战略业务快速发展，上半年实现扭亏为盈。2024 年上半年，公司战略业务业务收入增速高达19.7%，而总收入增速为下降5.66%，战略业务呈现良好的成长性；战略业务的付费用户规模17.7 百万人，同比增长4%，其中F 端付费用户高达14.8 百万人，同比增速7%，B 端付费用户达2.6 百万人，同比增长2%。B 端服务企业数达到1748家，而去年同期仅为1198 家，同比增长46%。受公司战略业务高速增长，公司降本增效等措施影响，公司归母净利润为盈利0.57 亿元，去年同期为亏损2.45 亿元，公司利润实现扭亏为盈。Investment event: The company is actively expanding strategic partners. Recently, the company and Senshihaia reached a strategic cooperation to jointly promote business collaboration in the field of “brain health” and provide users with one-stop solutions.
Strengthen strategic cooperation, actively promote the implementation of the company's strategies, and enhance the competitiveness of products and services. The company attaches importance to building a healthcare and pension ecosystem, actively expands strategic partners, and enriches strategic ecological resources. Recently, the company signed a strategic cooperation agreement with Senshihaia. The two sides have joined forces to jointly promote in-depth cooperation in the field of “brain health.” The two sides will then rely on their respective strengths to explore new models of online brain health management, open up a full link of online and offline drug purchases, and provide users with a one-stop solution. The company's ecosystem is further enriched to enhance the overall competitiveness of the company's products and services.
Focus on AI investment to create a large-scale multi-modal medical model of MedicalConnect. The company attaches importance to investment in AI technology to improve the efficiency of the company's services and operation management. The company successfully built Ping An Medical Broadcom multi-modal medical model based on 5 major medical databases, including disease bank, prescription medical library, medical product library, medical resource library, and personal health database. The company uses AI technology to continuously optimize medical service capabilities and improve efficiency. For example, AI helps improve chronic disease management by 90% and helps improve the efficiency of family medicine services by about 30%.
The strategic business developed rapidly, turning a loss into a profit in the first half of the year. In the first half of 2024, the company's strategic business revenue growth rate reached 19.7%, while the total revenue growth rate decreased by 5.66%, and the strategic business showed good growth; the number of paying users in the strategic business was 17.7 million, up 4% year on year. Among them, F-side paying users reached 14.8 million, a year-on-year growth rate of 7%, and B-side paying users reached 2.6 million, an increase of 2% year on year. The number of B-side service companies reached 1,748, compared to only 1,198 in the same period last year, an increase of 46% over the previous year. Affected by the rapid growth of the company's strategic business and measures such as cost reduction and efficiency, the company's net profit to mother was 0.057 billion yuan. The loss for the same period last year was 0.245 billion yuan, and the company's profit turned loss into profit.
Investment advice: As the company continues to implement new strategies, optimize the business structure, and implement cost reduction and efficiency improvements in operation management, we have adjusted the company's profit forecast. Before the adjustment, we expect the company's revenue for 2024/2025 to be 5.306/6.096 billion yuan, respectively, and net profit of -0.267/-0.062 billion yuan, respectively. After adjustment, we expect the company's revenue for 2024/2025/2026 to be 4.688/5.105/5.814 billion yuan, respectively, and net profit 0.179/0.27/0.341 billion yuan, respectively. Considering the high growth of the Internet medical industry, the company's improved profitability, and continuous optimization of the business structure, we gave the company a “buy” rating.
Risk warning: business development falls short of expectations, policy implementation is slow
