Winning Health(300253) 国泰君安·2024-09-12 05:07Investment Rating - The report maintains a rating of "Accumulate" for the company [2] - The target price is set at 10.37 CNY, unchanged from the previous forecast [2] Core Insights - The company's new generation WiNEX product empowers high-quality development in hospitals, enhancing delivery efficiency with a "ready-to-use" model [3] - Innovative business revenue is growing rapidly, with significant reductions in losses, contributing to notable performance growth [3] Financial Summary - The report forecasts EPS growth of 50% and 44% for 2024 and 2025, respectively, with a new forecast of 0.46 CNY for 2026, representing a 29% increase [5] - In H1 2024, the company's net profit attributable to shareholders increased by 82%, with a significant decrease in expense ratios [5] - Revenue for H1 2024 reached 1.22 billion CNY, a 2.7% year-on-year increase, with the internet healthcare segment growing by 44% [5] - The company has a total market capitalization of 11.34 billion CNY and a current price of 5.25 CNY [6] Business Development - The WiNEX product has been adopted by hundreds of users nationwide, establishing benchmarks for medical digitalization across various sectors [5] - The "Cloud Medical," "Cloud Pharmacy," and "Cloud Insurance" businesses are progressing steadily, with innovative business revenue in H1 2024 reaching 280 million CNY, a 78% year-on-year increase [5] - The company signed contracts worth 126 million CNY in the insurance sector, marking a 60% year-on-year growth [5]