Event: the company's revenue in the first three quarters of 2023 was about 1.901 billion yuan, up 1.6% from the same period last year; the net profit was 152 million yuan, up 8.79% from the same period last year; and the non-return net profit was 90 million yuan, down 28.97% from the same period last year.
The amount of newly signed orders in the medical and health information business increased slightly compared with the same period last year, and the innovation business was under short-term pressure: in the first three quarters of the business, the company's medical and health information business revenue increased by 9.89% compared with the same period last year. Among them: core product software sales and technical services business revenue increased by 9.33%; hardware sales business revenue increased by 12.89%; Internet medical and health business revenue decreased by 37.72%. Some of the company's business orders have been delayed, and new orders for medical and health information business have increased slightly, with more than 30 10 million-level projects, including more than 10 WiNEX projects. The revenue of Nari shares (including Nari Health), key Technology and Weining Technology, the main companies in the company's innovation business sector, reached 63 million yuan, 150 million yuan and 70 million yuan respectively in the first three quarters, up 7.76%,-43.71% and-16.06% respectively over the same period last year. Total revenue fell by 30.69%.
The trend of cost control is good, and the level of net interest rate for the whole year is expected to recover faster. In the first three quarters of 2023, the company's sales / management / R & D rates were 17.1%, 7.4%, 11.7%, + 1.2%, 0.9%, 0.4% and + 0.7%, respectively, for the first three quarters of the year. In terms of Q3 alone, the company's sales / management / R & D rates are 11.4%, 4.9%, 7.4%, 4.9%, 3.2%, 4.0% and-12.1%, respectively. the trend of cost control is good.
Actively embracing the technological change of AI, the release of WiNGPT and WiNEX Copilot is worth looking forward to: on October 18, the company officially released WiNGPT, the medical intelligent assistant based on WiNGPT, and the iterative upgrade of WiNEX products and solutions at Winning World 2023. WiNGPT is a large model oriented to the vertical field of health care, which combines high-quality medical data, optimizes and customizes medical scenes, and provides intelligent knowledge services for all scenarios in the medical industry. Prior to this, in January 2023, the company has officially carried out the research and development and training of WiNGPT; by May this year, the data volume of WiNGPT training has reached 9720 items of drug knowledge, more than 7200 items of disease knowledge, more than 2800 items of inspection knowledge, more than 1100 guide documents, and the total number of training Token has reached 3.7 billion, including 7 categories of basic tasks and more than 20 sub-tasks. Looking forward to the future companies and hospital users to explore a richer medical application scenarios to achieve the rapid commercial landing of WiNGPT.
Profit forecast, valuation and rating: taking into account the impact of the macro environment and the progress of the company's innovation business, the company's 23-25 net profit forecast is reduced to RMB 3.91 million (adjusted by-15.55%). The corresponding EPS for 23-25 years is 0.180.22 EPS, and the corresponding PE is 41x/34x/27x. We are optimistic about the high prosperity of medical informatization and the development of the company's innovative business, and maintain the "overweight" rating.
Risk hint: medical IT investment is not as expected, innovation business progress is not as expected.