NeuSoft(600718) 海通证券·2025-03-18 00:54Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is expected to benefit from rapid growth in its healthcare business, leading to increased revenue and profitability [10] - The strategic partnership with Huawei is enhancing the company's AI capabilities in the healthcare sector, which is expected to drive future growth [6][10] - The company is focusing on expanding its AI product offerings and integrating them into various healthcare applications, which positions it well in the market [10] Financial Data and Forecasts - Revenue is projected to grow from 10,544 million yuan in 2023 to 17,520 million yuan in 2026, with year-on-year growth rates of 11.4%, 11.9%, 20.7%, and 23.1% respectively [5][11] - Net profit is expected to increase significantly from 74 million yuan in 2023 to 662 million yuan in 2026, with year-on-year growth rates of 121.6%, 13.0%, 408.1%, and 56.1% respectively [5][11] - The fully diluted EPS is forecasted to rise from 0.06 yuan in 2023 to 0.55 yuan in 2026 [5][11] - The gross margin is expected to improve from 24.2% in 2023 to 25.4% in 2026 [5][11] Business Segmentation - The company's revenue from the smart automotive connectivity segment is projected to grow from 3,915.96 million yuan in 2023 to 5,499.89 million yuan in 2026, with a gross margin of 15.34% in 2023 [11] - Revenue from the healthcare and social security segment is expected to increase from 2,571.40 million yuan in 2023 to 4,364.39 million yuan in 2026, with a gross margin of 35.55% in 2023 [11] - The smart city segment is forecasted to see revenue growth from 1,623.15 million yuan in 2023 to 2,279.68 million yuan in 2026, with a gross margin of 24.55% in 2023 [11] - Revenue from enterprise connectivity and other segments is anticipated to rise from 2,433.16 million yuan in 2023 to 5,376.50 million yuan in 2026, with a gross margin of 26.24% in 2023 [11]