Winning Health(SZ:300253) Guohai Securities·2024-11-01 11:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Insights - The company reported a revenue of 1.913 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 0.65%. The net profit attributable to shareholders was 155 million yuan, up 1.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 142 million yuan, showing a significant increase of 58.95% year-on-year [1] - The company is focusing on its core business and continuously improving product maturity, which has led to a stable performance in the medical and healthcare sector. The demand in this sector is expected to stabilize and rebound [1][4] - The WiNEX product line is transitioning from a pilot phase to a mature promotion phase, with significant upgrades across over 1,200 functional modules, enhancing the company's competitiveness in the medical informationization market [4] Financial Performance Summary - For the first three quarters of 2024, the company's revenue growth was steady, with a sales gross margin of 41.04%, a slight decrease of 1.12 percentage points year-on-year. The net profit margin was 7.18%, an increase of 1.35 percentage points year-on-year [1] - The company achieved a sales collection of 1.803 billion yuan, a year-on-year increase of 11.54%, which is significantly higher than the revenue growth rate during the same period [1] - The company expects revenues of 3.508 billion yuan in 2024, 4.235 billion yuan in 2025, and 5.143 billion yuan in 2026, with corresponding net profits of 426 million yuan, 566 million yuan, and 773 million yuan respectively [5][6][8]