创业慧康（300451）：区域卫生有望迎需求加速释放

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.75 [8][9]. Core Views - The company reported a revenue of RMB 290 million for Q1 2025, a year-on-year decrease of 22.67%, primarily due to the sale of a subsidiary and insufficient orders from delayed tenders [1]. - The company is expected to benefit from the recovery in demand for medical information technology as hospitals increasingly adopt AI solutions [1][3]. - The gross margin for Q1 2025 was 55.12%, an increase of 3.51 percentage points year-on-year, indicating a gradual recovery in profitability despite rising expenses due to declining revenue [2]. - The company is actively integrating AI into its medical services, launching products that cover various clinical applications and expanding its collaborative ecosystem with universities and tech companies [3]. - The company is positioned as a leader in regional health information technology and is expected to benefit from favorable government policies aimed at enhancing healthcare infrastructure [4]. Financial Projections - Revenue projections for the company are estimated at RMB 1.607 billion, RMB 1.821 billion, and RMB 2.071 billion for the years 2025, 2026, and 2027 respectively [5][7]. - The net profit attributable to the parent company is forecasted to recover to RMB 133.21 million in 2025, with further growth expected in subsequent years [7]. - The company’s estimated price-to-sales ratio for 2025 is set at 6.5 times, reflecting confidence in its product rollout and market position [5].