维持增持。前 三季度业绩低于预期，考虑到行业需求拖慢营收增速、应收账款增多导致减值增加，下调预测2024-2025 年EPS 至0.07(-0.21)/0.12(-0.25)元，新增预测2026 年EPS 为0.18 元。参考可比公司2024 年6.37 倍PS 估值，下调目标价至7.77 元，维持增持。Introduction to this report:
As the medical information technology industry gradually picks up, the company's revenue and performance are expected to gradually recover. The company continues to implement the established strategy of “Huikang Cloud”, continues to carry out intelligent transformation, and has carried out in-depth cooperation with Huawei Hongmeng in Xinchuang.
Key points of investment:
Maintain an increase in holdings. Results for the first three quarters were lower than expected. Considering that industry demand slowed revenue growth and increased impairment due to increased accounts receivable, the 2024-2025 EPS forecast was lowered to 0.07 (-0.21) /0.12 (-0.25) yuan, and the additional forecast for 2026 will be 0.18 yuan. Referring to the comparable company's 2024 PS valuation of 6.37 times, the target price was lowered to 7.77 yuan to maintain the increase in holdings.
Net profit due to mother for the first three quarters was lower than expected, and 20 new 10 million orders were signed in Q3. In the first three quarters of 2024, revenue of 1.17 billion yuan increased 1.0% year on year. Among them, the medical industry's revenue of 1.12 billion yuan increased 6.2% year on year, and the medical information technology industry gradually picked up; Q3 revenue of 0.44 billion yuan decreased 2.4% year on year. Net profit to mother of $52.75 million fell 42% year over year in the first three quarters, with net profit to mother falling 62% year over year in Q3 of 25.38 million yuan. Q3 signed 20 new 10-million-level orders and helped 7 hospitals pass the electronic medical record system functional application level 5 or above review. The new generation of HI-HIS products continues to be promoted. Currently, the number of HI-HIS product projects under construction has reached 71, of which tertiary hospitals account for more than 70%.
Participate in medical data governance and services, and use data assets to promote the development of artificial intelligence technology.
The company continues to implement the established “Huikang Cloud” strategy and closely follows the trend of healthcare informatization (HIT) to intelligence (HIT+). Previously, the company's large-scale bsoftGPT model had passed the “Deep Synthesis Service Algorithm” registration by the State Internet Information Office, and established a computing power service and innovation cooperation with the Hangzhou Artificial Intelligence Computing Center. According to the three-quarter report, Hangzhou Huikang Internet Technology Co., Ltd., a subsidiary of the company, has become a member of the Guangzhou Data Exchange. The two sides will cooperate to promote the development of the artificial intelligence industry cluster and ensure the legality, compliance, security, efficiency and transparent circulation of data assets to maximize the utility of data and help economic and social development. Furthermore, the company's AI product “Healthcare Copilot” has passed the Huawei Shengteng AI framework and hardware compatibility certification, becoming the first healthcare core system supplier.
In-depth cooperation was carried out with the Huawei Hongmeng system to launch the native Hongmeng version of the Tongxiang Health App.
Currently, the company has become one of the first information technology manufacturers in the medical and health care industry to obtain Kunpeng's native development certification. The company's R&D team and project team worked closely with the Huawei Hongmeng R&D team to complete all the functional construction and application launch of the native Hongmeng version of the Tongxiang Health App. The app is a health care service software specially created by the company for the Tongxiang region. It integrates the city's health care service resources and provides one-stop convenient and beneficial health services.
Risk warning: Risk of medical IT orders falling short of expectations, risk of accounts receivable payments.
