Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. Financial Performance Summary - **Revenue Forecast**: - 2023: 13,408 million CNY - 2024: 12,196 million CNY (down 33.9%) - 2025: 12,751 million CNY (up 4.5%) - 2026: 13,389 million CNY (up 5.0%) - 2027: 14,304 million CNY (up 6.8%) [3][10] - **Net Profit**: - 2023: 307 million CNY - 2024: -357 million CNY (down 78.6%) - 2025: 435 million CNY (up 221.7%) - 2026: 633 million CNY (up 45.6%) - 2027: 881 million CNY (up 39.1%) [3][10] - **Earnings Per Share (EPS)**: - 2023: 0.49 CNY - 2024: -0.57 CNY - 2025: 0.70 CNY - 2026: 1.01 CNY - 2027: 1.41 CNY [3][10] - **Gross Margin**: - 2023: 31.3% - 2024: 28.0% - 2025: 28.5% - 2026: 29.0% - 2027: 29.5% [3][10] - **Net Margin**: - 2023: 2.3% - 2024: -2.9% - 2025: 3.4% - 2026: 4.7% - 2027: 6.2% [3][10] Strategic Initiatives - The company is enhancing its diagnostic services, with a revenue of 45.20 billion CNY in 2024, a decrease of 12.86% year-on-year, while focusing on key clients and diseases [8]. - The introduction of AI technology is being accelerated, with the launch of the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud [8].

事件：近日，公司发布2024 年年度报告：2024 年实现营业收入121.96亿元，同比下降9.04%；归母净利 润-3.57 亿元，同比下降216.20%，主要系资产、信用减值影响；扣非归母净利润-3.80 亿元，同比下降 228.96%。 2024 年底，公司在杭州数据交易所上市两款数据要素产品，表明在数据产品的安全、合规方面通过了 审核和认可。 毛利率短暂调整，费用率保持稳定 2024 年，公司的综合毛利率同比降低3.28pct 至28.01%，主要系诊断服务受行业影响致使毛利率调整。 销售费用率、管理费用率、研发费用率、财务费用率分别为9.98%、7.04%、2.51%、1.62%，同比变动 幅度分别为-0.34pct、-0.02pct、-0.72pct、-0.03pct。综合影响下，公司整体净利率同比降低5.73pct 至-1.39%。 2024 年第四季度的综合毛利率、销售费用率、管理费用率、研发费用率、财务费用率、整体净利率分 别为27.90%、11.61%、10.61%、2.74%、1.57%、-16.06%，分别变动+1.66pct、-4.33pct、 +1.10pct、-0.86pct、- ...

事件：公司发布2024 年年度报告，2024 年公司实现营业收入121.96 亿元，同比下降9.04%；归母净利 润-3.57 亿元，同比下降216.20%；扣非归母净利润-3.80 亿元，同比下降228.96%。 分季度来看：公司2024 年单四季度实现营业收入29.38 亿元，同比下降5.71%，实现归母净利润-4.88 亿 元，同比下降118.48%，实现扣非归母净利润-5.14 亿元，同比下降174.33%。受医疗反腐、DRG 等负面 政策影响，公司单季度收入同比下降，但较Q3下降幅度收窄，负面逐步出清，利润层面下滑明显，主 要受新冠应收减值以及出于审慎原则对部分子公司商誉进行计提的影响。 运营管理效能不断优化，减值计提等影响当期盈利能力。2024 年公司销售费用率9.98%，同比下降 0.33pp，管理费用率7.04%，同比下降0.02pp，财务费用率1.62%，同比下降0.02pp，研发费用率2.51%， 同比下降0.72pp，公司持续优化资源配置效率，强化精细运营管理，期间费用率稳步下降。2024 年公司 毛利率为28.01%，同比下降3.27pp，主要是医疗反腐、市场竞争加剧等影响，净利率-1 ...