2025 年 09 月 29 日 短期业绩承压，医疗智能化进程持续推进 —卫宁健康（300253.SZ）公司动态研究报告 买入(维持) 投资要点 | 分析师：俞家宁 | S1050523070002 | | --- | --- | | yujn@cfsc.com.cn | | | 分析师：胡博新 | S1050522120002 | | hubx@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 6 | | --- | --- | | 当前股价（元） | 9 | | 总市值（亿元） | 199 | | 总股本（百万股） | 2214 | | 流通股本（百万股） | 1914 | | 52 周价格范围（元） | 6.2-13.24 | | 日均成交额（百万元） | 873.9 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 120 (%) 卫宁健康 沪深300 ▌短期业绩承压，新一代产品有望推动业绩增长 2025 上半年，公司实现营业收 ...

Group 1 - The company reported a revenue of 839 million yuan and a net profit attributable to shareholders of -118 million yuan for the first half of 2025, with a significant increase in operating cash flow by 163.44% to 53.79 million yuan [1] - The company has strengthened its leading position in the medical information industry through the excellent performance of its core product WiNEX series and active layout in AI large model technology and domestic replacement [1] - The company has optimized the performance of WiNEX products, completing over 90 business decouplings and more than 100 model optimizations, establishing a lightweight foundation for agile business assembly [1] Group 2 - The company launched AI models WiNGPT 3.0 and WiNEX Copilot 2.2 in May 2025, which have been deployed in nearly 150 medical institutions, enhancing AI technology applications in the medical field [2] - The company has actively responded to policy guidance and market demand in domestic replacement, achieving deep adaptation of domestic chips and completing compatibility certification for its entire product line with the Longxin 3A6000 processor [2] - The company has assisted multiple hospitals in completing domestic replacement deployments, establishing practical benchmarks for regional medical resource integration and domestic transformation [2] Group 3 - The company has been providing integrated solutions in medical health information since its establishment, focusing on enhancing patient experience and health levels through continuous technological innovation [3] - The company's business covers various fields including smart hospitals, regional health, grassroots health, public health, medical insurance, and health services, making it a competitive supplier in China's medical health information industry [3]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 13.05 RMB [1][8]. Core Views - The company is expected to see continuous improvement in its main business due to favorable trends in order wins and accelerated promotion of new products like WiNEX. The advancement of AI in the healthcare sector is anticipated to further expand the company's market space [1][8]. - In 2024, the company reported a revenue of 2.78 billion RMB, a decrease of 12.05%, and a net profit attributable to shareholders of 0.088 billion RMB, down 75.45%. This decline was primarily due to deferred demand and delays in bidding and delivery acceptance [8]. - The company’s new core product, WiNEX, has entered a rapid delivery phase, which is expected to enhance operational quality. The operational efficiency has improved significantly, with total sales, management, and R&D expenses decreasing by 17.94% in 2024 [8]. - The company has made significant strides in AI healthcare, deploying over 80 users with foundational models and AI applications in Q1 2025. The release of WiNGPT 3.0 and WiNEX Copilot 2.2 is expected to enhance the capabilities of medical model inference and intelligent technology applications [8]. Financial Summary - The company’s projected net profit attributable to shareholders for 2025-2027 is expected to be 0.481 billion RMB, 0.645 billion RMB, and 0.829 billion RMB respectively, with EPS of 0.22 RMB, 0.29 RMB, and 0.37 RMB [3][8]. - The company’s revenue is projected to recover to 3.11 billion RMB in 2025, with a growth rate of 11.8% compared to 2024 [3][8]. - The company’s operating cash flow for 2024 was 0.408 billion RMB, reflecting a significant increase of 120.53% [8].