Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Insights - The company is a leader in the medical digital marketing sector, leveraging 29 years of data assets to create a unique AI+medical platform. It has over 7 million registered users, with 2.65 million monthly active users, providing a strong foundation for value-added services to pharmaceutical companies and patients [1][12]. - The digital marketing landscape is rapidly expanding, with the market size exceeding 3 billion RMB in 2023 and a CAGR of 33.5% from 2019 to 2023. The shift towards digital marketing is driven by the need for compliance and efficiency in the medical field [2][58]. - The company has successfully monetized its large physician user base, achieving a compound annual growth rate (CAGR) of 36.8% in revenue from precision marketing and enterprise solutions from 2018 to 2024 [3][26]. Summary by Sections 1. Company Overview - The company has established itself as a leading medical information service platform, with a focus on enhancing user experience through a diverse range of products. It has developed AI products like MedAssister and MedSeeker, supported by a vast database of medical literature [1][12]. - The user base includes over 4 million registered physicians, achieving an 88% coverage rate among practicing physicians in China [12][68]. 2. Digital Marketing Industry - The digital marketing sector is witnessing significant growth, with a market size of 3 billion RMB in 2023. The industry is characterized by a shift towards compliance and efficiency, making digital marketing a preferred choice for pharmaceutical companies [2][58]. - The company’s digital marketing solutions have shown a clear advantage over traditional methods, offering better compliance, cost-effectiveness, and time efficiency [2][45]. 3. AI Empowerment - The company is leveraging AI to enhance the effectiveness of its data assets, launching products that integrate extensive medical data to improve customer acquisition and content generation [4][66]. - The forecasted net profits for 2025, 2026, and 2027 are projected to be 322 million, 364 million, and 415 million RMB, respectively, with corresponding growth rates of 2.2%, 13.2%, and 13.8% [4][6]. 4. Financial Forecast and Valuation - The company’s revenue is expected to grow from 558 million RMB in 2024 to 1.092 billion RMB in 2027, with a CAGR of 35.5% from 2024 to 2027 [6][26]. - The projected P/E ratios for 2025, 2026, and 2027 are 26, 23, and 20, respectively, indicating a favorable valuation outlook [4][6].

[Table_Main] 证券研究报告 | 行业周报 医药生物 优于大市（维持） 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2024-05 2024-09 2025-01 医药生物 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《博瑞医药：专注代谢药物研发， 管线新增口服 BGM0504 与 Amylin 类似物》，2025.4.28 2.《医药行业周报：生命科学产业链： 需求端逐步回暖，关税战进一步催化 国产替代》，2025.4.21 3.《再鼎医药(09688.HK)：艾加莫德 新剂型获 FDA 批准，不惧竞争，大 单品销售可期》，2025.4.14 4.《医药行业周报：中美互加关税背 景 下 ， 如 何 布 局 医 疗 消 费 》， 2025.4.13 5.《医药行业周报：中国创新药逐步 进入收获期，关注技术革新与 BD 潜 力》，2025.4.6 医药行业周报：美股医疗 AI 龙头股价 反弹，关注 AI 快速落地的企业 [Table_Summ ...

[Table_Main] 证券研究报告 | 行业周报 医药生物 优于大市（维持） 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 研究助理 市场表现 -29% -22% -15% -7% 0% 7% 15% 22% 2024-05 2024-09 2025-01 医药生物 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《博瑞医药：专注代谢药物研发， 管线新增口服 BGM0504 与 Amylin 类似物》，2025.4.28 2.《医药行业周报：生命科学产业链： 需求端逐步回暖，关税战进一步催化 国产替代》，2025.4.21 3.《再鼎医药(09688.HK)：艾加莫德 新剂型获 FDA 批准，不惧竞争，大 单品销售可期》，2025.4.14 4.《医药行业周报：中美互加关税背 景 下 ， 如 何 布 局 医 疗 消 费 》， 2025.4.13 5.《医药行业周报：中国创新药逐步 进入收获期，关注技术革新与 BD 潜 力》，2025.4.6 医药行业周报：美股医疗 AI 龙头股价 反弹，关注 AI 快速落地的企业 [Table_Summ ...