一、召开会议的基本情况 1、股东大会届次：2023 年年度股东大会 2、股东大会的召集人：公司第八届董事会 证券代码：300451 证券简称：创业慧康 公告编号：2024-024 创业慧康科技股份有限公司 关于召开2023年年度股东大会的提示性公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 创业慧康科技股份有限公司（以下简称"公司"）于 2024 年 4 月 13 日在巨 潮资讯网披露了《关于召开 2023 年年度股东大会的通知》。本次股东大会将采 用现场表决与网络投票相结合的方式进行，为充分保障全体股东行使表决权，切 实保护广大投资者合法权益，现将有关事项再次通知如下： 5、会议召开方式：本次股东大会采取现场投票与网络投票相结合方式。 （1）现场投票：股东本人出席现场会议或者通过授权委托书（见附件一） 委托他人出席现场会议； 3、会议召开的合法、合规性 （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向全体股东提供网络投票平台，股东可以在本公告公 布的网络投票时间内通过上述系统行使表决 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Views - The company's medical IT business is experiencing stable growth, with new products and services accelerating their implementation [1]. - The revenue for 2023 is projected at 1,616 million, with a growth rate of 6% year-over-year, while the net profit is expected to be 37 million, reflecting a decline of 14% year-over-year [8]. - The company has secured significant contracts in the healthcare sector, with a notable increase in revenue from its medical IT services, which accounted for 91.56% of total revenue [8]. Financial Summary - Revenue Forecast: - 2023: 1,616 million - 2024E: 1,944 million (20% growth) - 2025E: 2,314 million (19% growth) - 2026E: 2,761 million (19% growth) [4] - Net Profit Forecast: - 2023: 37 million - 2024E: 249 million (578% growth) - 2025E: 340 million (37% growth) - 2026E: 470 million (38% growth) [4] - Earnings Per Share (EPS): - 2023: 0.02 - 2024E: 0.16 - 2025E: 0.22 - 2026E: 0.30 [4] - Cash Flow: - Operating cash flow for 2023 is projected at 158 million, increasing to 459 million by 2026 [4]. Business Development - The company has successfully launched new products in the Internet of Things and smart healthcare sectors, with significant contracts signed for hospital management systems [8]. - The company has integrated its services with major partners like Philips, enhancing its product offerings and market reach [8]. - The customer base has been optimized, with a notable increase in the number of registered healthcare professionals and institutions utilizing the company's platforms [8].

[Table_Title] 创业慧康（300451.SZ） 业绩验证复苏预期， Hi-HIS 产品放量可期 [Table_Summary] 核心观点： ⚫ 24Q1 业绩符合复苏预期，销售及管理费用率优化。公司发布 2024 年 一季报，24Q1 公司实现营收 3.8 亿元，同比增长 7.8%；归母净利润 1236 万元，同比增加 19.0%。24Q1 毛利率为 51.6%，较 23Q1 下降 0.28pct。销售费用率为 8.7%，较 23Q1 下降 0.57pct；管理费用率为 16.4%，较 23Q1 下降 2.85pct。此外，公司加大研发投入以保持竞争 优势，研发费用率为 18.2%，较 23Q1 上升了 0.77pct。 ⚫ Hi-HIS 将进入全面推广阶段。2023 年 Hi-HIS（不包括局部模块采购） 已在全国 40 余家医院客户实施应用，其中三级医院占整体签约医院数 量的一半以上。2023 全年签订 Hi-HIS 相关订单 22 个，订单金额同比 大幅提高，预计 2024 年将进入批量化交付新阶段。（来源：23 年年报） ⚫ 与飞利浦的合作持续推进，发布飞悦康 CareSync 一体化智慧 ...

来源：公司年报、国金证券研究所 创业慧康 (300451.SZ) 业绩简评 24Q1 公司实现毛利率 51.61%，与上年同期基本持平。三费同比 增长 1.53%，其中管理费用较上年同期下降 8.2%，销售费用同比 微增 1.12%，研发费用同比增长 12.50%，主要系公司在 AI、低 代码等领域加大投入所致。 公司 Hi-HIS 项目推进顺利，23 年新签订单 22 个，并于近期与苏 州市立医院集团正式签署战略合作协议，共同打造"市立智慧医 疗生态圈"。公司与飞利浦合作研发的飞悦康 CareSync 已正式亮 相，将借助飞利浦拓展增量客户，并在医疗设备销售领域深入合 作。 2024 年 4 月 25 日，公司发布 24 年一季报，Q1 实现营收 3.75 亿元，同比增长 7.76%；实现归母净利润 0.12 亿元，同比增长 19.03%；Q1 扣非归母净利润为 0.10 亿元，同比增长 51.52%， 主要系营收增长、成本费用同比增长 5.0%低于营收增速。 盈利预测、估值与评级 我们预计 2024-2026 年公司实现营业收入 20.23/25.55/32.41 亿 元 ，同比增长 25.20%/26. ...

Revenue and Profit Growth - Revenue for Q1 2024 increased by 7.76% to 375,491,442.27 yuan compared to the same period last year[5] - Net profit attributable to shareholders rose by 19.03% to 12,359,662.56 yuan year-over-year[5] - Net profit after deducting non-recurring gains and losses surged by 51.52% to 9,658,288.80 yuan[5] - Total operating revenue for the quarter was 375,491,442.27 yuan, an increase from 348,436,396.10 yuan in the same period last year[49] - Net profit attributable to the parent company's owners was 12,359,662.56 yuan, compared to 10,383,267.51 yuan in the previous year[50] R&D and Development Expenditure - Development expenditure increased by 199.14% due to capitalized R&D investments[7] - Development expenditure increased significantly to 51,527,042.13 yuan from 17,224,899.15 yuan, indicating increased investment in R&D[45] Taxes and Other Income - Taxes and surcharges grew by 71.24% due to increased revenue and reduced VAT input tax[7] - Other income decreased by 75.84% due to reduced VAT refunds[8] - Tax refunds received declined by 79.12% year-over-year[23] Cash Flow and Financial Activities - Cash received from investment recovery dropped by 41.32% compared to the previous year[9] - Net cash flow from operating activities was -200,644,939.83, a decrease of 7.52% compared to the previous year[36] - Net cash flow from investing activities was -84,283,588.85, an improvement of 22.16% compared to the previous year[36] - Net cash flow from financing activities was -67,352.65, a significant improvement from -100,000,000.00 in the previous year[36] - Cash received from other investment activities decreased by 42.11% year-over-year, mainly due to reduced purchase and redemption of wealth management products[39] - Cash paid for debt repayment decreased by 100,000,000 year-over-year, mainly due to no bank loan repayment occurring in the current period[39] - Operating cash inflow was 270,290,454.38 yuan, compared to 259,880,225.83 yuan in the same period last year[50] Financial Expenses and Income - Financial expenses decreased by 5,619,400 yuan due to increased interest income[22] - Financial expenses showed a net income of 10,848,488.25 yuan, primarily due to interest income of 11,134,456.08 yuan[49] Investment and Fair Value Changes - Investment income decreased by 161.80% year-over-year, mainly due to reduced investment income from associates[39] - Fair value change income increased by 1,369,100 year-over-year, mainly due to the increase in fair value of other non-current financial assets[39] - Asset impairment loss increased by 2,075,200 year-over-year, mainly due to increased provision for contract asset impairment[39] Assets and Liabilities - Total assets decreased from 5,790,350,720.78 to 5,663,734,821.97, a decline of 2.19%[31] - Total liabilities decreased from 1,126,467,178.33 to 978,024,354.93, a decline of 13.16%[31] - Total assets at the end of the quarter were 5,663,734,821.97 yuan, a decrease from 5,790,350,720.78 yuan at the beginning of the period[49] - Cash and cash equivalents decreased to 806,579,209.32 yuan from 1,094,386,640.73 yuan at the beginning of the period[45] - Accounts receivable increased to 1,708,390,778.27 yuan from 1,579,674,434.61 yuan at the beginning of the period[45] - Total equity attributable to the parent company's owners was 4,625,908,290.50 yuan, slightly up from 4,605,980,419.11 yuan at the beginning of the period[49] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 37,506[41] - Ge Hang holds 14.24% of the shares, totaling 220,519,182 shares, with 165,389,386 shares under restricted conditions[41] - Philips (China) Investment Co., Ltd. holds 10.01% of the shares, totaling 155,003,087 shares, all of which are unrestricted[41] - Zhejiang Xinsu Technology Co., Ltd. holds 2.50% of the shares, totaling 38,743,590 shares, all of which are unrestricted[41] - China Bank - Huabao CSI Medical ETF holds 2.33% of the shares, totaling 36,018,329 shares, all of which are unrestricted[41] - Hong Kong Securities Clearing Company Ltd. holds 1.93% of the shares, totaling 29,822,830 shares, all of which are unrestricted[41] - Zhang Lüzheng holds 1.88% of the shares, totaling 29,173,538 shares, with 21,880,153 shares under restricted conditions[41] - China Industrial and Commercial Bank - Caitong Asset Management Value Growth Mixed Fund holds 1.48% of the shares, totaling 22,877,306 shares, all of which are unrestricted[41] - Basic Pension Insurance Fund 1205 Portfolio holds 1.00% of the shares, totaling 15,425,640 shares, all of which are unrestricted[41] - China Construction Bank - China Merchants Flexible Allocation Mixed Fund holds 0.97% of the shares, totaling 15,000,000 shares, all of which are unrestricted[41] Earnings Per Share and Accounting Standards - Basic earnings per share remained stable at 0.01 yuan, consistent with the previous year[50] - The company will implement new accounting standards starting from 2024, which will affect the initial financial statements for the year[52] - The audit report has been reviewed and approved by the Board of Directors of Chuangye Huikang Technology Co., Ltd[52] Accounts Receivable and Financing - Accounts receivable financing increased by 69.95% due to higher bank acceptance bills[21]

1、本次计提信用减值准备和资产减值准备的原因 证券代码：300451 证券简称：创业慧康 公告编号: 2024-023 创业慧康科技股份有限公司 关于 2024 年第一季度计提信用减值准备和资产减值准备 的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 创业慧康科技股份有限公司（以下简称"公司"）根据《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》《企业会计准则》以 及公司相关会计政策的规定，在 2024 年第一季度计提了信用减值损失及资产减 值损失，现将具体情况公告如下： 一、本次计提信用减值准备和资产减值准备情况概述 | 项 目 | 确定组合的依据 | 计量预期信用损失的方法 | | --- | --- | --- | | 其他应收款——应收利息组合 其他应收款——应收股利组合 | 款项性质 | 参考历史信用损失经验， 结合当前状况以及对未来 经济状况的预测，通过违 | | | | 约风险敞口和未来12个月 | | 其他应收款——应收合并范围内 | | 内或整个存续期预期信用 | | 关联方组合 | | 损失率，计算预期信用损 ...

证 券 研 究 报 告 收入稳增长，Hi-HIS 迈向推广新阶段 目标价：4.50 元 2024 年 4 月 13 日，公司发布 2023 年年报：实现营业收入 16.16 亿元，同比增 长 5.81%；归母净利润 0.37 亿元，同比下滑 13.93%；归母扣非净利润 0.34 亿 元，同比下滑 27.44%。 评论： | --- | --- | --- | --- | --- | |---------------------|--------|--------|-------|-------| | | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 百万 ) | 1,616 | 1,898 | 2,252 | 2,683 | | 同比增速 (%) | 5.8% | 17.5% | 18.6% | 19.1% | | 归母净利润 ( 百万 ) | 37 | 161 | 227 | 309 | | 同比增速 (%) | -14.0% | 338.3% | 40.9% | 36.3% | | 每股盈利 ( 元 ) | 0.02 | 0.10 | 0.15 | 0.20 | | ...

多方位巩固龙头优势，盈利能力有望修复 | --- | --- | --- | --- | --- | |-------------------------------------------------------|---------------|----------------|----------------|----------------| | | | | | | | [Table_MainProfit] 指标 / 年度 营业收入（百万元） | 2023A | 2024E | 2025E | 2026E | | 增长率 | 1615.87 5.81% | 1867.72 15.59% | 2220.93 18.91% | 2648.48 19.25% | | 归属母公司净利润（百万元） | 36.69 | 202.17 | 277.08 | 390.26 | | 增长率 | -13.95% | 451.05% | 37.05% | 40.84% | | 每股收益 EPS （元） | 0.02 | 0.13 | 0.18 | 0.25 | | 净资产收益率 ROE | 0.98% | 5.12% | 6 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [23]. Core Insights - In 2023, the company achieved revenue of 1.616 billion yuan, a year-on-year increase of 5.81%, while the net profit attributable to shareholders decreased by 13.93% to 37 million yuan [2]. - The company has secured 29 software orders exceeding 10 million yuan each, totaling nearly 500 million yuan, indicating a robust demand in the healthcare information technology sector [2]. - The partnership with Philips is expected to enhance product offerings and drive growth, particularly in AI applications within healthcare [3][18]. Financial Performance Summary - Revenue for 2023 was 1.616 billion yuan, with a gross margin of 46.98%, down 2.41 percentage points year-on-year [2]. - The company forecasts revenues of 1.888 billion yuan, 2.249 billion yuan, and 2.642 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 16.84%, 19.11%, and 17.50% [3][19]. - The net profit is projected to rebound significantly, reaching 222 million yuan in 2024, reflecting a growth rate of 505.58% [3][19]. Operational Developments - The Hi-HIS system has been implemented in over 40 hospitals, with a significant portion being tertiary hospitals, showcasing the company's expanding footprint in the healthcare sector [9]. - The company has made necessary personnel preparations to handle the increasing order volume, although this has led to higher operational costs [2]. Market Position and Future Outlook - The strategic collaboration with Philips is anticipated to create synergies in product development and market reach, positioning the company favorably in the healthcare IT landscape [3][18]. - The report suggests maintaining attention on the company due to its focus on healthcare information technology and the expected recovery in industry demand [3].

业绩简评 客户结构持续优化，医保业务增长明显。分产品来看，公司软件 销售实现营收 6.83 亿元，同比增长 20.18%，主要系 Hi-HIS 等系 统打磨成熟，同时客户结构持续优化所致，2023 年公司新老客户 占比分别为 37%、63%。公司 2023 年在智慧医院和公共卫生领 域获得千万级以上软件订单 29 个，总金额近 5 亿元。公司 Hi-HIS 产品处于推广期，全年新签订单 22 个，订单金额同比大幅提升， 目前该系统已在全国 40 余家医院客户实施应用。分业务来看，公 司智慧医保相关系统销售额同比提升 204.58%，其中 DRG/DIP 产品线的合同数同比增长 217.39%，回款额同比增长 463.43%， 主要系国家医保局发布的《DRG/DIP 支付方式改革三年行动计划》 稳步推进，公司医保局端项目已覆盖全国 22 个三级医院和 77 家 二级及以下医疗机构。 风险提示 创业慧康 (300451.SZ) 经营分析 盈利预测 医疗信息化政策推进不及预期的风险；医药反腐对招标产生的不 确定性影响；与飞利浦协同不及预期的风险；市场竞争加剧的风 险；大股东质押风险；应收账款和存货偏高的风险。 市价 ...