Investment Rating - The report maintains an "Outperform" rating for the company with a target price raised to 6.71 RMB from 5.25 RMB, reflecting a forward PE of 70x for 2025 [1][10]. Core Insights - The company is experiencing short-term pressure on revenue and profit due to project delays, with 2024 revenue projected at 1.42 billion RMB, a decrease of 11.96% year-on-year, and a net loss of 174 million RMB [11]. - Despite the challenges, the company is expanding its smart healthcare and public health business, with significant software orders and the implementation of its "Huikang Cloud" strategy [12]. - The integration of AI technologies is accelerating, with the launch of new products and platforms aimed at enhancing healthcare services and operational efficiency [13]. Financial Summary - Revenue projections for 2025-2027 are 1.61 billion RMB, 1.85 billion RMB, and 2.17 billion RMB, representing year-on-year growth rates of 13.4%, 14.8%, and 17.0% respectively [10][11]. - Net profit attributable to shareholders is expected to recover to 148 million RMB in 2025, with EPS projected at 0.10 RMB [10][11]. - The company reported a significant decline in net profit for 2024, with a loss of 174 million RMB compared to a profit of 37 million RMB in the previous year [11].

Industry Overview and Core Value - AI in healthcare utilizes machine learning and computer vision to analyze medical data, aiming to enhance efficiency, reduce costs, and optimize patient experience [1][14] - The Chinese government has introduced policies to promote AI integration in healthcare, identifying 84 application scenarios [1][22] Development History and Market Size - The development of AI in healthcare in China can be divided into three phases: the nascent phase (1978-2015), the starting phase (2015-2021), and the exploratory phase (2021-present) [2][25] - The market size for AI healthcare in China is projected to reach 115.7 billion yuan by 2025 and 159.8 billion yuan by 2028, with a CAGR of 10.5% [2][39] Industry Chain and Segmentation - The AI healthcare industry chain includes upstream (data, algorithms, computing power), midstream (computer vision, NLP), and downstream (imaging, pharmaceuticals, health management) [3][43] - Key segments include: - AI Medical Imaging: Expected market size of approximately 7.45 billion yuan in 2024, growing to 23.57 billion yuan by 2026 [3] - AI Pharmaceuticals: Global market size projected at 2.994 billion USD in 2024 [3] - AI Health Management: Market size nearing 1.4 trillion yuan in 2024 [3] Challenges and Future Trends - Current challenges include insufficient data standardization, privacy protection, and high implementation costs [4] - Future trends involve: - Deepening technology integration, such as combining large models with multimodal technologies [4] - Promoting domestic production and self-control in hardware and algorithms [4] - Expanding application scenarios from hospitals to grassroots healthcare [4] - Policy-driven commercialization in areas like telemedicine and imaging recognition [4] Representative Company Layout - Key companies in the AI healthcare sector include: - Xiangsheng Medical: Portable ultrasound devices recognized internationally [5] - RunDa Medical: Integration of in vitro diagnostics with AI [5] - United Imaging: High-end imaging equipment with over 20% market share [5] - iFlytek Medical: Comprehensive coverage of the medical process with its large model [5]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [17]. Core Views - The company is experiencing a steady advancement in smart healthcare, with its Hi-HIS system moving towards a new phase of nationwide promotion [7]. - In 2024, the company reported a revenue of 1.423 billion yuan, a year-on-year decline of 11.96%, and a net loss attributable to shareholders of 174 million yuan, compared to a profit of 37 million yuan in the previous year [1][3]. - The first quarter of 2025 saw a revenue of 290 million yuan, down 22.67% year-on-year, with a net loss of 16 million yuan, marking the first quarterly loss [1][3]. Financial Performance Summary - The total revenue for 2024 was 1.423 billion yuan, with a projected increase to 1.596 billion yuan in 2025, reflecting a growth rate of 12.2% [3]. - The net profit attributable to shareholders is expected to recover from a loss of 174 million yuan in 2024 to a profit of 77 million yuan in 2025, indicating a significant turnaround [3]. - The gross margin for 2024 was 45.18%, which is a decrease of 1.80 percentage points from the previous year, while the gross margin for Q1 2025 improved to 55.12%, an increase of 3.51 percentage points [7]. Market Position and Growth Potential - The company is positioned among the top tier of domestic healthcare information software providers and is expected to benefit from the ongoing push for healthcare informationization [7]. - In 2024, the company secured 31 new software orders in the smart healthcare and public health sectors, totaling 580 million yuan, with a year-on-year increase of 41% in order quantity [7]. - The company aims to achieve revenues of 1.596 billion yuan, 1.795 billion yuan, and 2.010 billion yuan for the years 2025, 2026, and 2027, respectively [7].

Group 1 - The core viewpoint of the news is that Chuangye Huikang (300451) has experienced a decline in stock price and significant decreases in revenue and net profit in its latest quarterly report [1][3] - As of May 16, 2025, Chuangye Huikang's stock closed at 5.37 yuan, down 0.19%, with a turnover rate of 2.65% and a trading volume of 405,000 hands, amounting to 218 million yuan [1] - The company's latest quarterly report shows total operating revenue of 290 million yuan, a year-on-year decrease of 22.67%, and a net profit attributable to shareholders of 15.64 million yuan, a year-on-year decrease of 226.60% [1] Group 2 - The company has a current liquidity ratio of 2.758, a quick ratio of 2.423, and a debt-to-asset ratio of 19.82% [1] - Chuangye Huikang has made investments in 56 companies and participated in 5,000 bidding projects, indicating active engagement in the market [2] - The company holds 43 trademark registrations and 116 patents, along with 64 administrative licenses, showcasing its intellectual property portfolio [2]

证券代码：300451 证券简称：创业慧康 公告编号：2025-030 创业慧康科技股份有限公司 关于 5%以上股东部分股份解除质押及进行质押的公告 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。 特别风险提示： 截至本公告日，创业慧康科技股份有限公司（以下简称"公司"）5%以上 股东葛航先生累计质押 205,074,831 股公司股票，占其所持股份的 99.99%，其质 押比例没有发生变动。 公司于近日收到 5%以上股东葛航先生的通知，获悉葛航先生将持有的本公 司部分股票与国元证券股份有限公司（以下简称"国元证券"）办理了解除质押 交易；同时与巢湖新投房地产开发有限公司（以下简称"巢湖新投"）办理了质 押手续，现将具体内容公告如下： 二、股东股份质押的基本情况 三、股东股份累计被质押的情况 股东 名称 是否为第一大股 东及一致行动人 本次解除质押 股数（股） 质押开始 日期 解除质 押日期 质权人 占其所持股 份比例（%） 占公司总股 份比例（%） 葛航 是 2,728,300 2023 年 8 月 8 日 2025年5 月 14 日 国元 证券 1.33 0. ...

Group 1 - The DRG/DIP concept declined by 3.30%, ranking among the top declines in the concept sector, with notable declines in companies such as Chuangying Huikang, ST Yilianzhong, and Jiahe Meikang [1][2] - The DRG/DIP concept experienced a net outflow of 4.92 billion yuan in main funds, with 19 stocks seeing net outflows, and 13 stocks with outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Donghua Software, with a net outflow of 1.26 billion yuan, followed by Chuangying Huikang, Weining Health, and Dian Diagnosis [2][3] Group 2 - The top stocks with net outflows in the DRG/DIP concept included Donghua Software (-3.97%), Chuangying Huikang (-6.76%), and Weining Health (-4.60%) [2][3] - Conversely, the stocks with net inflows included Huaping Co., Guoke Hengtai, and Wanda Information, with net inflows of 238.84 million yuan, 166.15 million yuan, and 121.00 million yuan respectively [2]

证券代码：300451 证券简称：创业慧康 公告编号：2025-029 创业慧康科技股份有限公司 关于股东部分股份被司法再冻结的公告 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。 重要内容提示： 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次冻结股 份数量 占其所持 股份比例 占公司总 股本比例 是否为 限售股 起始日 到期日 冻结申请人 原因 葛航 是 114,297,500 55.73% 7.38% 否 2025- 5-12 2028- 5-11 杭州市中级人 民法院 司法再 冻结 一、股东股份被冻结的基本情况 葛航先生答复，本次司法再冻结系因其高比例质押股份丧失流动性所致，其 整体资产足以覆盖全部负债，目前葛航先生正在积极与质权人协商，筹措资金用 于化解债务。 创业慧康科技股份有限公司（以下简称"公司"）5%以上股东葛航先生持 有公司 205,074,982 股，占公司总股本的 13.24%；其本次被司法再冻结数量为 114,297,500 股，占公司总股本的 7.38%。 风险提示：公司自 2023 年 8 月 25 日处于无控股股东、 ...

截至本公告日，创业慧康科技股份有限公司（以下简称"公司"）5%以上 股东葛航先生累计质押 205,074,831 股公司股票，占其所持股份的 99.99%，其质 押比例没有发生变动。 公司于近日收到 5%以上股东葛航先生的通知，获悉葛航先生将持有的本公 司部分股票与国元证券股份有限公司（以下简称"国元证券"）办理了解除质押 交易；同时与巢湖新投房地产开发有限公司（以下简称"巢湖新投"）办理了质 押手续，现将具体内容公告如下： 证券代码：300451 证券简称：创业慧康 公告编号：2025-028 创业慧康科技股份有限公司 关于 5%以上股东部分股份解除质押及进行质押的公告 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。 特别风险提示： 二、股东股份质押的基本情况 | 股东 | 是否为第一 | 本次质押 | 质押开始 | | 质押到 | 质权 | 占其所 | 占公司 | 是否为 | | 是否为补 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东 ...

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。 特别风险提示： 截至本公告日，创业慧康科技股份有限公司（以下简称"公司"）5%以上 股东葛航先生累计质押 205,074,831 股公司股票，占其所持股份的 99.99%，其质 押比例没有发生变动。 证券代码：300451 证券简称：创业慧康 公告编号：2025-027 创业慧康科技股份有限公司 关于 5%以上股东部分股份解除质押及进行质押的公告 三、公司股东股份质押情况 1、本次股份质押融资不涉及用于满足上市公司生产经营相关需求。 公司于近日收到 5%以上股东葛航先生的通知，获悉葛航先生将持有的本公 司部分股票与国元证券股份有限公司（以下简称"国元证券"）办理了解除质押 交易；同时与巢湖新投房地产开发有限公司（以下简称"巢湖新投"）办理了质 押手续，现将具体内容公告如下： 二、股东股份质押的基本情况 | 股东 | 是否为第一 大股东及一 | 本次质押 | 质押开始 | | 质押到 | 质权 | 占其所 持股份 | 占公司 总股份 | 是否为 | 用途 | 是否为补 | | --- | --- | --- | --- ...

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]