IMIC(000516) 中邮证券·2025-04-26 13:57Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][9]. Core Insights - The company reported a steady performance in 2024, with a revenue of 4.815 billion yuan, reflecting a growth of 4.28%. However, the net profit attributable to shareholders was a loss of 254 million yuan, although this represented a 31.01% improvement compared to the previous year [3][10]. - The first quarter of 2025 showed a slight revenue decline of 14.99% year-on-year, with a revenue of 999 million yuan and a net loss of 106 million yuan, indicating ongoing challenges [3][4]. Financial Performance Summary - In 2024, the company achieved a gross margin of 9.45%, with a net profit margin of -5.28%, showing a slight improvement in cost control measures [5]. - The company’s revenue projections for 2025 to 2027 are 4.852 billion yuan, 5.362 billion yuan, and 5.937 billion yuan respectively, with expected net profits gradually improving from a loss of 211 million yuan in 2025 to a profit of 68 million yuan in 2027 [7][10]. Operational Highlights - The company experienced a steady growth in patient volume, with outpatient visits at high-tech hospitals increasing by 0.3% and inpatient admissions by 1.8% in 2024. The central hospital saw a significant increase in outpatient visits by 19% and inpatient admissions by 15% [4]. - The company has made significant advancements in its clinical specialties, with several departments receiving provincial and municipal recognition, enhancing its service offerings [6].