GOODWILL(SH:688246) ZHONGTAI SECURITIES·2024-05-19 08:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][18]. Core Insights - The company reported a significant improvement in Q1 2024 revenue, with a year-on-year growth rate of 14.0%, following a decline of 3.04% in 2023 [2][18]. - The net profit for Q1 2024 was a loss of 0.12 billion, contrasting with a net profit of 0.42 billion in 2023, which saw a decline of 37.53% [18]. - The company has increased its investment in medical AI, with a year-on-year growth of 28.38% in this area, indicating a strong focus on research and development [18]. Financial Summary - Revenue projections for the company are as follows: 2023 at 695 million, 2024E at 903 million, 2025E at 1,148 million, and 2026E at 1,447 million [3][18]. - Net profit forecasts are 42 million for 2023, 95 million for 2024E, 120 million for 2025E, and 160 million for 2026E, showing a recovery trend after a dip in 2023 [3][18]. - The company's earnings per share (EPS) are projected to increase from 0.31 in 2023 to 1.15 by 2026 [3][18]. Investment Highlights - The company has faced temporary performance pressure in 2023 due to macroeconomic changes and regulatory impacts on hospital procurement processes, but it is expected to recover with improved revenue growth in 2024 [18]. - The company has completed the development and training of its medical AI model, which supports various medical tasks, indicating a strong commitment to innovation and product development [18]. - Collaboration with partners in the medical AI field is expected to enhance the company's market position and product offerings [18].