Jiuyuan Yinhai(SZ:002777) Huachuang Securities·2024-05-06 07:02Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 25.65 CNY, compared to the current price of 19.21 CNY [1][5]. Core Insights - The company achieved a revenue of 1.347 billion CNY in 2023, representing a year-on-year growth of 5.01%. However, the net profit attributable to shareholders decreased by 8.83% to 168 million CNY, and the net profit excluding non-recurring items fell by 20.61% to 135 million CNY [1][5]. - In Q1 2024, the company reported a revenue of 196 million CNY, a 4.18% increase year-on-year, but the net profit attributable to shareholders dropped by 19.80% to 13 million CNY, with a 28.25% decline in net profit excluding non-recurring items to 10 million CNY [1][5]. - The company is actively exploring opportunities in healthcare data elements and AI applications, which are expected to drive significant growth in the future [5]. Financial Performance Summary - In 2023, the company's operating cash flow net amount reached 188 million CNY, a substantial increase of 401.83% year-on-year, with cash received from sales and services growing by 20.52% [5]. - The gross profit margin for 2023 was 47.61%, down 7.63 percentage points from the previous year, while the gross profit margin for Q4 2023 was 44.69%, a decrease of 6.14 percentage points year-on-year [5]. - The company forecasts revenues of 1.479 billion CNY, 1.738 billion CNY, and 2.028 billion CNY for 2024, 2025, and 2026, respectively, with net profits projected at 232 million CNY, 288 million CNY, and 348 million CNY for the same years [5][20].