业绩验证复苏预期， Hi-HIS产品放量可期

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value of 4.89 CNY per share based on a projected PE ratio of 33 times for 2024 [4][30]. Core Views - The company's Q1 2024 performance aligns with recovery expectations, achieving revenue of 380 million CNY, a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 12.36 million CNY, up 19.0% year-on-year [1][30]. - The Hi-HIS product is set to enter a full promotion phase, with significant implementation across over 40 hospitals in 2023, including more than half being tertiary hospitals [1][30]. - Collaboration with Philips continues to advance, with the launch of the CareSync integrated smart hospital information system, enhancing the digital transformation of hospitals [1][30]. Financial Summary - Revenue projections for 2024-2026 are 1.89 billion CNY, 2.20 billion CNY, and 2.51 billion CNY, respectively, with net profits expected to be 230 million CNY, 366 million CNY, and 473 million CNY [2][30]. - The company’s EPS is forecasted to be 0.15 CNY, 0.24 CNY, and 0.31 CNY for 2024, 2025, and 2026, respectively [2][30]. - The EBITDA for the same period is projected to be 304 million CNY, 456 million CNY, and 565 million CNY [2][30].