卫宁健康：互联网医疗健康业务增长显著，利润端改善明显

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 8.11, reflecting a PE of 35 times for 2024 [4][10]. Core Insights - The company achieved a revenue of RMB 1.22 billion in H1 2024, representing a year-on-year growth of 2.68%. The net profit attributable to shareholders was RMB 30 million, up 81.83% YoY, while the recurring net profit was RMB 21 million, up 147.62% YoY [9]. - The healthcare IT segment generated RMB 1.05 billion in revenue, down 2.12% YoY, with core product software sales increasing by 1.83% YoY. In contrast, the internet healthcare business saw a revenue increase of 44.25%, reaching RMB 178 million [9]. - The company is focusing on core business areas and enhancing project management and product delivery efficiency, which has led to growth in new orders and revenue across various sectors, including smart hospitals and primary healthcare [9]. - The innovative business segments, including "Cloud Medical," "Cloud Pharmacy," and "Cloud Insurance," reported significant revenue growth, with "Cloud Medical" achieving a 125.10% increase in revenue [2][9]. Financial Summary - The company forecasts revenues of RMB 3.64 billion, RMB 4.27 billion, and RMB 5.07 billion for 2024, 2025, and 2026, respectively, with expected growth rates of 15.2%, 17.3%, and 18.7% YoY [4][10]. - Net profit is projected to be RMB 501 million, RMB 668 million, and RMB 844 million for the same years, with growth rates of 39.8%, 33.5%, and 26.3% YoY [4][10]. - The report highlights a significant improvement in profitability, with a net profit margin expected to rise from 11.3% in 2023 to 16.6% by 2026 [6][10]. Business Development - The company is actively pursuing a share repurchase plan of RMB 40-80 million, indicating confidence in its future growth prospects [2][9]. - The WiNEX product line continues to expand, with hundreds of clients and successful implementations across various medical fields, enhancing the company's market position [9].