IMIC(000516) 东吴证券·2025-04-24 03:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's core business is operating steadily, focusing on refined management practices [1] - In 2024, the company achieved total revenue of 4.815 billion yuan, a year-on-year increase of 4.28%, while the net profit attributable to shareholders was a loss of 254.13 million yuan, narrowing by 31.01% compared to the previous year [7] - The company is in a growth phase, with expectations for revenue to reach 4.823 billion yuan in 2025 and 5.533 billion yuan in 2026 [1][7] Financial Performance Summary - Total revenue forecast for 2023A is 4.618 billion yuan, with a projected increase to 4.815 billion yuan in 2024A and 4.823 billion yuan in 2025E [1] - The net profit attributable to shareholders is expected to improve from a loss of 368.36 million yuan in 2023A to a loss of 254.13 million yuan in 2024A, and further to a loss of 219.54 million yuan in 2025E [1] - The earnings per share (EPS) is projected to improve from -0.16 yuan in 2023A to -0.11 yuan in 2024A and -0.10 yuan in 2025E [1] Business Operations Summary - The company reported a total of 2.5727 million outpatient and emergency service visits in 2024, a year-on-year increase of 7.70%, and 205,700 inpatient service visits, an increase of 10.73% [7] - The Xi'an High-tech Hospital achieved revenue of 1.525 billion yuan in 2024, with a net profit of 85 million yuan, reflecting a net profit margin of 5.6% [7] - The company is focusing on developing specialized services such as integrated Chinese and Western medicine, high-end health management, and assisted reproductive medicine, aiming to become one of the largest reproductive medicine centers in China [7]