Winning Health(SZ:300253) Guohai Securities·2024-04-27 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][9][12] Core Insights - The company is deepening its "1+X" strategy, with a positive trend in performance expected to continue throughout the year [1][9] - In Q1 2024, the company achieved a revenue of 494 million yuan, a year-on-year increase of 10.09%, and a net profit attributable to shareholders of 16.62 million yuan, compared to a loss of 63.53 million yuan in the same period last year [20][21] - The gross margin for Q1 2024 was 33.71%, an increase of 1.28 percentage points year-on-year, with significant reductions in sales, management, and R&D expense ratios [21][22] Financial Performance - The company reported revenues of 3.163 billion yuan in 2023, with projections of 3.801 billion yuan, 4.590 billion yuan, and 5.576 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 20% for 2024 and 21% for the following years [10][9] - The net profit attributable to shareholders is expected to grow from 358 million yuan in 2023 to 560 million yuan in 2024, 754 million yuan in 2025, and 1.024 billion yuan in 2026, with growth rates of 56% and 35% for the subsequent years [10][9] - The company's price-to-earnings (P/E) ratios are projected to decrease from 43.13 in 2023 to 26.75 in 2024, and further down to 14.64 by 2026 [10][9] Business Development - The company is actively promoting the application of "large models + healthcare," with the launch of the WiNGPT model and the WiNEX Copilot, which integrates over 100 clinical application scenarios to enhance healthcare efficiency and quality [4][23] - The company has expanded its WiNEX customer base significantly, with hundreds of new clients including major hospitals and healthcare institutions [22][4] - The internet healthcare segment has shown promising trends, with innovative business lines reducing losses significantly in 2023 [7][9]