公司报告 | 季报点评 稳步推进云转型战略，数据服务与 AI 创新赋能 Q3 业绩承压，费用整体显著下滑 公司发布 2024 年 3 季报，2024 年前三季度实现收入 11.69 亿元（同比 +1.01%）、归母净利 0.53 亿元（同比-42.27%）、扣非净利 0.50 亿元（同比 -40.98%），Q3 单季实现收入 4.42 亿元（同比-2.35%）、归母净利 0.25 亿元 （同比-62.33%）、扣非净利 0.25 亿元（同比-62.42%）。公司前三季度整体 费用率 35.48%，同比减少 2.96pct，销售/管理/研发费用率 7.35%、14.89%、 15.87%，同比分别减少 0.77pct、1.02pct、0.62pct。 公司坚定推进"慧康云"战略，医疗行业收入稳健增长。公司 2024 前三季 度医疗行业营收达到 11.21 亿元（占总营收比重超过 95.89%），同比增长 6.19%。前三季度公司新签了 20 个千万级订单，并帮助 7 家医院通过了电 子病历五级及以上的评审。公司新一代产品 HI-HIS 持续深化推广，目前在 建 HI-HIS 产品项目数量已达 71 个项目，其中 ...

Investment Rating - The report maintains a "Buy" rating for Chuangxin Huikang (300451 SZ) with a target price of 5 47 RMB per share [4] Core Views - Chuangxin Huikang's 2024 Q1-3 performance was under pressure due to declining gross margins and increased impairment losses The company reported revenue of 1 17 billion RMB, a 1 0% YoY increase, while net profit attributable to shareholders dropped 42 3% YoY to 52 75 million RMB [1][7] - The gross margin for 2024 Q1-3 was 50 1%, down 2 6 percentage points YoY, with Q3 gross margin at 43 45%, a 10 52 percentage point decline YoY [1][7] - The company recognized impairment losses of 43 66 million RMB in Q3 2024, a 25 0% YoY increase, mainly due to higher provisions for accounts receivable and contract assets [1][7] - The Hi-HIS product is being actively promoted, with 71 ongoing projects, over 70% of which are in tertiary hospitals The company's AI product "Medical Copilot" has received compatibility certification from Huawei's Ascend AI framework [1][13] Financial Performance - 2024 Q1-3 revenue was 1 17 billion RMB, up 1 0% YoY, while net profit attributable to shareholders was 52 75 million RMB, down 42 3% YoY [7] - Q3 2024 revenue was 440 million RMB, down 2 4% YoY, with net profit attributable to shareholders dropping 62 3% YoY to 25 38 million RMB [8] - Operating cash flow for 2024 Q1-3 was -200 million RMB, compared to -170 million RMB in the same period last year [8] - Accounts receivable increased 19 0% to 1 88 billion RMB as of September 2024, while contract liabilities decreased 3 9% to 151 million RMB [8] Product and Market Development - The Hi-HIS product is being promoted in 71 projects, with over 70% in tertiary hospitals The company expects gross margins to improve as the product matures [1][13] - The company's BSoftGPT model has been approved by the National Internet Information Office, and its AI product "Medical Copilot" has received Huawei Ascend AI framework certification [1][13] - Chuangxin Huikang is the first core medical system supplier to receive Huawei's Kunpeng native development certification and has collaborated with Huawei's HarmonyOS team to develop a native version of the Health Tongxiang app [1][13] Financial Forecasts - Revenue for 2024-2026 is projected to be 1 70 billion, 1 85 billion, and 2 00 billion RMB, respectively, with net profit attributable to shareholders expected to be 100 million, 270 million, and 330 million RMB [2][18] - EPS for 2024-2026 is forecasted at 0 06, 0 17, and 0 22 RMB per share, respectively [2][18] - The company's 2025 PE ratio is estimated at 32x, with a target price of 5 47 RMB per share [2][18] Industry and Market Position - Chuangxin Huikang is a leading player in the medical IT industry, with a strong focus on AI and healthcare information systems [1][13] - The company has established partnerships with major players like Huawei, positioning itself as a key supplier in the healthcare information technology sector [1][13]

计算机 | 证券研究报告 — 调整盈利预测 2024 年 10 月 31 日 300451.SZ 买入 原评级：买入 市场价格:人民币 5.20 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (53%) (38%) (23%) (9%) 6% 21% Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 创业慧康 深圳成指 绝对 (18.9) 46.1 59.0 (21.0) 相对深圳成指 (31.8) 21.7 33.7 (32.4) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 1,549.12 | | 流通股 ( 百万 ) | | 1,526.69 | | 总市值 ( 人民币 百万 ) | | 8,055.45 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 290.99 | | 主要股东 | | | | 葛 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.26 ——创业慧康 2024 年三季报点评 利用数据资产推动 AI 发展，与华为鸿蒙深入合作 创业慧康(300451) 计算机 [Table_Industry] /信息科技 | --- | --- | --- | --- | |----------|-------------------------------------|-----------------------------|-------| | | [table_Authors] 李博伦 ( 分析师 ) | 陈剑鑫 ( 研究助理 ) | | | | | | | | | | | | | | 0755-23976516 | 021-38038262 | | | | libolun@gtjas.com | chenjianxin027974@gtjas.com | | | 登记编号 | S0880520020004 ...

证券研究报告 目标价 (人民币) 6.82 收盘价 (人民币 截至 10 月 23 日) 5.44 市值 (人民币百万) 8,427 6 个月平均日成交额 (人民币百万) 217.15 52 周价格范围 (人民币) 3.10-7.90 BVPS (人民币) 3.00 创业慧康 (300451 CH) 全年医疗行业收入预计正增长 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 6.82 2024 年 10 月 24 日│中国内地 计算机应用 研究员 谢春生 SAC No. S0570519080006 SFC No. BQZ938 xiechunsheng@htsc.com +(86) 21 2987 2036 研究员 范昳蕊 SAC No. S0570521060004 fanyirui@htsc.com +(86) 21 2897 2228 公司发布 2024 年三季报，前三季度实现营业收入 11.69 亿元，同比增长 1.01%，实现归母净利润 0.53 亿元，同比下降 42.27%。其中，24Q3 营业 收入 4.42 亿元，同比下降 2.35%，归母净利润 0.25 亿元，同比下降 ...

Financial Performance - Revenue for the third quarter was RMB 441.88 million, a decrease of 2.35% year-over-year[3] - Net profit attributable to shareholders was RMB 25.38 million, a decrease of 62.33% year-over-year[3] - The company achieved a total revenue of 1.169 billion yuan in the first three quarters of 2024, with the medical industry contributing 1.121 billion yuan, accounting for over 95.89% of total revenue and a year-on-year growth of 6.19%[13] - Total revenue for the period reached 1,168,619,942.05 yuan, a slight increase from the previous period's 1,156,924,027.69 yuan[18] - Net profit attributable to the parent company's owners was 1,439,498,996.31 yuan, up from 1,402,190,565.46 yuan[17] - Net profit attributable to parent company shareholders was RMB 52.75 million, compared to RMB 91.38 million in the same period last year[19] - Basic and diluted earnings per share were both RMB 0.03, down from RMB 0.06 in the previous year[20] - Total comprehensive income was RMB 58.59 million, compared to RMB 93.40 million in the same period last year[19] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 5.82 billion, an increase of 0.54% compared to the end of the previous year[3] - Total assets stood at 5,821,824,109.65 yuan, slightly higher than the previous period's 5,790,350,720.78 yuan[17] - Total liabilities decreased to 1,106,878,023.44 yuan from 1,126,467,178.33 yuan[17] - Cash and cash equivalents decreased to 687,970,589.17 yuan from 1,094,386,640.73 yuan[15] - Accounts receivable increased to 1,880,229,204.24 yuan from 1,579,674,434.61 yuan[15] - Inventory rose to 330,841,062.94 yuan from 283,234,875.90 yuan[15] - Fixed assets increased significantly to 511,343,002.03 yuan from 303,467,328.02 yuan[15] - Total cash and cash equivalents at the end of the period were RMB 687.41 million, down from RMB 975.22 million at the beginning of the period[21] Cash Flow - Cash received from tax refunds decreased by 52.61% year-over-year, mainly due to reduced VAT refunds[8] - Cash received from other operating activities increased by 68.88% year-over-year, mainly due to increased interest income[8] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased by 31.20% year-over-year, mainly due to reduced payments for the new building[8] - Cash flow from operating activities was negative RMB 201.95 million, compared to negative RMB 174.24 million in the same period last year[20] - Cash flow from investing activities was negative RMB 180.50 million, compared to negative RMB 253.63 million in the same period last year[21] - Cash flow from financing activities was negative RMB 17.57 million, compared to negative RMB 74.51 million in the same period last year[21] Investments and Expenditures - Development expenditure increased by 597.01% compared to the beginning of the year, mainly due to increased investment in new product development such as Huikang Cloud[7] - Fixed assets increased by 68.50% compared to the beginning of the year, primarily due to the completion of a new building[7] - Prepayments increased by 35.91% compared to the beginning of the year, mainly due to increased prepayments for system integration[7] - Investment income decreased by 79.68% year-over-year, mainly due to reduced investment income from associates[7] - R&D expenses increased to 185,412,536.45 yuan from 176,415,877.61 yuan in the previous period[18] Operational Highlights - The company signed 20 new orders worth over 10 million yuan each and assisted 7 hospitals in passing the electronic medical record system functional application level 5 and above review[13] - The company has 71 ongoing HI-HIS product projects, with over 70% being in tertiary hospitals[13] - The company's BSoftGPT large model has passed the "Deep Synthesis Service Algorithm" filing with the National Internet Information Office[13] - The company's subsidiary, Hangzhou Huikang Internet Technology Co., Ltd., became a member of the Guangzhou Data Exchange, promoting the development of AI industry clusters[13] - The company's AI product "Medical Copilot" passed Huawei's Ascend AI framework and hardware compatibility certification, becoming the first core medical system supplier[14] - The company is among the first in the healthcare industry to receive the Kunpeng native development certification[14] - The company completed the development and release of the native HarmonyOS version of the Health Tongxiang APP, integrating local health and medical service resources[14] Revenue and Costs - Revenue from sales of goods and services was RMB 840.34 million, compared to RMB 866.15 million in the same period last year[20] - Payments for goods and services were RMB 463.23 million, compared to RMB 454.05 million in the same period last year[20] - Payments to employees were RMB 453.68 million, compared to RMB 419.01 million in the same period last year[20] - Operating costs amounted to 1,006,634,936.64 yuan, compared to 999,878,174.97 yuan in the previous period[18]

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 创业慧康（300451）公司跟踪报告 2024 年 09 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-----------| | 股票数据 | | | 09 [ Table_StockInfo 月 18 日收盘价（元） ] | 3.23 | | 52 周股价波动（元） | 3.06-7.96 | | 总股本 / 流通 A 股（百万股） | 1549/1527 | | 总市值 / 流通市值（百万元） | 5004/4931 | | 相关研究 | | | [Table_ReportInfo] 《 Hi-HIS 推广新阶段，盈利能力有望快速修 | | | 复》 2024.04.15 | | 市场表现 [Table_QuoteInfo] -51.67% -36.67% -21.67% -6.67% 8.33% 2023/9 2023/12 2024/ ...

证券研究报告 非金融公司|公司点评|创业慧康（300451） HI-HIS 系统助力，AI 打造智慧医疗生 态 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 创业慧康发布 2024 年半年度报告，2024 年上半年公司实现营收 7.27 亿元，同比增长 3.17%； 归母净利润 0.27 亿元，同比增长 14.03%；扣非归母净利润 0.25 亿元，同比增长 36.77%；毛 利率为 54.21%，同比增长 2.32pct。2024 年第二季度公司实现营收 3.51 亿元，同比减少 1.32%； 归母净利润 0.15 亿元，同比增长 10.22%；扣非归母净利润 0.16 亿元，同比增长 28.98%；毛 利率为 56.98%，同比增加 5.11pct。 |分析师及联系人 黄楷 陈安宇 SAC：S0590522090001 SAC：S0590523080004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 创业慧康(300451) HI-HIS 系统助力，AI 打造智慧医疗生态 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 行业应用软件 公司快报 2024 年 08 月 31 日 创业慧康(300451.SZ) 大订单高速增长，与飞利浦合作进展顺利 事件概述： 8 月 29 日，创业慧康发布《2024 年半年度报告》。2024 年上半年， 公司实现营业收入 7.27 亿元，同比增长 3.17%，其中医疗行业业务 实现营收 6.93 亿元，同比增长 8.61%；实现归母净利润 2,737.6 万 元，同比增长 14.03%；扣非归母净利润 2,521.7 万元，同比增长 36.77%。 24H1 毛利率提升，大订单同比高速增长 分业务来看，①软件销售业务收入为 2.87 亿元（YoY+0.02%），毛利 率 62.18%（YoY+0.18pct）。②技术服务收入为 2.93 亿元（YoY+9%）， 毛利率 65.67%（YoY+2.7pct），其中医疗软件服务收入为 2.65 亿元 （YoY+14.6%），毛利率 67.13%（YoY+2.33pct）。③系统集成收入为 7966.61 万元（YoY+9.53%），毛利率 12.63%（YoY+4.83pct）。公 ...

创业慧康科技股份有限公司 2024 年半年度报告全文 创业慧康科技股份有限公司 2024 年半年度报告 公告编号：2024-032 2024 年 08 月 1 创业慧康科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张吕峥、主管会计工作负责人陈锦剑及会计机构负责人（会 计主管人员）陈锦剑声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 报告所包含的前瞻性分析系基于各种假设，不同假设可能导致分析结果 出现重大不同。报告中的内容和意见仅供参考，并不构成对本公司股票买卖 的建议，在任何情况下，本报告中的前瞻性描述和分析信息或所表述的意见 并不构成对任何人的投资建议。除法律或规则规定必须承担的责任外，本公 司不对使用本报告及其内容所引发的任何直接或间接损失负任何责任。 公司在经营管理中可能面临的主要风险与相应举措已在本报告第三节 "管理层讨论与分析"之"十、公司面临的风险和 ...