GOODWILL(688246) 申万宏源证券·2025-05-12 14:13Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company faces short-term pressure on performance due to industry conditions, high R&D investments, and losses from subsidiaries. Revenue for 2024 is projected at 592 million, down 14.9% year-on-year, with a net loss of 256 million [6]. - The company is a leader in electronic medical records and medical big data solutions, with a strong market presence and ongoing development of AI technologies [6][7]. - The report anticipates a recovery in performance starting in 2027, driven by new product launches and an improving market environment, projecting a target market value of 61.8 billion with a 56% upside potential [6][7]. Financial Data and Earnings Forecast - Total revenue is expected to be 725 million in 2025, with a growth rate of 22.4%, and projected to reach 1,105 million by 2027 [5]. - The company is expected to return to profitability with a net profit of 34 million in 2025, increasing to 161 million by 2027 [5]. - Gross margin is forecasted to improve from 41.1% in 2025 to 45.1% in 2027, indicating a recovery in operational efficiency [5]. Company Overview - The company reported a total revenue of 1.01 billion in Q1 2025, reflecting a 17.4% decline year-on-year, with a net loss of 17 million [6]. - The report highlights the company's strategic focus on maintaining high R&D investment while controlling other expenses, with R&D expenses projected at 152 million in 2025 [6][11]. - The company has introduced new technologies in electronic medical records, enhancing its competitive edge in the market [6].