迪安诊断（300244）：业绩短期承压，数智化转型提速

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. Financial Summary - Revenue Forecast: - 2023: 13,408 million CNY - 2024: 12,196 million CNY (down 33.9%) - 2025: 12,751 million CNY (up 4.5%) - 2026: 13,389 million CNY (up 5.0%) - 2027: 14,304 million CNY (up 6.8%) [3][10] - Net Profit: - 2023: 307 million CNY - 2024: -357 million CNY (down 78.6%) - 2025: 435 million CNY (up 221.7%) - 2026: 633 million CNY (up 45.6%) - 2027: 881 million CNY (up 39.1%) [3][10] - Earnings Per Share (EPS): - 2023: 0.49 CNY - 2024: -0.57 CNY - 2025: 0.70 CNY - 2026: 1.01 CNY - 2027: 1.41 CNY [3][10] - Gross Margin: - 2023: 31.3% - 2024: 28.0% - 2025: 28.5% - 2026: 29.0% - 2027: 29.5% [3][10] - Net Margin: - 2023: 2.3% - 2024: -2.9% - 2025: 3.4% - 2026: 4.7% - 2027: 6.2% [3][10] Business Strategy and Developments - The company is accelerating its digital transformation and has launched the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud [8]. - The company has seen a steady growth in its diagnostic services, with a revenue of 45.20 billion CNY in 2024, down 12.86% year-on-year, but with significant growth in key disease areas [8]. - The company has also made strides in cost reduction and efficiency improvements, achieving a reduction of approximately 100 million CNY in costs through local procurement of key consumables [8].