Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of HKD 10.38 to 10.38 [8] Core Views - The company achieved revenue of RMB 243 million in H1 2024, a YoY increase of 40.3%, and net profit attributable to shareholders of RMB 147 million, a YoY increase of 48.6% [1] - Adjusted net profit attributable to shareholders, excluding interest income, was RMB 52 million, a YoY increase of 40.1% [1] - The company's platform, Yimaitong, has nearly 7 million registered users, including over 4 million licensed physicians, covering 88% of licensed physicians in China [2] - Monthly active users (MAU) reached 2.5 million, a YoY increase of 13.6% [2] Business Analysis Platform Performance - Yimaitong's high physician coverage and user activity provide a solid foundation for precision marketing and intelligent patient management solutions [2] - The number of participating patients reached 457,000, a YoY increase of 46.9%, and the number of cooperating physicians reached 134,000, a YoY increase of 50.6% [2] Revenue Breakdown - Precision marketing and enterprise solutions revenue reached RMB 226 million, a YoY increase of 42.7%, with 158 medical clients, a YoY increase of 27.4% [2] - Medical knowledge solutions revenue was RMB 8.422 million, a YoY increase of 4.5%, driven by user growth [2] - Intelligent patient management solutions revenue was RMB 9.381 million, a YoY increase of 27.7% [2] Cost and Efficiency - Gross margin remained stable at 60.5%, slightly down by 0.1 percentage points YoY [2] - Sales expense ratio and management expense ratio (excluding R&D) decreased by 2.4 and 3.8 percentage points YoY, respectively, due to economies of scale [2] - R&D expenses as a percentage of revenue increased by 1.9 percentage points YoY, mainly due to investments in large model product development [2] Financial Forecasts - Revenue is expected to grow to RMB 541 million in 2024, RMB 712 million in 2025, and RMB 928 million in 2026, with YoY growth rates of 31.4%, 31.5%, and 30.4%, respectively [3] - Net profit attributable to shareholders is forecasted to be RMB 267 million in 2024, RMB 284 million in 2025, and RMB 304 million in 2026, with YoY growth rates of 10.3%, 6.2%, and 7.0%, respectively [3] - The company's P/E ratio is expected to be 19.3x in 2024, 18.2x in 2025, and 17.0x in 2026 [3] Historical Performance - Revenue in 2022 was RMB 314 million, growing to RMB 412 million in 2023, with YoY growth rates of 10.41% and 31.19%, respectively [5] - Net profit attributable to shareholders in 2022 was RMB 117 million, increasing to RMB 242 million in 2023, with YoY growth rates of 188.85% and 106.53%, respectively [5] - ROE (attributable to shareholders) improved from 2.67% in 2022 to 5.27% in 2023 [5]
医脉通：用户活跃度持续提升，精准营销收入高增