B-SOFT(300451) Guotou Securities·2024-08-31 03:01Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 4.09 CNY, compared to the current stock price of 3.33 CNY [6][10]. Core Insights - The company achieved a revenue of 727 million CNY in the first half of 2024, representing a year-on-year growth of 3.17%. The medical industry segment contributed 693 million CNY, growing by 8.61% [3][4]. - The net profit attributable to shareholders reached 27.376 million CNY, up 14.03% year-on-year, while the net profit excluding non-recurring items was 25.217 million CNY, marking a significant increase of 36.77% [3][4]. - The company has seen a substantial increase in large orders, with orders exceeding 30 million CNY growing by 110.83% compared to the same period last year, enhancing its competitive advantage and market share [4][5]. Financial Performance - The company's gross margin improved to 54.21%, an increase of 2.33 percentage points year-on-year. The revenue breakdown shows software sales at 287 million CNY (YoY +0.02%), technical services at 293 million CNY (YoY +9%), and system integration at 79.67 million CNY (YoY +9.53%) [4]. - The projected revenues for 2024, 2025, and 2026 are 1.857 billion CNY, 2.125 billion CNY, and 2.416 billion CNY, respectively, with net profits expected to be 181 million CNY, 266 million CNY, and 337 million CNY [10][12]. Strategic Developments - The company is actively expanding its collaboration with Philips, with over 50 ongoing projects for its HI-HIS product, primarily in tertiary hospitals. The product has already been implemented in 12 hospitals [5]. - The company has successfully launched the "Jiangxi Province Grassroots AI-Assisted Smart Medical System," which is the first of its kind in the country, covering extensive healthcare functionalities across the province [5].