Event: when the company released its semi-annual performance report in 2023, 2023H1 achieved an operating income of 5.114 billion yuan (+ 59.52%) and a net profit of 398 million yuan (+ 62.54%). To achieve both revenue and profit growth, the growth mainly comes from the performance thickening brought about by the merger and acquisition of Liaojian and Jiangneng.
Improve the efficiency of business integration management, promote the rapid recovery of profitability and the rapid growth of core business. Through the improvement of operating efficiency, the company has carried out discipline construction and group management, and its hospitals have improved in terms of business volume, income and operating profits compared with the same period last year. The number of routine outpatients and hospitalizations in member hospitals are about 7.1 million (+ 5.3%) and 310000 (9.7%), respectively. On the revenue side, the operating business income of H1 Company Hospital Group was 5.114 billion yuan (+ 59.52%) in 2023, including 4.745 billion yuan (+ 104.26%) from comprehensive medical services and 335 million yuan (- 17.17%) from hospital GPO business. The gross profit of the diagnosis and treatment business benefiting from discipline construction accounted for more than 73%, an increase of more than 10%. The company's 2022Q4 is disrupted by the epidemic and has a low base of business operations. under the influence of many factors, such as recovery and management and operation empowerment, the hospital group business is expected to maintain rapid growth in the second half of the year.
The central enterprise runs the medical model, the company business and shows the contribution increment, under the policy promotion, the state-owned enterprise runs the medicine is expected to become the second national team of public medical treatment. 2023H1 China Resources Healthcare operates a total of 146 medical structures in 10 provinces, including 13 tertiary hospitals and 27 secondary hospitals. 2023H1 has its own hospital with 18630 beds, with a bed utilization rate of 80.60%. The double growth of overall revenue and profit of China Resources Medical mainly came from Liaojian (27 medical institutions) and Jiangneng member medical institutions (6), including 5 third-class first-class hospitals, and the consolidated operating income of 2.091 billion yuan and comprehensive net profit of 257 million yuan. The income of Liaojian and Jiangneng was traced back to June 2, 2022; excluding the merger table, the net profit of the stock hospital increased by about 7%. China Resources Medical and China Resources Health business coordinated integration, in the future will continue to "M & A + improve" the operational efficiency of existing hospitals two-wheel-driven growth. In the future, the scale effect of collectivized operation is expected to show further, and the net profit is expected to grow rapidly with the network layout.
Profit forecast: considering that the company is the medical model of central enterprises and the leading company of integrated medical services, the operation and management continues to improve, and mergers and acquisitions are expected to be integrated within the group in the future. It is estimated that the company's operating income from 2023 to 2025 will be 120.95 billion yuan, respectively, and the net profit will be 7.13 million, 849, 952 million, 0.55, 0.65 and 7.37 times, respectively, respectively, and the corresponding PE will be 9.84, 8.26 and 7.37 times, respectively.
Profit Forecast:
Risk tips: hospital operation and management risk, integration is not up to expectations, medical insurance policy risk.