Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of HKD 11.71, based on a current price of HKD 6.08 [3][11]. Core Insights - The company reported a full-year revenue of CNY 4.712 billion, representing a year-on-year growth of 14.4%. The gross margin was 8.8%, an increase of 0.6 percentage points. The adjusted net loss was CNY 150 million, a reduction of 42%, while the IFRS net loss was CNY 247 million, down 82% [11][12]. - The specialty pharmacy business showed stable revenue growth, with a total income of CNY 4.188 billion, up 14.4%, and a gross margin of 4.7% [12]. - The physician research assistance business (SMO) achieved significant gross margin growth, with revenue of CNY 362 million, up 13.3%, and a gross margin of 31.7%, an increase of 11 percentage points [12]. - The health insurance services business experienced rapid revenue growth, totaling CNY 162 million, up 17.4%, with a stable gross margin of 64.2% [12]. - The company anticipates continued organic growth in 2024, particularly in the health insurance sector, which is expected to focus on cost reduction and efficiency improvements [12][13]. Financial Projections - Revenue projections for 2024-2026 are adjusted to CNY 5.468 billion, CNY 6.293 billion, and CNY 7.185 billion, with year-on-year growth rates of 16%, 15%, and 14% respectively. The net income attributable to shareholders is projected to be -CNY 73 million, CNY 42 million, and CNY 106 million for the same period [13][8]. - The specialty pharmacy business is expected to generate revenues of CNY 4.845 billion, CNY 5.564 billion, and CNY 6.344 billion from 2024 to 2026, with growth rates of 16%, 15%, and 14% [13]. - The SMO business is projected to achieve revenues of CNY 420 million, CNY 478 million, and CNY 536 million, with growth rates of 16%, 14%, and 12% [13]. - The health insurance services business is expected to grow to CNY 203 million, CNY 250 million, and CNY 305 million, with growth rates of 25%, 23%, and 22% [13]. Valuation - The company is valued at CNY 82.02 billion based on a price-to-sales (PS) ratio of 1.5 times the 2024 revenue forecast, leading to a target price of HKD 11.71 [13].
2023年业绩点评：业绩符合预期，亏损大幅收窄，看好24年健康保险业务发展