Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.11 HKD [8][9]. Core Views - The company is expected to achieve a revenue of 4.45 billion RMB in 2024, reflecting a year-on-year growth of 9.1%, while the adjusted net profit is projected to be 600 million RMB, a decline of 15.6% year-on-year [1]. - The decline in profit is attributed to several factors including increased financial costs and depreciation expenses from new hospital constructions [1]. - For 2025, the adjusted profit is anticipated to rebound with a growth of 16% year-on-year, supported by improved cash flow and cost management [1]. Summary by Sections Hospital Business - The hospital business is projected to generate 4.32 billion RMB in revenue for 2024, with outpatient revenue increasing by 20.8% year-on-year and inpatient revenue by 5.9% year-on-year [2]. - The growth is driven by the performance of mature hospitals and the ramp-up of new facilities, with an expected increase in bed utilization rates [2]. Group Empowerment - The report highlights the positive contributions of Xi'an Chang'an Hospital and Yixing Haijia Hospital to the company's revenue and profit in 2025, with significant increases in surgical cases [3]. Expansion Plans - The company has two new hospitals under construction and four hospitals with expansion plans, aiming to exceed 16,000 beds upon completion [4]. Profit Forecast and Valuation - The adjusted EPS for 2025-2027 is forecasted at 1.13, 1.27, and 1.40 RMB respectively, with a target PE of 18 times for 2025 [5][13]. - The revenue projections for 2025-2027 are 4.91 billion, 5.38 billion, and 5.80 billion RMB, reflecting a slowdown compared to previous estimates [13][14].
海吉亚医疗（06078）：受外部环境制约，看好恢复性增长