Winning Health(SZ:300253) Guohai Securities·2024-03-18 16:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company's growth is expected to accelerate driven by research and training [3]. - The "1+X" strategy is being deepened, with the WiNEX series solutions continuously enriched, entering a phase of large-scale promotion, alongside the AI model WiNGPT in the medical vertical [13]. - The healthcare information technology sector is experiencing a significant transformation with the integration of AIGC and SaaS, marking a new era in medical IT [4]. Company Overview - The company has been deeply engaged in the healthcare sector for thirty years, focusing on providing healthcare information technology solutions across various fields, including smart hospitals and public health [19][21]. - In early 2022, the company established the "1+X" strategy, which aims to digitize healthcare service resources and create a digital health ecosystem [8][10]. Financial Performance - The company achieved a revenue of 3,093 million yuan in 2022, with a year-on-year growth of 12% [16]. - The forecast for 2024 indicates a revenue increase to 3,920 million yuan, representing an 18% growth rate [16]. - The net profit attributable to shareholders is projected to reach 479 million yuan in 2024, with a growth rate of 26% [16]. Market Trends - The healthcare information technology market is expected to exceed 1,400 billion yuan by 2028, with a compound annual growth rate (CAGR) of over 14% from 2022 to 2028 [14][122]. - The internet healthcare market is projected to reach 577.8 billion yuan by 2025, with a CAGR of 24% from 2020 to 2025 [14]. Competitive Advantages - The company has a significant nationwide presence and channel advantages, which are expected to drive market share growth [124]. - The integration of the WiNEX product matrix is entering a rapid promotion phase, enhancing the company's competitive positioning in the market [131].