The key signal issued by Yudu Technology (02158) The latest interim report
(Original title: Yudu Technology (02158) the latest interim reported key signal)
In recent,热门新闻 Yudu Technology (02158) announced the mid -term performance of 2024, which revealed two key signals.
According to this financial report, the gross profit margin of the head of the Chinese medical intelligence industry in the first half of the fiscal year 2024 (as of September 30, 2023) reached 38.2%, a year -on -year increase of 12.1 percentage points, a record highThe percentage of total revenue decreased by 12.8 percentage points year -on -year, and the adjustment of net loss after adjustment greatly narrowed significantly by 75.9%year -on -year to 54.1 million yuan.
AI's digital wave is screaming. Bill Gates published ChatGPT's release than the invention of the Internet. Huang Renxun, CEO of Nvidia, believes that "AI ushered in the iPhone moment."However, each time the training of AI models, the investment of millions or even tens of millions of yuan makes it difficult for AI, especially medical AI companies to find an effective business profit path.
Why value hair rates?
It is not enough to establish Yudu Technology for nearly 10 years, but now he has touched the profitable time window, which is mainly due to one point: outstanding gross profit level.
According to the statistics of Zhitong Finance APP, the gross profit margin of Yudu Technology in the first half of the fiscal year in 2022 was 28.7%, the indicator of the first half of the 2023 fiscal year was 26.1%, and the first half of the 2024 fiscpercentage point.
The gross profit margin is not the only criterion for investment decisions, nor is it the truth that is allowed to be in four seas, but it is the key to opening the door of analysis.At the same time, the comparative analysis of gross profit margins is often the first step in the analysis of the profit statement, and then the analysis of three fees and asset impairment.
The increase in the gross profit margin of Yudu Technology is mainly the common drive of the gross profit margin of the three major platforms. These three platforms are: big data platforms and solutions, life science solutions, health management platforms and solutions.
In this half fiscal year, the gross profit margin of the big data platform and solution rose to 45.2%, which was 3.9 percentage points higher than the same period last year; the gross profit margin of life science solutions was 27.8%, which was 13.3 percentage points from the same period last year.The gross profit margin of health management platforms and solutions rose the largest, reaching 53.2%, which was almost doubled from 28.1%in the same period last year.
At the same time that the gross profit margin increased, Yudu Technology achieved a significant decrease in net loss -narrowing by 75.9%, such a large decline is a key signal, which means that the company has further improved in terms of business quality and efficiency, so that it can be able to be able to improve the quality and efficiency of operation, so that they can be able to be able to improve the quality and efficiency of business, so that they can be able to improve the quality and efficiency of operation, so that they can be able to improve the quality and efficiency of operation, so that they can be able to improve the quality and efficiency of operation, so that they can be able to improve the quality and efficiency of operation, so that they can be able to improve the quality and efficiency of business, so they can be able to be able to improve their quality and efficiency, so they can be able to be able.Realize loss of losses.This can also be seen that Yudu Technology's emphasis on technology and AI, and the accelerated implementation of quality and efficiency improvement is the basic running of the business model.
According to Zhitong Finance and Economics, Yudu Technology has achieved excellent results in the two indicators of gross profit margins and reduced net losses. It mainly depends on two points: the "focus" strategy and "medical intelligence brain" Yiducore's empowerment.
Starting from the second half of fiscal year in 2023, Yudu Technology has transformed around the "focusing" strategy and focuses on core business and core customers.The company's management puts profitability to improve profitability, more decisively, and continuously consolidate the business model. The continuous improvement of gross profit margin and the sharp narrowing of losses have confirmed the effectiveness of the "focusing" strategy.
From a specific business point of view, the "focus" strategy also handed over a good "initial test" transcript.During the reporting period, the cooperative development of the three major business sectors of Yudu Technology. In addition to the gross profit margin, various business data is also excellent:
A. Big data platform and solution sector:The total number of customers of Yudu Technology has reached 94, and the number of customers in regulators and policy makers has increased to 38. The "Pental Database Platform" has been deployed and applied to multiple head -based hospitals and three hospitals.And was deeply used by more than 250 clinical teams;
B. Life scientific solution sector:15 of the 20 multinational pharmaceutical companies on the head are medical customers, and the retention rate of the top 10 customers is 128.2%. 296 clinical research, 221 forward -looking and retrospective real world research have been performed. Intelligent clinical trialsManagement Organization Services (ISMO) has covered 304 clinical trial institutions;
C. Health management platform and solution sector:The "Huimin Bao" business of Yudu Technology has won the bid and served 4 provinces and 12 cities.Among them, the company has provided main operational services for the "Huimin Insurance" project in Jiangsu and Beijing for three consecutive years.The average data of the item is listed in the front of the national "Huimin Bao" project.At the same time, the company is constantly exploring the new model of chronic disease management, and at least 26 million active users have completed at least one transaction on the health management platform.
From yiducore to comprehensive management efficiency
The combat effectiveness condensed by the three major business sectors of the "focusing" points to the new productivity of Yiducore.
According to the data, Yudu Technology is based on the "medical intelligence brain" Yiducore as the core. Through the three major solutions: "big data platform and solution", "life science solution", and "health management platform and solution", "Medical, medicine, danger, patients "medical industry ecological services closed loop.
During the reporting period, Yudu Technology continued to carry out research and development and training of large -language models based on medical vertical fields based on more than 100 billion refined training token. At present, 7 billion and 13 billion parameters have been completed, and 70 billion are underway.And model training with 100 billion parameters.It is understood that the company plans to launch a model version of different parameters to adapt to the application needs of different terminals and scenes. In the future, it will continue to adjust the functions of the large models and will be officially released in the near future.
The medical industry is a huge system. The digital transformation of different scenarios has different business demands and pain points, and the large medical models can provide a new one for the digital transformation of the medical industry in terms of data, algorithms, computing power, and scenes.Productivity tools.
Taking Yiducore as an example, based on years of accumulation and precipitation, the number of diseases covered by the medical knowledge map has exceeded 10,000 kinds. The disease model has been established in the field of nearly 80 diseases.Customers such as institutions, pharmaceutical companies, insurance companies and other industries have connected multiple scenarios.
For example, for the hospital's unpleasant, unreasonable, unavailable, and unused challenges for the hospital, Yudu Technology created a new generation of data center Yidueywa2.0 based on Yiducore.The transformation of acceleration value has now helped the high -quality development and digital transformation of a number of three hospitals.Combined with the continuous optimization and upgrade self -developed model, Yiducore will also upgrade from version 1.0 to version 2.0.As of September 30, 2023, Yiducore has covered more than 1,700 hospitals.
With Yiducore as the core, the coordinated development of the three major businesses finally triggered the initial success of Yudu Technology in the AI commercialization model.
Comprehensive management efficiency.
At present, almost all AI companies are losing money. Except for the high cost of technology research and development and the accurate landing scenarios, it is more important to fail to move towards the stage of comprehensive management efficiency and ask for dividends from management.
It is manifested in the financial statements. The most direct reflection of the comprehensive management efficiency is a series of numbers, that is, the growth rate of revenue and profit, the level of gross profit margin and net interest rate, product cost, financing cost, and the proportion of marketing and administrative expenses accounting for operating income ratiowait.
The improvement of the gross profit margin of Yudu Technology and the narrowing of losses are just a cut surface for its comprehensive management efficiency, and more data can be proof simultaneously.
It is reflected in this performance. For example, in terms of hand-order, the first half of the fiscal year in fiscal year in the first half of the fiscal year, Yudu Technology had an order of 872 million yuan in hand, a surge of 58%year-on-year;100 million yuan narrowed 11.8%compared with the same period last year, and it was the best level since listing. At present, important asset reserves account for nearly 90%of the market value, and interest liabilities are 0 — this is an extremely excellent number.
Future and valuation
According to Grand View Research data, the number of digital markets in the global medical industry in 2022 was US $ 211 billion, and from 2023-2030, it will increase with an average annual compound growth rate of 18.6%to $ 809.2 billion. Global medical digital transformation has become a general trend.
However, AI and large models need a large and continuous investment. How to achieve profitability has become a problem that major AI companies need to face.
However, if anyone takes the lead in completing the "third -order" transformation of the industry's digital intelligence, it can form a complete ecological closed loop, and build a barrier -free information interaction and unobstructed business operation and service system, and the company can have higher technologyBarriers to enjoy a higher market premium.
The "dormant long" medical technology has been so far from the boundary of the loss. In the future, there are more reasons to get more market attention.When the advancement is happening, the company's business model is further verified, and its management dividends are expected to become the initiative to drive the company's growth in the future.This change will also trigger changes in the valuation model of the Medical Ferry.
At the recent performance meeting, Yudu Technology Management pointed out that the current net net ratio has dropped to 1.03 times.Based on the latest valuation of international business and the company's important asset reserves, it is not considered a very conservative calculation of any domestic business.Yudu Technology's stock price was seriously underestimated.
Subsequently, Goldman Sachs, Citi, and Yamato issued a major research report to maintain a "buy" rating for Yudu Technology, and the target price given the corresponding target price was significantly higher than the current price.
The dormant dormant is about to be crossed, and the hope of "righteousness" is being built in the middle.