CITIC Securities: XUNFEIHEALTH is expected to maintain long-term competitiveness in medical AI

Zhitong
2025.03.07 07:49
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Zhongshan Securities released a research report stating that XUNFEIHEALTH, under the trend of "equalization" in reasoning large models, is expected to maintain long-term competitiveness in medical AI due to its years of deep cultivation in the Chinese medical industry and the product synergy advantages across three major terminals. The firm indicated that the company is currently trading at a valuation multiple of 26.1 times price-to-sales ratio and 29.8 times price-to-book ratio, which is higher than the levels of comparable companies in China and the United States. The firm noted that the company's financial performance has been relatively stable in recent years, predicting that the total revenue for 2024 will grow year-on-year at a rate higher than the previous year. As the company's AI technology continues to iterate, revenue sources are gradually shifting from grassroots hospitals to tiered hospitals, simultaneously driving an increase in patient-side revenue. Additionally, the company pointed out that over the past year, the growth of service fees has significantly outpaced project fees, with the proportion of one-time revenue decreasing from 91.5% to below 80%, indicating that the company is gradually shifting from a project-oriented mindset to a results-oriented product mindset. Regarding losses, the company stated that both the absolute value and the proportion of losses are narrowing in 2024

According to the Zhitong Finance APP, China Merchants Securities released a research report stating that XUNFEIHEALTH (02506), under the trend of "equalization" in reasoning large models, is expected to maintain long-term competitiveness in medical AI due to its years of deep cultivation in the Chinese medical industry and the product synergy advantages across three major terminals. The report indicates that the company is currently trading at a valuation multiple of 26.1 times sales and 29.8 times book value, which is higher than the comparable companies in China and the United States.

The report states that the company's financial performance has been relatively stable in recent years, predicting that the total revenue for 2024 will grow year-on-year at a rate higher than the previous year. As the company's AI technology continues to iterate, revenue sources are gradually shifting from grassroots hospitals to tiered hospitals, simultaneously driving an increase in patient-side revenue. Additionally, the company pointed out that over the past year, the growth of service fees has significantly outpaced project fees, with the proportion of one-time revenue decreasing from 91.5% to below 80%, indicating that the company is gradually shifting from a project-oriented mindset to a results-oriented product mindset. Regarding losses, the company stated that both the absolute value and the proportion of losses are narrowing in 2024

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