Winning Health(300253) Shenwan Hongyuan Securities·2025-05-05 13:41Investment Rating - The report maintains an "Outperform" rating for the company [2][8][9] Core Insights - The company reported a revenue of 2.782 billion yuan in 2024, a decrease of 12.05% year-on-year, and a net profit attributable to shareholders of 88 million yuan, down 75.45% [7] - In Q1 2025, the company generated revenue of 345 million yuan, a decline of 30.24%, with a net profit of 5.29 million yuan, down 68.18% [7] - The short-term outlook for the medical IT sector remains under pressure, with the company facing challenges such as deferred customer demand and delays in project delivery [7] - The company is focusing on cost reduction and efficiency improvements, achieving a net cash flow from operating activities of 408 million yuan, an increase of 120.53% [7] - The WiNEX product is entering a rapid delivery phase, with multiple large hospitals adopting it and international projects being implemented [7] - The deployment of AI models is accelerating, with the company having deployed AI applications for over 20 users by the end of 2024, and an additional 80 users in the first quarter of 2025 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is adjusted to 3.276 billion yuan, with a net profit forecast of 499 million yuan [6][8] - The company expects a revenue increase to 4.326 billion yuan and a net profit of 702 million yuan by 2027 [6][8] - The gross margin is projected to improve to 43.8% by 2027 [6] - The company’s PE ratio for 2025 is estimated at 45x [8][9]