GOODWILL(688246) 海通证券·2024-05-27 00:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has faced performance pressure in 2023 due to the rhythm of hospital procurement, with a revenue of 695 million yuan, a year-on-year decrease of 3.04%, and a net profit of 42 million yuan, down 37.53% [5] - In Q1 2024, the company reported a revenue of 123 million yuan, a year-on-year increase of 14.00%, and significantly reduced losses compared to the same period last year [6] - The company is increasing its R&D investment, which accounted for 32.72% of revenue in 2023, up 8.01 percentage points year-on-year, enhancing its competitive advantage [7] - The company is exploring deep applications of artificial intelligence in the medical field, having developed a large medical model that supports various medical tasks [8] Financial Summary - In 2023, the company achieved a revenue of 695 million yuan, with a projected revenue of 838 million yuan in 2024, representing a year-on-year growth of 20.6% [9] - The net profit is expected to rebound significantly in 2024, reaching 111 million yuan, a year-on-year increase of 160.4% [10] - The company’s gross margin is projected to remain stable, with slight improvements expected over the next few years [9][10] R&D and Market Position - The company is focusing on the development of intelligent diagnosis and treatment technologies based on AI and big data, aligning with national policies promoting smart hospital construction [7][8] - The company has become the largest shareholder of Ande Medical Intelligence, which may enhance its capabilities in AI-assisted diagnosis and treatment decision-making [8] Earnings Forecast - The company is expected to achieve revenues of 838 million yuan in 2024, 1.015 billion yuan in 2025, and 1.244 billion yuan in 2026, with corresponding net profits of 111 million yuan, 135 million yuan, and 157 million yuan respectively [10][14]