Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 558 million yuan for 2024, representing a year-on-year growth of 35.5%, with a net profit of 315 million yuan, up 30.1% year-on-year [1]. - The platform's ecosystem is strengthening, with the "Yimaitong" platform surpassing 7 million registered physician users, covering 88% of practicing physicians in the country, and achieving a monthly active user count of 2.65 million, a 10.4% increase year-on-year [2]. - The company has developed an AI-powered medical model that has passed regulatory approval, enhancing content generation efficiency and accuracy, with a significant reduction in operational costs [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 558 million yuan, a 35.5% increase from the previous year, and a net profit of 315 million yuan, reflecting a 30.1% growth [1]. Operational Analysis - The "Yimaitong" platform has 7 million registered physician users and 2.65 million monthly active users, with a 25.3% increase in cooperative medical clients to 228 and a 31.1% increase in cooperative medical products to 506 [2]. - Paid click counts reached 13.3 million, up 37.1% year-on-year, with 867,000 participating physicians, a 12.0% increase [2]. AI Empowerment and Cost Control - The company’s self-developed AI model integrates various technologies, improving content accuracy and efficiency, with a 60% increase in productivity for doctors using AI writing tools [3]. - The sales and management expense ratios were 6.0% and 31.4%, respectively, both showing a decrease compared to the previous year, attributed to stable employee numbers and high revenue growth [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 719 million, 915 million, and 1.163 billion yuan, with expected growth rates of 28.8%, 27.16%, and 27.13% respectively [4]. - Net profit forecasts for the same period are 350 million, 411 million, and 495 million yuan, with growth rates of 11.2%, 17.26%, and 20.55% respectively, corresponding to PE ratios of 25.05, 21.36, and 17.72 [4].
医脉通（02192）：港股公司点评：AI功能日益丰富，精准营销持续高增