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. ...

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 ...

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]

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 4.50 yuan [7][26]. Core Views - The company achieved a revenue of 1.616 billion yuan in 2023, representing a year-on-year growth of 5.81%. However, the net profit attributable to the parent company decreased by 13.93% to 37 million yuan, and the net profit after deducting non-recurring items fell by 27.44% to 34 million yuan [7][10]. - The Hi-HIS system is entering a new phase of nationwide promotion, with a significant increase in order amounts year-on-year. The company signed 22 Hi-HIS-related orders in 2023, with a substantial increase in order value [7][10]. - The collaboration with Philips is expected to create a new growth engine for the business, focusing on the integration of medical information products and Philips' medical devices [7][10]. Financial Summary - The company forecasts revenue growth from 1.898 billion yuan in 2024 to 2.683 billion yuan in 2026, with corresponding net profits projected to rise from 161 million yuan to 309 million yuan during the same period [2][7]. - The earnings per share (EPS) is expected to increase from 0.10 yuan in 2024 to 0.20 yuan in 2026, with a price-to-earnings (P/E) ratio decreasing from 37 times to 19 times [2][7]. - The company is positioned in the first tier of domestic medical information software suppliers and is expected to benefit from supportive government policies in the healthcare information industry [7][10].

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].

Investment Rating - The investment rating for the company is "Buy" [23][30]. Core Insights - The company has shown significant growth in its software sales, achieving revenue of 683 million RMB, a year-on-year increase of 20.18%, driven by the maturity of products like Hi-HIS and an optimized customer structure [2]. - The company secured 29 software orders exceeding 10 million RMB in the smart hospital and public health sectors, totaling nearly 500 million RMB [2]. - The sales of the company's smart medical insurance systems increased by 204.58%, with the contract number for the DRG/DIP product line growing by 217.39% and the collection amount increasing by 463.43% [2]. - The company is expected to achieve revenues of 2.023 billion RMB, 2.555 billion RMB, and 3.241 billion RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 25.20%, 26.31%, and 26.82% [23][26]. Summary by Sections Performance Review - In 2023, the company reported total revenue of 1.616 billion RMB, a 5.81% increase year-on-year, and a net profit attributable to shareholders of 37 million RMB, a decrease of 13.93% [22]. Business Analysis - The company has successfully launched the CTasy 1.0 electronic medical record product in collaboration with Philips, which is expected to become a new growth engine [23]. - The partnership with Philips extends beyond software sales to include medical device sales and agency services [23]. Profit Forecast - The forecast for net profit attributable to shareholders is 311 million RMB, 417 million RMB, and 515 million RMB for 2024, 2025, and 2026, respectively, with substantial growth rates of 746.42%, 34.35%, and 23.35% [23][26].

Health Solutions and Services - The company has established a comprehensive smart health solution to support regional health information service systems, focusing on achieving full population coverage and integrated health information services[1]. - The company has been awarded a 10-year franchise by the health bureau of a city in Guangdong province to operate a health service platform, integrating various health services and promoting the city's health industry development[5]. - The company is participating in health city construction in a city in Zhejiang province, aiming to enhance medical service efficiency and promote equal access to healthcare services[5]. - The company has implemented a new service model that integrates medical and elderly care services, enhancing community support for the elderly[5]. - The company has developed a community health service information system in a provincial capital city, standardizing electronic health records for residents[3]. - The company has upgraded the information technology of a nursing home in Suzhou, integrating internet and IoT services to improve management and care quality[3]. - The "Health Wenzhou" platform achieved over 1 million user connections and covered 310 medical institutions, while "Health Zhongshan" registered 3.14 million users[44]. Technology and Innovation - The company has formed a strategic partnership with Zhejiang University to advance AI technology in clinical medicine and public health[11]. - The company has launched the CareSync electronic medical record product in collaboration with Philips, designed to meet the needs of various healthcare service providers[14]. - The company has achieved a four-level or above rating for interconnectivity with 39 clients, facilitating data sharing among healthcare institutions[13]. - The company has completed multiple projects aimed at enhancing emergency medical processes and integrating AI technologies into healthcare services, achieving all technical indicators[33]. - The company’s smart medical assistant has been successfully implemented in the Zhejiang University Medical College Affiliated Obstetrics and Gynecology Hospital[19]. - The company is actively participating in industry forums and standard-setting for medical IoT, reinforcing its position as a leading enterprise in the sector[16]. - The company is focusing on the integration of AI into healthcare, developing a unified platform that aggregates various AI applications to provide customized solutions for clients[114]. - The company is developing a smart medical imaging big data analysis platform to improve diagnostic accuracy and reduce costs for patients[74]. Financial Performance and Investments - As of the end of the reporting period, the new smart medical insurance business has covered 13 provinces and 11 cities, with sales increasing by 204.58% year-on-year in 2023; the DRG/DIP product line saw contract numbers rise by 217.39% and collection amounts by 463.43%[17]. - Research and development investment reached ¥339,476,026.88 in 2023, accounting for 21.01% of total revenue, an increase from 20.83% in 2022[34]. - The company reported a revenue growth of 15% year-over-year for the fiscal year 2023, reaching a total of 1.2 billion RMB[200]. - The company has a remaining balance of ¥24.52 million in raised funds as of December 31, 2023, which will be transferred to the company's basic settlement account for working capital[75]. - The total investment amount for the reporting period was ¥386,482,666.01, a decrease of 29.14% compared to ¥545,387,398.25 in the same period last year[85]. - The company reported a significant increase in trading financial assets, with a fair value change of ¥42,378.08 and a purchase amount of ¥117,100,000.00 during the reporting period[65]. - The company plans to distribute a cash dividend of 0.1 yuan per 10 shares (including tax) to all shareholders, with no bonus shares issued[161]. Market Strategy and Growth - The company is expanding its innovative business segments and exploring sustainable development in its operations[14]. - The company is actively responding to new economic and industrial conditions by promoting new product development and technological innovation while expanding its market reach and national sales network[177]. - The company aims to strengthen its market position and enhance its core competitiveness by broadening its product line and health service ecosystem to improve profitability[178]. - The company is focusing on expanding its market presence and adjusting product development strategies based on user demand and market competition, while maintaining robust financial controls[154]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 200 million RMB allocated for this purpose[200]. - Market expansion plans include entering three new provinces in China, targeting a 10% market share in these regions by 2025[200]. Challenges and Risks - In 2023, the company faced increased personnel costs and implementation expenses due to rapid order growth, leading to a decline in profit performance[40]. - The company acknowledges the uncertainty in its operations due to potential changes in national policy and macroeconomic conditions that could affect the healthcare information technology sector[195]. - The company faces risks related to market competition and potential resource shortages that could impact its market expansion plans[169]. - The company is actively managing risks related to external acquisitions and the potential impairment of goodwill due to changes in the macroeconomic environment[159]. - The company is implementing measures to balance project implementation and improve cash collection processes to mitigate seasonal operational risks[157]. Research and Development - The number of R&D personnel constitutes 35.54% of the workforce, reflecting a slight decrease from 36.20%[30]. - The company aims to enhance its R&D efforts by collaborating with renowned universities and research institutions to develop new products, addressing the risks associated with technology and product development[152]. - The company plans to enhance its R&D investment and closely monitor industry trends and innovations to maintain its core competitive advantages in user numbers and technology[172]. - The company is committed to enhancing its talent management strategies to retain high-level technical and managerial talent, ensuring stability and productivity within its core team[128]. Future Outlook - The company has provided a revenue guidance of 1.5 billion RMB for the next fiscal year, representing a projected growth of 25%[200]. - New product launches are expected to contribute an additional 300 million RMB in revenue in 2024[200]. - The company anticipates a gradual recovery in the healthcare informationization industry despite facing challenges in 2023[40]. - The company aims to transition from an IT information product service company to a technology cloud ecosystem enterprise, following the "Health China 2030" plan and the "HDAI" strategy for integrated medical and health intelligent product development[110].

证券代码：300451 证券简称：创业慧康 公告编号：2024-018 创业慧康科技股份有限公司 第八届监事会第四次会议决议公告 本公司及监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"或"本公司"）第八届监事 会第四次会议的通知于 2024 年 4 月 2 日以邮件、传真等方式向各位监事发出， 并于 2024 年 4 月 12 日在公司二楼会议室以现场会议的方式召开。会议应到监事 3 名，实到监事 3 名。会议的召开及表决符合《中华人民共和国公司法》《创业 慧康科技股份有限公司章程》等有关规定。 经表决，形成如下决议： 一、审议通过了《关于<2023 年度监事会工作报告>的议案》 本议案尚需提交 2023 年年度股东大会审议。 二、审议通过了《关于<2023 年年度报告及摘要>的议案》 经审核，监事会认为：董事会编制和审核公司 2023 年年度报告的程序符合 法律、法规和中国证监会的有关规定，报告内容真实、准确、完整地反映了公司 2023 年度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登在中 ...

经核查独立董事蔡家楣先生、刘海宁先生、谭青女士和凌云先生的任职经历 以及签署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关 系或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情 况。因此，公司独立董事符合《上市公司独立董事管理办法》《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》中对独立董事独立 性的相关要求。 创业慧康科技股份有限公司 董事会 2024 年 4 月 12 日 创业慧康科技股份有限公司 董事会关于独立董事独立性自查情况的专项意见 根据证监会《上市公司独立董事管理办法》《深圳证券交易所创业板股票上 市规则》《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》等要求，创业慧康科技股份有限公司（以下简称"公司"）董事会，就 公司在任独立董事蔡家楣先生、刘海宁先生、谭青女士和凌云先生的独立性情况 进行评估并出具如下专项意见： ...