GOODWILL(SH:688246)2024-05-09 01:32Investment Rating - The report maintains a "Buy" rating for the company [5][11][25]. Core Insights - The company's performance is under short-term pressure due to a slowdown in downstream demand caused by industry factors, leading to a decline in new orders and overall revenue [4][37]. - The electronic medical record (EMR) and big data center segments are ranked first in their respective markets, with stable sales in EMR and significant growth in specialized EMR products [5][39]. - The company has increased its R&D investment, with a focus on expanding its product matrix and developing new medical models, which is expected to drive future growth [9][16][25]. Financial Performance - In 2023, the company reported revenue of 6.95 billion yuan, a decrease of 3.04% year-on-year, and a net profit of 0.42 billion yuan, down 37.53% from the previous year [15][36]. - For Q1 2024, the company achieved revenue of 1.23 billion yuan, a year-on-year increase of 14.00%, but reported a net loss of 0.12 billion yuan, although this was a 47.70% reduction in losses compared to the previous year [15][42]. - The company has adjusted its revenue forecasts for 2024 and 2025 to 8.56 billion yuan and 10.82 billion yuan, respectively, down from previous estimates [5][11][25]. Business Segments - The EMR business generated stable revenue of 2.08 billion yuan in 2023, while specialized EMR products saw a threefold increase in revenue during the reporting period [5][23]. - The data center segment has expanded into county-level medical communities, assisting over 60 medical institutions in achieving high-level interoperability assessments [5][24]. R&D and Future Outlook - The company has increased its R&D personnel to 705, with total R&D expenditures reaching 227 million yuan, a year-on-year increase of 28.38% [9][16]. - The development of the company's medical model is expected to launch in 2024, with significant revenue growth anticipated in 2025 [25][42].