Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - In 2024, the company experienced revenue fluctuations with a total revenue of 4.446 billion HKD (up 9.1% year-on-year) and a net profit of 598 million HKD (down 12.6% year-on-year) [5] - The adjusted net profit for 2024 was 602 million HKD (down 15.6% year-on-year), with a gross margin of 29.9% (down 1.6 percentage points) and a net margin of 13.5% [5] - Due to the impact of financial asset impairment, the profit forecast for 2025-2026 has been revised downwards, with expected net profits of 697 million HKD and 779 million HKD for 2025 and 2026 respectively [5] - The company is projected to achieve net profits of 862 million HKD in 2027, with corresponding price-to-earnings ratios of 12.3, 11.0, and 10.0 for 2025-2027 [5] Revenue and Business Growth - The company's outpatient services saw rapid growth in 2024, with outpatient service revenue reaching 1.633 billion HKD (up 20.8% year-on-year) [6] - The total revenue from hospital operations was 4.32 billion HKD (up 11.1% year-on-year), with inpatient service revenue of 2.69 billion HKD (up 5.9% year-on-year) [6] - The oncology-related business generated 1.963 billion HKD in revenue (up 10.4% year-on-year), accounting for 44.15% of total revenue [6] - The number of patient visits increased to 4.526 million (up 23.8% year-on-year), and the number of surgeries performed was 97,000 (up 15.8% year-on-year) [6] Hospital Development and Expansion - The company is progressing with new hospital projects, including the completion of Dezhou Haijia Hospital, which has 1,000 planned beds [7] - The Wuxi Haijia Hospital project is expected to be completed and opened in 2025, with 800 to 1,000 planned beds [7] - Ongoing expansions include the Kaiyuan Hospital phase II project, which will add approximately 500 beds, and several other hospital expansion projects that will increase total bed capacity to over 16,000 [7]
海吉亚医疗（06078）：港股公司信息更新报告：2024年业绩有所波动，门诊服务快速增长