Investment Rating - The report maintains an "Add" investment rating for the company [2][7]. Core Insights - The company's G-end business has established a solid customer base in grassroots medical institutions, with further penetration potential at the county level, supported by national policy needs, which is expected to sustain robust growth [6][7]. - The B/C-end business is experiencing significant growth, leveraging the technological barriers of the Spark Medical large model, with flagship smart hospital solutions being implemented in major hospitals like West China Hospital, which is anticipated to expand the hospital client base further [6][7]. - The AI post-diagnosis patient management has made breakthroughs in six provinces, alongside growing demand for imaging cloud and medical devices, contributing to revenue growth and sustainability [6][7]. Financial Performance - For the fiscal year 2024, the company achieved revenue of 734 million yuan, a year-on-year increase of 32.0%, with a gross profit of 404 million yuan and a gross margin of 55.1% [6][8]. - The company reported a net loss attributable to shareholders of 133 million yuan, an improvement from a loss of 145 million yuan in the previous year [6][8]. - Revenue from G-end services, hospital services, regional management platform solutions, and patient services reached 237 million, 132 million, 154 million, and 211 million yuan respectively, with notable growth in B-end services [6][8]. Revenue Forecast - The company forecasts revenues of 1.037 billion, 1.441 billion, and 1.922 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 41%, 39%, and 33% respectively [7][8]. Key Financial Ratios - The company’s return on equity (ROE) for 2024 is projected at -14.1%, with a gradual improvement expected in subsequent years [10]. - The asset-liability ratio is expected to be 52.8% in 2024, indicating a stable financial structure [10]. Major Shareholders - The primary shareholder is iFlytek Co., Ltd., holding a 24.71% stake in the company [2].
讯飞医疗科技（02506）：G端业务稳筑基石，B、C端业务亮眼高增