Western Securities issued a research report that 23H1 Medical Maitong (02192) achieved an income of 174 million yuan (+ 31.5%), a net profit of 98.72 million yuan (+ 266.0%), and an adjusted net profit of 120 million yuan (+ 122.0%). Other income during the period was about 82.85 million yuan (26.03 million yuan for 21H1 during the same period), mainly due to the increase in interest income and government subsidies.
Gross profit margin is 60.6% (- 8.5pcts), which is mainly due to the merger and acquisition of Shicheng Medical and the relatively low gross margin RWE business development. During the period, the sales / management / financial expense rates were 9.2%, 33.1%, 0.1%, respectively, down 3.0pcts0.1pcts from the same period last year. The decline in the rate of sales expenses is mainly due to cost reduction and efficiency; the rate of management expenses is reduced while the investment in R & D is increased and administrative expenses are effectively controlled.
The bank pointed out that the company benefited from the hospital-side recovery and the precision marketing business grew significantly. With the expansion of the content of medical knowledge solutions, the 23H1 Medical knowledge Source platform has added 4 departments to cover diseases, with more than 965 entries and 26000 clinical guidelines. Smart patient solutions have been expanded in the field of chronic diseases. by the end of June 23, the platform had accumulated about 311000 users and about 89000 physicians.
The bank expects the company's revenue from 2023 to 2025 to be 4.10 yuan 5.42 / 703 million yuan, an increase of 30.4%, 32.2% and 29.8% respectively over the same period last year, and the net profit from its home is 1.36 pm 1.72 / 225 million yuan, an increase of 15.8% and 26.3% respectively over the same period last year. Maintain a "buy" rating.