Core Viewpoint - Citigroup maintains a "Buy" rating for Yidu Tech and raises its target price to HKD 11, anticipating a potential upside of over 96% for the stock [1] Group 1: Company Positioning - Yidu Tech is positioned as a leading player in the domestic AI healthcare sector, leveraging favorable policies, deep industry experience, and a comprehensive product portfolio to secure a core position in the wave of healthcare AI infrastructure development [1] - The company has embedded itself in national AI healthcare application pilot projects in regions like Beijing and Henan, enhancing operational efficiency in medical institutions and alleviating the burden on healthcare personnel through products like Doctor Copilot [1] Group 2: Policy and Market Opportunities - The macro policy push for "AI + Healthcare" in China provides a clear growth path for Yidu Tech, with plans to establish multiple national pilot bases by 2027 and achieve widespread AI technology coverage in secondary hospitals by 2030 [1] - The company's WeChat mini-program "Yidu Qianyu" demonstrates solid technical capabilities, ranking alongside top products in accuracy and traceability, thus supporting both To-G (government and hospitals) and To-C (consumer) business models [1] Group 3: Financial Projections - Citigroup recognizes Yidu Tech's strong foundation in medical data governance and knowledge construction, attributing its unique advantage to the large scale and quality of data sourced from top hospitals [2] - The company's To-G business segment shows more predictable profitability compared to consumer applications, benefiting directly from increased hospital AI budgets and national project tenders [2] - Citigroup has adjusted its financial forecasts for Yidu Tech, projecting a 17% and 30% year-on-year growth in big data platform revenue for fiscal years 2026 and 2027, respectively, with a potential break-even point in fiscal year 2026 [2]
花旗研报：医渡科技AI技术及业务壁垒深厚，目标价上调至11港元