创业慧康(300451)：预计25年HI~HIS加速推

Core Viewpoint - The company reported a decline in revenue and a net loss for 2024, primarily due to project delays and the initial phase of new product market expansion, but expects a recovery in profitability by 2025 [1][5]. Financial Performance - The company achieved a revenue of 1.423 billion yuan in 2024, a year-on-year decrease of 11.96%, and a net loss attributable to shareholders of 174 million yuan, compared to a profit of 37 million yuan in the same period of 2023 [1]. - In Q4 2024, revenue was 254 million yuan, down 44.65% year-on-year, with a net loss of 226 million yuan, compared to a loss of 55 million yuan in Q4 2023 [1]. - The overall gross margin for 2024 was 45.18%, a decrease of 1.8 percentage points year-on-year [2]. Revenue Breakdown - Technical service revenue was 567 million yuan, down 6.54% year-on-year, with a gross margin of 54.92%, up 0.90 percentage points [2]. - Software sales revenue was 563 million yuan, down 17.63% year-on-year, with a gross margin of 51.81%, down 4.89 percentage points [2]. Order Growth and Product Development - The company secured 31 software orders worth over 10 million yuan each in 2024, totaling 580 million yuan, compared to 29 orders worth 500 million yuan in 2023 [3]. - The number of new HI-HIS system orders increased to 31, a 41% year-on-year growth from 22 orders in 2023 [3]. - The company completed multiple benchmark projects in various regions, enhancing its implementation capabilities [3]. AI and Product Strategy - The company has established strategic partnerships with over 300 medical institutions in the big data application field, integrating AI technology into medical scenarios [4]. - The AI model "Qizhen Medical Model" is being applied in several core diagnosis and treatment processes, enhancing the company's competitive edge [4]. Future Projections - Revenue forecasts for 2025-2027 are 1.607 billion yuan, 1.821 billion yuan, and 2.071 billion yuan, respectively, reflecting a downward revision due to budget constraints [5]. - The company is assigned a target price of 6.75 yuan based on a 6.5x price-to-sales ratio for 2025, considering the accelerated promotion of the HI-HIS product [5].