创业慧康：业绩承压，Hi-HIS深化推广有望提升盈利能力

Investment Rating - The report maintains a "Buy" rating for Chuangxin Huikang (300451 SZ) with a target price of 5 47 RMB per share [4] Core Views - Chuangxin Huikang's 2024 Q1-3 performance was under pressure due to declining gross margins and increased impairment losses The company reported revenue of 1 17 billion RMB, a 1 0% YoY increase, while net profit attributable to shareholders dropped 42 3% YoY to 52 75 million RMB [1][7] - The gross margin for 2024 Q1-3 was 50 1%, down 2 6 percentage points YoY, with Q3 gross margin at 43 45%, a 10 52 percentage point decline YoY [1][7] - The company recognized impairment losses of 43 66 million RMB in Q3 2024, a 25 0% YoY increase, mainly due to higher provisions for accounts receivable and contract assets [1][7] - The Hi-HIS product is being actively promoted, with 71 ongoing projects, over 70% of which are in tertiary hospitals The company's AI product "Medical Copilot" has received compatibility certification from Huawei's Ascend AI framework [1][13] Financial Performance - 2024 Q1-3 revenue was 1 17 billion RMB, up 1 0% YoY, while net profit attributable to shareholders was 52 75 million RMB, down 42 3% YoY [7] - Q3 2024 revenue was 440 million RMB, down 2 4% YoY, with net profit attributable to shareholders dropping 62 3% YoY to 25 38 million RMB [8] - Operating cash flow for 2024 Q1-3 was -200 million RMB, compared to -170 million RMB in the same period last year [8] - Accounts receivable increased 19 0% to 1 88 billion RMB as of September 2024, while contract liabilities decreased 3 9% to 151 million RMB [8] Product and Market Development - The Hi-HIS product is being promoted in 71 projects, with over 70% in tertiary hospitals The company expects gross margins to improve as the product matures [1][13] - The company's BSoftGPT model has been approved by the National Internet Information Office, and its AI product "Medical Copilot" has received Huawei Ascend AI framework certification [1][13] - Chuangxin Huikang is the first core medical system supplier to receive Huawei's Kunpeng native development certification and has collaborated with Huawei's HarmonyOS team to develop a native version of the Health Tongxiang app [1][13] Financial Forecasts - Revenue for 2024-2026 is projected to be 1 70 billion, 1 85 billion, and 2 00 billion RMB, respectively, with net profit attributable to shareholders expected to be 100 million, 270 million, and 330 million RMB [2][18] - EPS for 2024-2026 is forecasted at 0 06, 0 17, and 0 22 RMB per share, respectively [2][18] - The company's 2025 PE ratio is estimated at 32x, with a target price of 5 47 RMB per share [2][18] Industry and Market Position - Chuangxin Huikang is a leading player in the medical IT industry, with a strong focus on AI and healthcare information systems [1][13] - The company has established partnerships with major players like Huawei, positioning itself as a key supplier in the healthcare information technology sector [1][13]