Investment Rating - The report maintains a "Buy" rating for the company, citing the potential of its self-developed medical vertical large language model and the growth prospects of its Health Management Platform and Solutions (HMPS) segment [4] Core Views - The company achieved positive adjusted EBITDA for the first time in FY2024, reaching RMB 31 million, with a significant narrowing of net loss to RMB 195 million from RMB 628 million in the previous year [2] - The Big Data Platform Solutions (BDPS) segment saw a 41.4% YoY revenue increase to RMB 314 million, driven by the launch of new products and the acceleration of YiduCore's iteration [2] - The Life Science Solutions (LSS) segment grew 28.1% YoY to RMB 324 million, with a 151.1% revenue retention rate among top 10 clients and a 75.4% increase in average customer spending [2] - The HMPS segment revenue declined 48.7% YoY to RMB 170 million due to strategic business focus, but gross margin improved significantly by 17.4 percentage points [2] Financial Performance - FY2024 revenue reached RMB 807 million, a slight increase of 0.3% YoY, with gross margin improving by 8.0 percentage points to 42.1% [2] - The company forecasts FY2025 and FY2026 revenues of RMB 910 million and RMB 1.112 billion, respectively, with expectations to turn profitable in FY2027 with a net profit of RMB 12 million [2] - The BDPS segment's gross margin improved to 43.7%, while the LSS segment's gross margin increased significantly by 14.6 percentage points to 32.1% [2] Business Segments - BDPS: The segment benefited from the launch of a full-disease database platform and new YiduEywa series products, with the number of top hospital clients increasing by 14 to 102 [2] - LSS: The company secured multiple high-profile projects, including a Phase III clinical trial project with Sumitomo Pharma and several retrospective real-world studies for a multinational corporation [2] - HMPS: The company focused on the "Huimin Insurance" business, expanding its market penetration to 4 provinces and 12 cities, and successfully piloted a digital diabetes therapy in Hainan [2] Technology and Innovation - YiduCore, the AI medical brain, accelerated its iteration with the completion of 6B, 13B, and 70B parameter model training, and became the first medical company to adapt to high-end chips across the entire chain [2] - The company's self-developed large model has been approved by the National Internet Information Office, enhancing its capabilities in medical AI [2] Market Position and Strategy - The company's strategic focus on high-margin businesses and AI-driven solutions is expected to improve customer spending and operational leverage, leading to potential profitability in the medium term [2] - The LSS segment's ability to deliver high-quality clinical evidence and disease knowledge graphs positions it well for increased market share in the long term [2]
医渡科技：2024财年年度业绩点评报告：FY24经调整EBITDA首次转正，AI医疗大脑YiduCore加速迭代