GOODWILL(SH:688246) Huaxin Securities·2024-12-01 19:25Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][7]. Core Insights - The National Healthcare Security Administration has included AI-assisted diagnosis in the project guidelines, which is expected to enhance the company's data business [6]. - The company has a long-standing advantage in the clinical information technology sector, being one of the earliest firms in China to engage in medical information software development and commercialization [6][5]. - The company has developed a comprehensive product system covering various aspects of clinical medical, hospital management, medical research, and patient interaction, aiming to provide integrated information solutions to healthcare institutions [6]. Financial Performance - As of Q3 2024, the company reported a revenue of 175 million yuan, a year-on-year decrease of 28.68%, and a net profit of -14 million yuan, down 133.47% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 47.29%, with a net margin of -10.92%, reflecting a decline compared to the previous year [2]. - The company is projected to achieve revenues of 779 million yuan, 942 million yuan, and 1.149 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.56, 0.77, and 1.29 yuan [7][8]. Market Position - The company holds the leading market share in the electronic medical record industry, with over 1,700 hospital clients, including 650 top-tier hospitals, indicating strong customer loyalty and brand recognition [5][6]. - The company has successfully implemented its clinical AI products in major hospitals, enhancing its credibility and operational capabilities [6]. Future Outlook - The company is expected to see revenue growth rates of 12.0%, 21.0%, and 22.0% for the years 2024, 2025, and 2026, respectively, alongside significant improvements in net profit growth rates [8][13]. - The projected return on equity (ROE) is expected to rise from 4.1% in 2024 to 8.9% in 2026, indicating improving profitability [13].