Winning Health(300253) EBSCN·2024-11-01 01:15Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown significant growth in internet healthcare and innovative business revenues, with overall profitability continuing to recover [1]. - The internet healthcare business revenue increased by 52.68% year-on-year, while the innovative business segment also reported substantial growth [2]. - The company has effectively controlled costs, leading to a notable decrease in sales, management, and R&D expense ratios [3]. - The enhanced WiNEX product has officially entered a full promotion phase, aligning with the company's strategy to advance smart hospital construction [4]. - The profit forecasts for 2024-2025 have been adjusted downwards due to macroeconomic impacts and the pace of innovation business development, with a maintained optimistic outlook on the healthcare information technology sector [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 1.913 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 155 million yuan, up 1.51% year-on-year [1]. - The adjusted net profit forecast for 2024 is 425 million yuan, with further projections of 554 million yuan for 2025 and 731 million yuan for 2026 [4]. Business Segments - The healthcare information technology business accounted for 83.81% of total revenue but saw a decline of 5.57% year-on-year, while the internet healthcare segment grew to 16.19% of total revenue [2]. - The innovative business segment, including subsidiaries, reported combined revenue growth of 53.80% [2]. Cost Management - The company focused on enhancing efficiency and controlling costs, resulting in a significant reduction in expense ratios across sales, management, and R&D [3]. - The sales collection improved, with a total of 1.803 billion yuan in sales returns, reflecting an 11.54% increase year-on-year [3]. Product Development - The enhanced WiNEX product is now fully promoted, emphasizing a "Digital First," "Cloud Ready," and "AI Augmented" approach to support the development of intelligent health systems [4].