Winning Health(300253) 华创证券·2024-04-30 05:33Investment Rating - The report maintains a "Recommended" rating for the company, with an expected target price of 8.16 CNY based on a 34x PE for 2024 [27][28]. Core Insights - The company reported a revenue of 3.163 billion CNY for 2023, a year-on-year increase of 2.28%. The net profit attributable to shareholders reached 358 million CNY, showing a significant growth of 229.49% year-on-year. For Q1 2024, revenue was 494 million CNY, up 10.09% year-on-year, with a net profit of 17 million CNY, reflecting a 126.17% increase [14][28]. - The company's profit growth is notable, with a clear improvement in profitability. Despite external factors affecting industry order releases, the company has focused on business development and optimized its organizational structure, resulting in a 1.5 percentage point decrease in sales expense ratio in 2023 [28]. - The WiNEX product line is accelerating its rollout, contributing to the digital transformation of hospitals. By the end of 2023, the company expanded its WiNEX customer base significantly, including major hospitals and private medical institutions [28]. - The company launched the WiNGPT model in October 2023, integrating it into all product lines as the WiNEX Copilot, enhancing operational efficiency and quality of care across various clinical applications [28]. Financial Summary - For 2023, the company achieved total revenue of 3.163 billion CNY, with a projected revenue growth of 18.2% in 2024, reaching 3.739 billion CNY. The net profit is expected to grow to 512 million CNY in 2024, representing a 43% increase [15][28]. - The company's earnings per share (EPS) is projected to increase from 0.17 CNY in 2023 to 0.24 CNY in 2024, with a PE ratio decreasing from 42 to 30 over the same period [15][28]. - The total assets are expected to grow from 8.549 billion CNY in 2023 to 9.343 billion CNY in 2024, indicating a healthy financial outlook [29].