Jiuyuan Yinhai(SZ:002777) Haitong Securities International·2025-04-10 01:29Investment Rating - Maintain "Outperform" rating with a target price adjustment to RMB 23.38 based on a 2025 PE of 60x [2][10] Core Insights - Significant improvement in cash flow and operational quality, with 2024 revenue at RMB 1.34 billion (-0.55%) and net profit attributable to shareholders at RMB 73 million (-55.96%) [2][10] - Operating net cash flow increased by 56.81% to RMB 295 million, indicating effective credit management and accounts receivable collection [2][10] - Q4 2024 revenue showed a growth of 23.53% to RMB 671 million, with net profit attributable to shareholders at RMB 54 million (+4.44%) [2][10] Contract Orders and Project Wins - Company won the Chongqing Hechuan District smart medical project with a contract value of RMB 91.73 million, enhancing its order book [3][10] - Additional contract with a subsidiary of China Academy of Engineering Physics valued at RMB 49.36 million, indicating steady growth in contract orders [3][10] Market Demand and Technological Development - Anticipated recovery in demand for medical and livelihood informatization, with a focus on enhancing product technology and service capabilities [4][10] - Leveraging self-developed models and platforms to support data governance and intelligent applications in the medical and governmental sectors [4][10] - Under the "Healthy China" and "Digital China" initiatives, the integration of AI and new technologies is expected to drive industry intelligence upgrades [4][10]