Winning Health(SZ:300253) ZHONGTAI SECURITIES·2024-05-20 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 6.57 CNY per share [8][11]. Core Views - The company's medical IT business continues to maintain high growth, with significant improvements in profitability. In 2023, the medical IT revenue reached 2.849 billion CNY, showing a year-on-year growth of 16.81% [8][11]. - The company reported a net profit of 358 million CNY in 2023, a remarkable increase of 229.49% compared to the previous year [8][11]. - The first quarter of 2024 saw a revenue of 4.94 billion CNY, with a growth rate of 10.09%, and a net profit of 0.17 billion CNY, reflecting a growth of 126.16% [8][11]. Financial Summary - Revenue projections for the upcoming years are as follows: - 2023: 3,163 million CNY - 2024E: 3,669 million CNY (growth rate of 16%) - 2025E: 4,310 million CNY (growth rate of 17%) - 2026E: 4,940 million CNY (growth rate of 15%) [2][8]. - Net profit forecasts are: - 2023: 358 million CNY - 2024E: 550 million CNY (growth rate of 54%) - 2025E: 700 million CNY (growth rate of 27%) - 2026E: 880 million CNY (growth rate of 26%) [2][8]. - Earnings per share (EPS) is projected to increase from 0.17 CNY in 2024 to 0.41 CNY in 2026 [2][8]. Business Performance - The medical IT segment accounted for 90.05% of total revenue, indicating a strong focus on this area [8]. - The company has seen a significant improvement in operational efficiency and cost control, leading to better profit margins [8]. - The new contract order amount for the medical IT business has accelerated, with a growth rate of around 15% compared to 2023 [8].