Jiuyuan Yinhai(002777) Minsheng Securities·2024-10-30 22:31Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company, as a core beneficiary in the healthcare data element industry, has a strong industry foundation. Despite short-term pressure on cash collection due to macroeconomic factors, the company has sufficient orders on hand and significant long-term potential. The healthcare data operation is expected to become a breakthrough point in the industry, accelerating the development of "data elements x" [2]. - The company reported total revenue of 668 million yuan for the first three quarters of 2024, a year-on-year decrease of 16.84%. The net profit attributable to the parent company was 18.81 million yuan, down 83.53% year-on-year [2]. - The report forecasts the company's revenue for 2024-2026 to be 1.509 billion yuan, 1.749 billion yuan, and 2.059 billion yuan, respectively, with net profits of 202 million yuan, 242 million yuan, and 309 million yuan, corresponding to PE ratios of 44, 36, and 29 times [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 42.63% and a net margin of 2.03%. The total of selling, administrative, and financial expenses was 192 million yuan, accounting for 28.68% of revenue [2]. - The company reported earnings per share of 0.05 yuan, a decrease of 82.14% year-on-year, and a net asset value per share of 4.02 yuan, an increase of 1.45% year-on-year [2]. - The report highlights a significant increase in accounts receivable, which accounted for 316.72% of the latest annual net profit [2]. Future Projections - The company is expected to see revenue growth rates of 12.06%, 15.90%, and 17.69% for the years 2024, 2025, and 2026, respectively [3][5]. - The projected net profit growth rates for the same period are 20.25%, 20.09%, and 27.45% [5]. - The report indicates that the company will maintain a strong position in the market due to its first-mover advantage and niche positioning in the healthcare data sector [2].