创业慧康：预计25年HI-HIS加速推广-20250416

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].