Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][8]. Core Insights - The company reported a revenue of 243 million RMB for the first half of 2024, representing a year-on-year growth of 40.3%, and a net profit attributable to shareholders of 147 million RMB, up 48.6% year-on-year [1]. - The user base of the company's platform continues to grow, with nearly 7 million registered users, including over 4 million licensed physicians, covering 88% of licensed physicians nationwide [2]. - The revenue from precision marketing and enterprise solutions reached 226 million RMB, a 42.7% increase year-on-year, with the number of cooperative medical clients growing by 27.4% to 158 [2]. - The company expects to achieve revenues of 541 million RMB, 712 million RMB, and 928 million RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 31.4%, 31.5%, and 30.4% [3][5]. Summary by Sections Performance Overview - In H1 2024, the company achieved a revenue of 243 million RMB, a 40.3% increase year-on-year, and a net profit of 147 million RMB, up 48.6% year-on-year [1]. Business Analysis - The platform's monthly active users reached 2.5 million, a 13.6% increase year-on-year, supporting targeted marketing and patient management solutions [2]. - Revenue from intelligent patient management solutions grew by 27.7% to 9.38 million RMB, with the number of participating patients increasing by 46.9% [2]. - The gross margin remained stable at 60.5%, with a slight decrease of 0.1 percentage points year-on-year [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 267 million RMB, 284 million RMB, and 304 million RMB for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19.3, 18.2, and 17.0 [3][5].
医脉通：港股公司点评：用户活跃度持续提升，精准营销收入高增