Winning Health(SZ:300253) GF SECURITIES·2024-05-06 05:32Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 6.94 CNY and a reasonable value of 8.49 CNY, corresponding to a 35x PE for 2024 [7][30]. Core Insights - The company reported a strong performance in Q1 2024, achieving revenue of 490 million CNY, a year-on-year increase of 10.1%, and a net profit of 16.62 million CNY, reversing a loss of 63.53 million CNY in the same period last year [2][30]. - The company is entering a phase of mass promotion for its WiNEX system in 2024, having successfully onboarded several benchmark clients, which is expected to enhance delivery efficiency [6]. - The company is actively advancing its Internet healthcare business and has made significant progress in the AI+ healthcare sector, launching WiNGPT and integrating it into its products [6]. Financial Summary - Revenue is projected to grow from 3.63 billion CNY in 2024 to 4.74 billion CNY in 2026, with corresponding net profits of 524 million CNY and 821 million CNY respectively [3][30]. - The company’s gross margin for Q1 2024 was 33.7%, an increase of 1.28 percentage points from Q1 2023, while the sales expense ratio decreased by 11.49 percentage points to 15.1% [2]. - The company’s earnings per share (EPS) are expected to rise from 0.24 CNY in 2024 to 0.38 CNY in 2026, reflecting a strong growth trajectory [6][30].