证券研究报告 创业慧康 (300451 CH) 区域卫生有望迎需求加速释放 盈利预测与估值 维持盈利预测，我们预计公司 2025-2027 年收入分别为 16.07/18.21/20.71 亿元。参考可比公司 Wind 均值 4.8 倍 25PS，考虑公司 Hi-HIS 新产品加速 推广，给予公司 6.5 倍 25PS，维持目标价 6.75 元。 风险提示：HI-HIS 推广低于预期；政府支付能力不足；市场竞争加剧。 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 计算机应用 | 公司发布 2025 年一季报，实现营业收入 2.90 亿元，同比下降 22.67%，收 入下降的原因主要来自于去年出售的子公司不再纳入合并报表，以及去年下 游客户招投标延后在手订单不足；公司扣非净利润亏损 0.28 亿元，24 年同 期盈利 0.10 亿元，主要是受收入端影响。一季度公司医疗信息化业务新增 订单数量企稳，新签千万级订单 8 个。我们认为随着医共体信息化建设需求 转暖以及医院积极拥抱 AI，公司业务有望恢复增长。我们预 ...

中证智能财讯 创业慧康（300451）4月28日披露2025年第一季度报告。公司实现营业总收入2.9亿元，同比下降22.67%；归母净利润亏损1564.74万元，上年 同期盈利1235.97万元；扣非净利润亏损2795.93万元，上年同期盈利965.83万元；经营活动产生的现金流量净额为-1.52亿元，上年同期为-2.01亿元；报告期 内，创业慧康基本每股收益为-0.01元，加权平均净资产收益率为-0.35%。 近年来市盈率变化情况（倍） 1,000 (倍) 0 46942 26.88 13088 330 dc -1,000 -2,000 -3,000 -4,000 2020-06-30 2019-12-37 2021-06-30 2021-12-37 020-12-37 n -○- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市盈率(TTM)历史分位(%) 100 ହି 90 80 70 63g71 60 53-29 50 40 39 30 30~57 20 18.6 12o26 10 4.22 0 1-06-30 1 2019-12-37 ' 020-12-37 ' <1-12-37 2n- 公司 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0100 | 0.0100 | -200 | 0.0100 | | 每股净资产（元） | 2.84 | 2.99 | -5.02 | 2.98 | | 每股公积金(元) | 1 | 1.01 | -0.99 | 0.99 | | 每股未分配利润(元) | 0.77 | 0.91 | -15.38 | 0.90 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.9 | 3.75 | -22.67 | 3.48 | | 净利润(亿元) | -0.16 | 0.12 | -233.33 | 0.1 | | 净资产收益率(%) | -0.35 | 0.27 | -229.63 | 0.23 | 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 49654.6万股，累计占流通股比： 32.52%，较上期变 ...

证券代码：300451 证券简称：创业慧康 公告编号: 2025-025 创业慧康科技股份有限公司 关于 2025 年第一季度计提信用减值准备和资产减值准备 的公告 二、本次计提信用减值准备及资产减值准备的确认标准及计提方法 公司以单项金融工具或金融工具组合为基础评估预期信用风险和计量预期 信用损失。当以金融工具组合为基础时，公司以共同风险特征为依据，将金融工 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 创业慧康科技股份有限公司（以下简称"公司"）根据《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》《企业会计准则》以 及公司相关会计政策的规定，在 2025 年第一季度计提了信用减值损失及资产减 值损失，现将具体情况公告如下： 一、本次计提信用减值准备和资产减值准备情况概述 1、本次计提信用减值准备和资产减值准备的原因 根据《企业会计准则》《深圳证券交易所创业板股票上市规则》等相关规定 的要求，为真实准确地反映公司截至 2025 年 3 月 31 日的财务状况和经营成果， 公司对截至 2025 年 3 月 31 日的各类资产进行了减值 ...

创业慧康科技股份有限公司 2025 年第一季度报告 证券代码：300451 证券简称：创业慧康 公告编号：2025-024 创业慧康科技股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3、第一季度报告是否经过审计 □是 否 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 上年同期 | | | --- | --- | --- | --- | | | | 期增减（%） | | | 营业收入（元） | 290,357,981.79 | 375,491,442.27 | -22.67% | | 归属于上市公司股东的净利润（元） | -15,647,403.70 | ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)32创业慧康-48.12-48.121.8983.50亿行业平均 119.02124.837.90111.52亿行业中值78.4079.253.7352.52亿1观想科技-1740.83-1624.894.2533.88亿2安硕信 息-944.00-143.2817.7865.95亿3拓维信息-927.68-380.3315.07382.22亿4国新健康-656.09-984.587.51102.15 亿5数字人-418.17-418.177.3017.39亿6中国软件-255.82-162.8017.45378.91亿7石基信息-225.15- 221.993.16232.25亿8和达科技-213.37-213.371.7412.03亿9*ST汇科-205.69-182.996.3438.78亿10延华智 能-191.62-191.629.5140.81亿11银之杰-180.41-172.3542.86222.52亿 来源：金融界 创业慧康科技股份有限公司的主营业务是医疗卫生健康信息化的建设、研发及服务创新。公司的主要产 品是医院信息化应用软件服务、公共 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][5]. Core Insights - The company reported a revenue of 1.423 billion yuan for 2024, a decrease of 11.96% year-on-year, and a net profit attributable to shareholders of -174 million yuan [1]. - The gross margin for the year was 45.18%, down by 1.8 percentage points compared to the previous year [1]. - In Q4 2024, the company achieved a revenue of 254 million yuan, reflecting a significant decline of 44.65% year-on-year, with a net profit of -226 million yuan [1]. - The company has expanded its business in smart healthcare and public health, securing 31 new software orders worth a total of 580 million yuan [1]. - The HI-HIS new product has been successfully implemented in several key projects across regions such as South China, Central China, and Northwest China, with a 41% year-on-year increase in new orders [1][2]. Financial Summary - The financial summary indicates a projected revenue growth for the company, with estimates of 1.599 billion yuan in 2025, 1.857 billion yuan in 2026, and 2.153 billion yuan in 2027, reflecting growth rates of 12.39%, 16.14%, and 15.95% respectively [4][13]. - The net profit is expected to recover to 9 million yuan in 2025, 65 million yuan in 2026, and 136 million yuan in 2027, showing significant growth from the negative profit in 2024 [4][13]. - The report highlights a projected gross margin improvement, with estimates of 45.6% in 2025, 46.3% in 2026, and 46.9% in 2027 [4][13].

Core Viewpoint - The company, Chuangye Huikang, has experienced a significant decline in both revenue and net profit for the year 2024, indicating challenges in its operational performance and market conditions [3]. Stockholder Changes - As of March 31, 2025, the number of shareholders increased to 82,400, up by 28,300 from December 31, 2024, representing a growth rate of 52.45%. The average number of shares held per shareholder decreased from 28,700 to 18,800, with an average holding value of 115,500 yuan [2][6]. Performance Disclosure - The company's main revenue for 2024 was 1.423 billion yuan, a year-on-year decrease of 11.96%. The net profit attributable to shareholders was -174 million yuan, down 572.96% year-on-year. The non-recurring net profit was -192 million yuan, a decline of 664.96%. In Q4 2024, the single-quarter main revenue was 254 million yuan, down 44.65%, with a net profit of -226 million yuan, a decrease of 313.73% [3][6]. Institutional Research Insights - During an investor communication meeting on April 14, the company explained that the decline in revenue was primarily due to strict budget controls and centralized procurement processes followed by public medical institutions, leading to longer procurement cycles. The company is committed to advancing its "Huikang Cloud" strategy, focusing on product quality and technological ecosystem development to meet user demands [4]. - The company launched the smart medical assistant MedCopilot in 2024, which integrates medical models and clinical data to support physicians with intelligent diagnostic assistance and electronic medical record management. This product has been implemented in various medical institutions [5][6]. - For 2025, the company plans to enhance its core business competitiveness by optimizing the technical architecture of its core systems and establishing standardized project implementation processes and quality control systems [5].

Group 1 - The core business of the company is the construction, research and development, and service innovation of healthcare information technology [2] - The company offers a wide range of products including hospital information application software, public health information application software, and various cloud platforms [2] - The company has received multiple honors, including being recognized as a "China Software Integrity Demonstration Enterprise" and a "Top 100 Digital Economy Enterprise in Hangzhou" [2] Group 2 - In the latest financial report for 2024, the company achieved a revenue of 1.423 billion yuan, a year-on-year decrease of 11.96% [3] - The net profit for the same period was -173.52 million yuan, reflecting a year-on-year decline of 572.96% [3] - The company's gross profit margin stands at 45.18% [3] Group 3 - As of March 31, 2025, the number of shareholders increased to 82,383, with an average holding value of 352,800 yuan per shareholder [1] - The company's latest closing price was 5.28 yuan, down 1.31%, with a market-to-book ratio of 1.85 and a total market capitalization of 8.179 billion yuan [1][4] - The company's price-to-earnings ratio (TTM) is -47.14, compared to the industry average of 136.11 [4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.75 [6][7]. Core Views - The company reported a revenue of RMB 1.423 billion for 2024, a year-on-year decline of 11.96%, and a net profit attributable to shareholders of -RMB 173.52 million, compared to a profit of RMB 36.69 million in the same period last year. This aligns with the company's previous performance forecast [1]. - The decline in revenue is attributed to systematic delays in project bidding and implementation by downstream clients, along with the ongoing market expansion of the new HI-HIS system [1]. - The company expects a reduction in goodwill impairment pressure in 2025, which may lead to a recovery in profitability [1]. Summary by Sections Financial Performance - The company's gross margin for 2024 was 45.18%, a decrease of 1.8 percentage points year-on-year. Revenue from technical services was RMB 567 million, down 6.54%, with a gross margin of 54.92%, up 0.90 percentage points. Software sales revenue was RMB 563 million, down 17.63%, with a gross margin of 51.81%, down 4.89 percentage points [2]. - The increase in sales, management, and R&D expense ratios was due to the new product's investment phase [2]. Order Growth and Product Promotion - In 2024, the company secured 31 software orders worth over RMB 10 million each in the smart hospital and public health markets, totaling RMB 580 million, compared to RMB 500 million in the previous year. The number of new HI-HIS system orders increased by 41% year-on-year [3]. - The company has completed several benchmark projects in regions such as South China, Central China, and Northwest China, enhancing its implementation efficiency and profitability potential for the HI-HIS product in 2025 [3]. AI and Product Competitiveness - The company has established strategic partnerships with over 300 medical institutions in the big data application field, integrating AI technology deeply into medical scenarios. The MedCopilot smart medical assistant is being promoted in conjunction with the HI-HIS system [4]. - This AI integration is expected to enhance the value of the company's medical information products and strengthen its competitive advantage [4]. Profit Forecast and Valuation - The company forecasts revenues of RMB 1.607 billion, RMB 1.821 billion, and RMB 2.071 billion for 2025, 2026, and 2027, respectively. The target price is set at 6.75 RMB, corresponding to a 6.5 times price-to-sales ratio for 2025 [5]. - The expected net profit attributable to shareholders for 2025 is RMB 133.28 million, with a significant recovery projected after the losses in 2024 [5].