Winning Health(300253) 申万宏源·2024-04-23 01:32Investment Rating - The report maintains an "Outperform" rating for the company [3][41]. Core Insights - The company reported a revenue of 3.163 billion yuan for 2023, a year-on-year increase of 2.28%, while the net profit attributable to shareholders reached 358 million yuan, a significant increase of 229.49% [3][24]. - The gross margin improved to 45.0%, up 1.31 percentage points from the previous year, driven by an increase in the proportion of high-margin medical IT business [7][22]. - The company continues to expand its digital health services, with over 10,000 medical institutions served by its platform by the end of 2023, and a monthly active user count exceeding 24 million [11][35]. Financial Performance - The medical IT business grew by 12.66% year-on-year, while the internet healthcare segment saw a decline of 44.53% due to restructuring efforts [25][34]. - The company’s cost control measures were effective, with a sales expense ratio of 14.53%, down 1.51 percentage points, and a management expense ratio of 6.2%, down 0.67 percentage points [17][25]. - The forecast for 2024-2025 revenue has been adjusted to 3.654 billion and 4.167 billion yuan, respectively, with net profit estimates revised to 477 million and 670 million yuan [41][36]. Business Developments - The company launched the WiNGPT AI model in October 2023, marking a significant step in integrating AI into healthcare [40][35]. - The company is focusing on upgrading its core WiNEX product series to enhance its offerings in smart hospitals and digital health [28][35]. - The company has signed contracts worth 268 million yuan in the reporting period, reflecting a year-on-year growth of 122% in its insurance intelligent risk control and data + AI services [11][41].