Winning Health(300253) 国泰君安·2024-11-03 06:41Investment Rating - The report maintains a rating of "Buy" for the company [6] Core Views - The company's financial indicators continue to recover, and the full-scale promotion of the enhanced WiNEX product is expected to open up growth space for its main business [3] - The company has adjusted its EPS forecasts for 2024-2026 to 0.21 (-0.04), 0.28 (-0.08), and 0.36 (-0.10) yuan, while maintaining a target price of 10.37 yuan [4] - The company’s revenue for the first three quarters was 1.91 billion yuan, a year-on-year increase of 0.7%, with a focus on high-quality development by abandoning low-quality projects [4] Financial Summary - Revenue for 2022 was 3,093 million yuan, with projections of 3,163 million yuan for 2023, 3,337 million yuan for 2024, 3,716 million yuan for 2025, and 4,242 million yuan for 2026 [5] - Net profit attributable to the parent company for 2022 was 109 million yuan, with projections of 358 million yuan for 2023, 457 million yuan for 2024, 604 million yuan for 2025, and 772 million yuan for 2026 [5] - The company reported a non-net profit of 1.42 billion yuan for the first three quarters, a year-on-year increase of 59% [4] Business Performance - The internet healthcare revenue grew by 53% year-on-year, accounting for 16% of total revenue, while the medical health information revenue decreased by 6%, accounting for 84% [4] - The company’s operating cash flow improved, with sales collection reaching 1.803 billion yuan, a year-on-year increase of 12% [4] - The enhanced WiNEX product was officially launched on October 19, 2024, with improved digital, cloud, and AI capabilities [4]