Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 11.28 CNY for 2025 [2][7]. Core Views - The company is experiencing a short-term performance pressure due to deferred downstream demand, but it is expected to improve as the WiNEX product enters a rapid delivery phase [7]. - The company has established itself as a leader in medical information technology, with significant market share and ongoing investments in AI and product development [7]. - Financial forecasts indicate a substantial recovery in net profit from 2025 onwards, with expected growth rates of 336.7% in 2025, 16.0% in 2026, and 15.7% in 2027 [7]. Financial Summary - Total revenue is projected to increase from 27.82 billion CNY in 2024 to 40.04 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 12.8% from 2025 to 2027 [3][8]. - The net profit is expected to rise from 0.88 billion CNY in 2024 to 5.15 billion CNY in 2027, reflecting a significant recovery after a sharp decline in 2024 [3][8]. - The earnings per share (EPS) is forecasted to grow from 0.04 CNY in 2024 to 0.23 CNY in 2027, indicating a positive trend in profitability [3][8]. Business Development - The company is focusing on enhancing its WiNEX product line and expanding its digital health applications, which are expected to drive future growth [7]. - The company has achieved over 600 certifications in the medical information technology sector, establishing a robust and self-controlled technology system [7]. - The company is also making strides in international markets, with successful projects like the Macau Concordia Hospital [7].

Financial Performance - The company achieved operating revenue of 336.80 million yuan, a year-on-year increase of 48.11% [2] - Net profit attributable to shareholders reached 11.45 million yuan, up 313.82% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.30 million yuan, reflecting a year-on-year increase of 120.29% [2] Future Growth Drivers - The company will align its operations with the national "14th Five-Year" strategic plan, focusing on cybersecurity and expanding integrated information solutions [2] - Continuous enhancement of research and production capabilities, along with strengthening the sales system to improve cash collection [2] - Emphasis on internal control systems to ensure compliance and exploring innovative business models to transition from customized to standardized products [2] Industry Outlook - The cybersecurity sector is increasingly recognized as a national strategic priority, supported by relevant laws and policies that foster rapid industry growth [3] - The medical informationization market in China is expected to grow, with opportunities in regional medical information systems and AI applications [3] - The company aims to enhance its core competitiveness and expand its market share in the medical informationization sector [3] Business Expansion Plans - In 2025, the company will focus on cybersecurity and integrated information solutions, while actively developing medical AI products targeted at hospitals [3] - The company is confident in achieving its performance targets set at the beginning of the year [3]

Core Viewpoint - In 2024, Madi Technology faced significant revenue decline primarily due to challenges in the photovoltaic business, leading to a total revenue of 464 million yuan, a year-on-year decrease of 24.93%, and a net profit attributable to shareholders of -279 million yuan [1] Financial Performance - The photovoltaic segment's revenue dropped sharply by 44.04%, contributing to a gross margin decline [1] - The software and information technology services segment generated 232 million yuan in revenue, down 10.92%, with a gross margin of 72.50% [1] - The medical services segment achieved 61.6 million yuan in revenue, an increase of 8.83%, with a gross margin of 39.57% [1] - The photovoltaic business reported a revenue of 168 million yuan, with a gross margin of -77.83% [1] Technological Innovation - Madi Technology made significant advancements in technology, launching a comprehensive smart operating room solution integrating IoT, big data, AI, and digital twin technology [2] - The company established a low-altitude economy innovation center and developed an autonomous AED drone rescue solution [2] - Collaborations with various tech firms aim to enhance medical service robots and create a 5G+ IoT critical care solution [2] Industry Outlook - The medical informationization sector is projected to grow rapidly, with the market expected to exceed 140 billion yuan by 2030 [2] Future Strategy - After divesting the photovoltaic business, Madi Technology reported a net profit of 23.6 million yuan in Q1 2025, a year-on-year increase of 138.55% [3] - The company plans to focus on medical informationization, enhancing platform, regional, and intelligent upgrades, and integrating AI technology into products [3][4] - Madi Technology aims to develop a product system combining software platforms, smart hardware, and algorithm engines, targeting areas like smart surgery and elderly care [4]

Group 1 - The core business of the company is providing Clinical Information System (CIS) software and overall solutions for clinical medical management [2] - The company's main product, DoCare, covers critical areas such as operating rooms, intensive care units, pre-hospital emergency care, and in-hospital emergency services [2] - The company has a user base of over 2,400 medical institutions across 32 provinces, including nearly 1,200 tertiary hospitals [2] Group 2 - As of March 31, 2025, the number of shareholders increased by 11,318 to a total of 48,361, with an average holding value of 352,800 yuan per shareholder [1] - The latest financial report for Q1 2025 shows a revenue of 63.34 million yuan, a year-on-year decrease of 43.13%, while net profit increased by 138.55% to 23.60 million yuan [3] - The company has a current market capitalization of 4.554 billion yuan and a price-to-book ratio of 5.53 [1][4]

证券之星消息，4月29日卫宁健康（300253）涨5.10%，收盘报9.9元，换手率5.89%，成交量112.69万 手，成交额11.15亿元。该股为AI医疗、医疗信息化、人工智能大模型、阿里巴巴概念股、蚂蚁集团概 念股、互联网医疗、华为HMS、人工智能、大数据、华为产业链、新冠病毒防治、信创、智慧城市、 国产软件、健康中国、区块链、DRGs概念概念热股。4月29日的资金流向数据方面，主力资金净流入 7725.64万元，占总成交额6.93%，游资资金净流出2836.83万元，占总成交额2.54%，散户资金净流出 4888.8万元，占总成交额4.39%。融资融券方面近5日融资净流入3727.0，融资余额增加；融券净流入 1.78万，融券余额增加。 | 股票代码 | 股票简称 | 持股数 | 持仓市值 | 白净值比例 | 较上季度增减仓 | | --- | --- | --- | --- | --- | --- | | | | (月股) | (万元) | | | | 600588 | 用友网络 | 1383.32 | 20832.76 | 6.30% | 新进十大 | | 688111 | 金山办公 | 67.7 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 2.782 billion, a decrease of 12.05% year-on-year [2] - Net profit attributable to shareholders was CNY 88 million, down 75.45% year-on-year; net profit excluding non-recurring items was CNY 124 million, down 62.66% [2] - Core software and service revenue was CNY 2.152 billion, a decline of 9.25%; hardware revenue was CNY 293 million, down 38.57%; internet healthcare revenue was CNY 337 million, an increase of 7.83% [2] - In Q1 2025, revenue was CNY 345 million, a decrease of 30.24%; net profit attributable to shareholders was CNY 5.289 million, down 68.18% [3] Group 2: Cost Management and Cash Flow - The company implemented cost control measures, resulting in a combined decrease of 17.94% in sales, management, and R&D expenses [3] - Cash flow from operating activities reached CNY 408 million, a year-on-year increase of 120.53% [3] - In Q1 2025, the combined decrease in sales, management, and R&D expenses was 28.39% [3] Group 3: Product Development and AI Integration - The company focused on its core product WiNEX, with successful international projects like the Macau Concordia Hospital [3] - In 2024, R&D investment was CNY 562 million, accounting for 20.21% of revenue [3] - By March 2025, over 100 users had deployed the medical large model and AI applications [3] Group 4: Future Plans and Market Strategy - The company plans to expand its AI subscription model, having launched 9 AI subscription packages covering 18 scenarios [4] - The company aims to enhance customer engagement and increase the number of paying customers for AI services [4] - There are no current plans for share buybacks or increases, but future actions will be disclosed as necessary [5]

好 创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新 投入大、新旧产业融合存在不确定性、尚处于成长期、经营风险高、业绩不 稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解 创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 山东亚华电子股份有限公司 Yarward Electronics (Shandong) Co., Ltd. （住所：山东省淄博市高新区青龙山路 9509 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （住所：苏州工业园区星阳街 5 号） 1-1-1 发行概况 | 发行股票类型 | 人民币普通股股票（A 股） | | | | | --- | --- | --- | --- | --- | | 发行股数 | 本次公开发行 2,605.00 万股，全部为发行新 股，本次发行不涉及股东公开发售 | | | | | 每股面值 | 人民币 元 | 1 | | | | 每股发行价格 | 32.60 | 元 | | | | 发行日期 | 2023 年 日 | 5 | 月 | 12 | | 拟上市的证券交易所和板块 | 深圳证券交易所创业 ...

好 创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新 投入大、新旧产业融合存在不确定性、尚处于成长期、经营风险高、业绩不 稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解 创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 山东亚华电子股份有限公司 Yarward Electronics (Shandong) Co., Ltd. （住所：山东省淄博市高新区青龙山路 9509 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （住所：苏州工业园区星阳街 5 号） 1-1-1 发行概况 | 发行股票类型 | 人民币普通股股票（A 股） | | --- | --- | | 发行股数 | 本次公开发行 2,605.00 万股，全部为发行新 股，本次发行不涉及股东公开发售 | | 每股面值 | 人民币 1 元 | | 每股发行价格 | 【】元 | | 预计发行日期 | 2023 年 5 月 12 日 | | 拟上市的证券交易所和板块 | 深圳证券交易所创业板 | | 发行后总股本 | 10,420.00 万股 | | 保荐人（主承销商） | 东吴证券股份 ...

好 投入大、新旧产业融合存在不确定性、尚处于成长期、经营风险高、业绩不 稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解 创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 山东亚华电子股份有限公司 Yarward Electronics (Shandong) Co., Ltd. （住所：山东省淄博市高新区青龙山路 9509 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书（注册稿）不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （住所：苏州工业园区星阳街 5 号） 1-1-1 创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新 发行概况 | 发行股票类型 | 人民币普通股股票（A 股） | | --- | --- | | 发行股数 | 本次公开发行股份不超过 2,605.00 万股，全 部为发行新股，本次发行不涉及股东公开发售 | | 每股面值 | 人民币 1 元 | | 每股发行价格 | 【】元 ...