Runda Medical(SH:603108) ZHESHANG SECURITIES·2025-08-06 13:44Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's main business is gradually improving, with a reduction in losses reported for Q2. The estimated net profit for Q2 is projected to be between -0.61 billion to -0.39 billion CNY, narrowing the loss compared to Q1 by 0.08 billion to 0.30 billion CNY [1] - The company has partnered with Huawei to enter the overseas market, developing an AI medical model that received top scores in MedBench evaluations. Their AI medical solution integrates a clinical decision-making system that enhances trust in generative AI within the medical field [2] - The establishment of a national AI medical application pilot base is underway, focusing on clinical research and addressing industry pain points. This initiative is supported by various local governments, promoting the development of AI-assisted diagnostic and treatment products [3] Financial Forecast and Valuation - The revenue forecast for the company from 2025 to 2027 is projected to reach 78.25 billion, 87.76 billion, and 102.25 billion CNY, with year-on-year growth rates of -5.86%, +12.16%, and +16.51% respectively. The net profit for the same period is expected to be -0.75 billion, 3.02 billion, and 4.45 billion CNY, with growth rates of -235.19%, +504.23%, and +47.24% respectively. The estimated P/E ratio for 2026 is 39 times [4][10]