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研報掘金丨國信證券:首予一脈陽光“優於大市”評級,AI賦能深挖影像數據價值,看好公司長期發展潛力
格隆匯 05-26 12:51

國信證券研報指出,一脈陽光2024年收入增長承壓,淨利潤由盈轉虧。公司毛利率為36.5%(+0.7pp),主要由於提供更多高毛利差異化的影像解決方案和一脈雲服務,同時加強成本管控。第三方醫學影像服務成長潛力大,AI賦能深挖影像數據價值。一脈陽光是行業領先的醫學影像服務供應商。截至2024 年末,一脈陽光已運營106個影像中心,覆蓋全國16個省,是中國唯一一家為整個醫學影像產業鏈提供全面醫學影像服務及價值的平台運營商。一脈陽光形成了“醫學影像中心服務+影像解決方案服務+一脈雲服務”三部分業務的服務能力輸出。公司通過四類影像中心提供影像檢查及診斷、運營管理服務,其中區域共享型和旗艦型中心貢獻主要收入。此外,公司在醫學影像信息化上已前瞻佈局。一脈陽光擴張步伐穩健。AI時代下公司打造智慧影像綜合解決方案,正在打通數據變現和應用的通路。看好公司長期發展潛力,預計2025-27年歸母淨利潤分別為0.49/0.81/1.13億元,同比扭虧為盈/65.3%/39.5%。綜合絕對估值和相對估值,取中間值,公司一年期目標價為20.76-25.62港元,相較當前股價18.86港幣(25-05-22)有10.1-35.8%溢價空間,首次覆蓋,給予“優於大市”評級。

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