Winning Health(SZ:300253) Guohai Securities·2026-01-16 15:13Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Insights - Ant Group has deepened its cooperation with the company, holding a stake and accelerating the rollout of the WiNEX series AI products [1][4] - The company is positioned as a leader in medical information technology, with a focus on AI and SaaS innovations [10][11] - The financial forecast indicates a recovery in profitability starting in 2026, with expected revenues of 2.48 billion yuan in 2026 and 3.01 billion yuan in 2027 [9][10] Financial Performance - The company has shown significant stock performance, with a 12-month increase of 88.2%, outperforming the CSI 300 index [3] - Current stock price is 12.10 yuan, with a market capitalization of approximately 26.81 billion yuan [3] - The company’s revenue is projected to decline in 2025 but is expected to grow by 20% in 2026 and 21% in 2027 [9][10] Product Development - The WiNEX series AI products have been deployed in nearly 150 medical institutions, enhancing clinical decision-making and documentation efficiency [6][10] - The company is advancing its medical software solutions, with a focus on domestic innovation and compatibility with various hardware platforms [8][10] Market Outlook - The Chinese medical software system market is expected to reach 11.5 billion yuan by 2029, with stable growth rates projected for hospital application software and regional health information systems [7][10] - The collaboration with Ant Group is anticipated to accelerate the company's growth trajectory in the healthcare sector [5][10]