Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [11]. Core Insights - The company achieved a revenue of 807 million RMB for FY2024, a slight increase of 0.3% year-on-year. The adjusted EBITDA turned positive for the first time, reaching 31 million RMB, while the net loss narrowed significantly from 628 million RMB to 195 million RMB [2][3]. - The Big Data Platform Solutions (BDPS) segment saw a revenue increase of 41.4% year-on-year, totaling 314 million RMB, with a gross margin of 43.7%. The number of top-tier hospital and regulatory clients increased to 102 and 43, respectively [2]. - The Life Sciences Solutions (LSS) segment reported a revenue of 324 million RMB, up 28.1% year-on-year, with a gross margin of 32.1%. The revenue retention rate for the top 10 clients was 151.1%, and the average revenue per client increased by 75.4% [2]. - The Health Management Platform and Solutions (HMPS) segment experienced a revenue decline of 48.7% to 170 million RMB, primarily due to strategic focus adjustments. However, the gross margin improved to 58.1% [2]. Financial Summary - For FY2024, the company forecasts revenues of 910 million RMB for FY2025 and 1.112 billion RMB for FY2026, with a projected revenue of 1.341 billion RMB for FY2027 [3][8]. - The net loss is expected to decrease to 187 million RMB in FY2025 and 82 million RMB in FY2026, with a forecasted net profit of 12 million RMB in FY2027 [3][8]. - The report highlights a significant improvement in operational quality and a narrowing of losses, indicating a positive trend in the company's financial health [4].
医渡科技：FY24经调整EBITDA首次转正，AI医疗大脑YiduCore加速迭代