医疗医保业务维持高增长，数据要素业务加速落地

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% against the benchmark index within the next 6 to 12 months [9]. Core Insights - The company has shown strong growth in its medical insurance business, with revenue reaching 1.347 billion yuan in 2023, a year-on-year increase of 5.01%. However, the net profit decreased to 168 million yuan, reflecting a decline of 9% year-on-year [13]. - The company is accelerating its data factor business, which is expected to open new growth opportunities. The medical insurance data factor business has already covered multiple provinces and cities, contributing significantly to revenue growth [13]. - The operating cash flow has improved, indicating better operational conditions. The company is actively exploring data factor services, which are expected to become a major source of income while maintaining good growth potential [13]. Financial Summary - Revenue Forecast: - 2023: 1,347 million yuan - 2024E: 1,554 million yuan (growth rate of 15%) - 2025E: 1,778 million yuan (growth rate of 14%) - 2026E: 2,048 million yuan (growth rate of 15%) [13] - Net Profit Forecast: - 2023: 168 million yuan - 2024E: 200 million yuan (growth rate of 19%) - 2025E: 230 million yuan (growth rate of 15%) - 2026E: 272 million yuan (growth rate of 18%) [13] - Earnings Per Share (EPS): - 2023: 0.41 yuan - 2024E: 0.49 yuan - 2025E: 0.56 yuan - 2026E: 0.67 yuan [13] - Key Financial Ratios: - Gross Margin: Expected to increase from 47.6% in 2023 to 50.0% in 2026 - Net Margin: Expected to improve from 13.3% in 2023 to 14.1% in 2026 - Return on Equity (ROE): Expected to rise from 9.3% in 2023 to 11.8% in 2026 [13].