B-SOFT(300451) 国泰君安·2024-10-26 07:39Investment Rating - Maintains an "Overweight" rating with a target price of 7.77 RMB [3] - Current price is 5.20 RMB, indicating potential upside [3] Core Views - Revenue and performance are expected to recover gradually as the medical informatization industry rebounds [4] - The company continues to execute its "Huikang Cloud" strategy, focusing on intelligent transformation and deepening cooperation with Huawei's HarmonyOS [4] - Despite lower-than-expected Q3 performance, the company secured 20 new orders worth over 10 million RMB each and helped 7 hospitals achieve Level 5 or above in electronic medical record system functionality [5] Financial Performance - Q3 2024 revenue was 4.4 billion RMB, a 2.4% YoY decline, while total revenue for the first three quarters reached 11.7 billion RMB, up 1.0% YoY [5] - Medical industry revenue grew 6.2% YoY to 11.2 billion RMB in the first three quarters [5] - Net profit attributable to shareholders for the first three quarters was 527.5 million RMB, down 42% YoY, with Q3 net profit at 253.8 million RMB, a 62% YoY decline [5] Strategic Developments - The company is leveraging data assets to drive AI development, with its BSoftGPT model approved by the National Internet Information Office and partnerships established with the Hangzhou AI Computing Center [5] - The company's AI product "Medical Copilot" has passed Huawei's Ascend AI framework and hardware compatibility certification, becoming the first core medical system supplier to do so [5] - The company has launched a native HarmonyOS version of the "Healthy Tongxiang" app, integrating local health and medical resources [5] Market and Valuation - The company's market cap is 8,055 million RMB, with a 52-week price range of 3.10-7.90 RMB [6] - The company's PS ratio is 4.44x for 2024E, lower than the industry average of 6.34x [12] Financial Forecasts - Revenue is expected to grow to 18.16 billion RMB in 2024E, 20.56 billion RMB in 2025E, and 23.45 billion RMB in 2026E [10] - Net profit attributable to shareholders is forecasted to increase to 1.15 billion RMB in 2024E, 1.92 billion RMB in 2025E, and 2.75 billion RMB in 2026E [10]