Winning Health(SZ:300253) Huaxin Securities·2025-09-29 04:33Investment Rating - The report maintains a "Buy" investment rating for the company [2][7]. Core Insights - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit due to deferred customer demand and ongoing product upgrades [4]. - The introduction of new AI-driven products, such as WiNGPT 3.0 and WiNEX Copilot 2.2, is expected to enhance market competitiveness and drive future revenue growth [5][6]. - The company has a strong focus on integrating AI into its healthcare solutions, which is anticipated to contribute positively to its financial performance in the coming years [6][7]. Financial Performance Summary - In the first half of 2025, the company reported revenue of 839 million yuan, a year-on-year decrease of 31.43%, and a net profit of -118 million yuan, down 491.04% [4]. - Revenue forecasts for 2025-2027 are projected at 3.144 billion, 3.585 billion, and 4.088 billion yuan, respectively, with corresponding EPS of 0.18, 0.22, and 0.27 yuan [7][9]. - The company is expected to see a revenue growth rate of 13.0% in 2025, followed by 14.0% in 2026 and 14.1% in 2027 [9][11]. Market Position and Strategy - The company has established a strong foothold in the AI healthcare sector, having deployed AI solutions in nearly 150 medical institutions [5][6]. - The ongoing development of AI capabilities is seen as a key driver for future business growth, with a focus on enhancing clinical applications and operational efficiency [6].