Winning Health(SZ:300253) ZHONGTAI SECURITIES·2024-09-05 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 5.45 CNY per share [1]. Core Insights - The company's revenue for the first half of 2024 reached 1.224 billion CNY, representing a year-on-year growth of 2.68%, while the net profit attributable to shareholders was 30 million CNY, up 81.83% year-on-year [3][4]. - The core business of medical IT showed steady growth, with software sales and technical service revenue reaching 902 million CNY, a year-on-year increase of 1.83%. However, hardware sales declined by 21.18% [4]. - The internet medical business accelerated, achieving a revenue of 178 million CNY in the first half of 2024, with a growth rate of 44.25% [4]. - The company is focusing on medical AI investments, with R&D expenditures reaching 301 million CNY, accounting for 24.59% of revenue [4]. Financial Forecast and Valuation - The projected revenues for 2024, 2025, and 2026 are 3.669 billion CNY, 4.310 billion CNY, and 4.940 billion CNY, respectively. The corresponding net profits are expected to be 550 million CNY, 700 million CNY, and 880 million CNY [5]. - The price-to-earnings (P/E) ratios for the next three years are projected to be 21.4, 16.8, and 13.4, indicating a favorable valuation [5]. Business Performance - The company added over 20 new projects worth over 10 million CNY each in the fields of smart hospitals and grassroots health, laying a solid foundation for stable revenue growth [4]. - The internet medical business segments, including cloud medical, cloud pharmacy, and cloud insurance, all showed significant growth, with total revenue reaching 277 million CNY, a growth rate of 77.91% [4].