创业慧康(300451)：业绩短期承压 千万级订单同比增长

Core Viewpoint - The company reported a significant decline in revenue and a shift to net loss in the first half of 2025, primarily due to project delays and the early-stage delivery cycle of new products, particularly Hi-HIS [1][2]. Financial Performance - The company achieved a revenue of 577 million yuan in H1 2025, a year-on-year decrease of 20.65% [1]. - The net profit attributable to shareholders was -81 million yuan, compared to a profit of 27 million yuan in the same period last year [1]. - In Q2 2025, revenue was 286 million yuan, down 18.48% year-on-year, with a net profit of -65 million yuan, reversing from a profit of 15 million yuan in Q2 2024 [1]. Cost and Margin Analysis - The gross margin for H1 2025 was 51.45%, a decrease of 2.76 percentage points year-on-year [2]. - The sales, management, and R&D expense ratios were 7.47%, 18.96%, and 25.96%, respectively, with year-on-year changes of -1.06, +3.5, and +6.95 percentage points [2]. - R&D investment reached 215 million yuan, accounting for 37.32% of revenue, an increase of 14.62 percentage points year-on-year [2]. Product Development and Innovation - The company upgraded its product from HuiKang Cloud 1.0 to 3.0, transitioning from basic cloud services to an intelligent ecosystem [2]. - AI technology has been integrated into products, with significant results from the pilot launch of the AI Patient Tracking System (APTS) [2]. - The company is actively expanding its business boundaries in the fields of medical internet and smart health insurance, with a 3% year-on-year increase in new smart health insurance projects [2]. Strategic Partnerships and Collaborations - The company established a joint laboratory with Zhejiang University to develop AI medical products, focusing on the "启真" medical model and APTS, which has been implemented in dozens of hospitals [4]. - The collaboration aims to create a closed-loop system of production, learning, research, and application, covering various medical scenarios [4]. Future Outlook and Valuation - The company maintains its revenue forecast for 2025-2027 at 1.607 billion, 1.821 billion, and 2.071 billion yuan, respectively [5]. - A target price of 7.26 yuan is set, based on a 7.0 times price-to-sales ratio for 2025, reflecting the early-stage promotion of the Hi-HIS product [5].