GOODWILL(SH:688246) Tianfeng Securities·2024-11-15 00:22Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company has maintained its leadership in the electronic medical record (EMR) market in China for ten consecutive years, with over 1,700 hospital clients, including more than 650 top-tier hospitals [2]. - The company is enhancing its AI capabilities, launching centralized decision support engines and an open platform for medical AI applications, which have been successfully implemented in major hospitals [2]. - The company is focusing on promoting integrated data management to help hospitals develop the value of their data assets, with successful implementations already in place [3]. - The financial performance for Q3 2024 showed a revenue decline of 28.68% year-on-year, with a net loss of 0.14 billion yuan, reflecting ongoing challenges [1]. - The company expects a recovery in profitability from 2024 to 2026, with projected net profits of 0.81 billion yuan, 1.27 billion yuan, and 1.86 billion yuan respectively, leading to a price-to-earnings ratio (PE) of 52, 33, and 23 times [3]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 476 million yuan, a decrease of 11.52% year-on-year, and a net loss of 41 million yuan, a significant decline of 328.81% [1]. - The company’s total assets were reported at 2,646.90 million yuan for 2023, with a total market capitalization of 4,237.18 million yuan [4][7]. - The company’s operating income for 2024 is projected to be 778.60 million yuan, with a growth rate of 12% [7][11].