Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.38 per share, based on a 26x PE valuation for 2024 [2] Core Investment Thesis - The company is a leading online professional physician platform in China, with a comprehensive product matrix covering APP, PC, and mini-programs [1] - It has formed strategic partnerships with top academic institutions and expanded its user base through AI features and medical conference scenarios [1] - The platform has 6.8 million registered users as of 2023, with 4 million licensed physicians, accounting for 87% of China's total licensed physicians [1] - The company collaborates with M3, a leading Japanese medical IT company, to expand its business scope and provide targeted pharmaceutical marketing solutions [1] - Revenue grew at a CAGR of 37.6% from 2018 to 2023, reaching RMB 410 million in 2023, a 31.2% YoY increase [1] Business Model and Growth Drivers - The company started with medical tool software and has continuously enriched its product offerings, including AI-powered features like MedliveGPT [10][11] - It has expanded into digital marketing for pharmaceutical companies, offering precision marketing and enterprise solutions [18] - The company provides intelligent patient management solutions, connecting doctors and patients while improving treatment adherence [21] - It has actively pursued M&A to expand its business scope, including acquiring medical conference SaaS providers [12] Financial Performance and Projections - Revenue is projected to grow at a CAGR of 31.4% from 2024 to 2026, reaching RMB 928 million in 2026 [2] - Net profit attributable to shareholders is expected to grow at a CAGR of 6.7% from 2024 to 2026, reaching RMB 304 million in 2026 [2] - The company's adjusted non-GAAP net profit margin has remained above 20% since 2018, outperforming peers [35] Industry Analysis - The digital pharmaceutical marketing market in China is expected to grow at a CAGR of 31.3% from 2022 to 2030, reaching RMB 356.8 billion by 2030 [30] - The company's physician platform model complements traditional offline marketing, meeting pharmaceutical companies' cost-effectiveness and compliance needs [32] - With 4 million licensed physician users, the company holds a leading position in the physician platform segment [34] Competitive Advantages - The company has the largest market share in the physician platform segment, with a 20.3% market share in 2021 [34] - Its revenue growth and adjusted non-GAAP net profit margin are higher than listed peers [1] - The platform's direct connection to physicians provides high user stickiness and enables expansion into patient recruitment, academic conferences, and patient management [32]
医脉通：医师平台龙头，发力精准营销