margin reached 48.03%. The same period last year was 45.52%, an increase of 2.51 percentage points over the previous year, and the company's gross margin improved markedly.
The results of reducing costs and increasing efficiency have been remarkable, and the management and sales expenses ratio has decreased. During the reporting period, the company focused on internal control management, improving personnel energy efficiency, strengthening management method optimization and cost control, and significantly reducing costs and increasing efficiency in the company's operation and management. In the first half of 2024, the company's sales expenses ratio was 16.39%, compared to 17.57% in the same period last year, down 1.18 percentage points from the previous year; the management expenses ratio was 16.21%, 17.79% in the same period last year, down 1.58 percentage points from the previous year. The company's management expense ratio and sales expense ratio have all been reduced, and the company's operating efficiency has improved markedly.
The company has increased its investment in AI, and medical AI products are being implemented well. The company continues to increase investment in R&D, especially in medical AI. During the reporting period, the company applied for 26 new invention patents, mainly in the fields of medical data utilization and AI, and obtained 1 core technology, “Large Model-Assisted Automatic Electronic Medical Record Generation Technology”. Relying on the company's accumulation of AI technology, the company launched a medical AI application development platform to create an intelligent service access platform for the entire hospital to achieve multi-technology frameworks and multi-service AI application access. In July 2024, the company and Beijing Medical Hospital jointly released the “Three Life Big Model”. Multiple business scenarios based on the big model have been verified and the application results are good. For example, the new AI product can reduce the medical records writing work of medical personnel from several hours to less than half an hour, greatly improving the accuracy and work efficiency of writing content.
Investment advice: We expect the company's revenue for 2024/2025/2026 to be 0.903/1.148/1.447 billion yuan, and net profit of 0.095/0.12/0.16 billion yuan, respectively, corresponding PE 24.1/19.0/14.3 times, respectively. The company is given a “buy” rating considering the company's high growth in performance and low valuation.
Risk warning: Business development falls short of expectations, policy progress is slow
