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广发证券:维持华润医疗(01515)“买入”评级 合理价值5.98港元

GF Securities: Maintains a "buy" rating for CR Medical (01515) with a fair value of 5.98 Hong Kong dollars.

Zhitong Finance ·  Sep 27 09:32  · Ratings

GF Securities expects cr medical's net income attributable to the mother in 2024 to increase by 8.6% compared to 2023, excluding the devaluation of Huaiyin, reaching 0.644 billion.

As reported by Zhitong Finance APP, GF Securities issued a research report stating that they maintain a "buy" rating for cr medical (01515), continuously promoting hospital group operation and refined management. It is expected that the profit margin will improve, with a projected year-on-year growth of around 7% in net income attributable to the mother for the years 2025 to 2026, and a fair value of 5.98 Hong Kong dollars. In 2024, due to the difference in medical insurance settlement over two years, it is expected that hospital business revenue will slightly decrease. However, for the years 2025 to 2026, the impact of the difference in medical insurance settlement is expected to decrease, resulting in a year-on-year growth of 4-5% in hospital business revenue. The continued cost reduction and efficiency improvement measures are forecasted to lead to stable performance growth in 2024, with net income attributable to the mother projected to increase by 8.6% compared to 2023, excluding the devaluation of Huaiyin.

GF Securities' main points are as follows:

The company disclosed the performance announcement for the first half of 2024, with a slight decrease in revenue compared to the previous year, but with steady profit growth.

Revenue for the first half of 2024 was 4.98 billion yuan, down by 2.7% year-on-year, mainly due to the impact of the difference in medical insurance settlement over two years, coupled with the higher base in the first half of 2023. The company actively reduced costs and improved efficiency, with pharmaceuticals and consumables accounting for a decreased proportion of revenue, offsetting the impact of the difference in medical insurance settlement over two years. Net income attributable to the mother for the first half of 2024 was 0.434 billion yuan, up by 9.1% year-on-year. The company plans to distribute an interim dividend of 5 cents per share.

Year-on-year, hospital business revenue saw a slight decrease, with both outpatient and inpatient visits increasing, while the average revenue per visit decreased.

According to the materials from the earnings conference of the company, medical business revenue for the medical facilities under cr medical amounted to 4.6 billion yuan in the first half of 2024, down by 3.0% year-on-year. After excluding the impact of the difference in medical insurance settlement over two years and the closure of Huaiyin Hospital, revenue for the first half of 2024 remained flat year-on-year. Among this, outpatient revenue was 1.81 billion yuan, up by 1.4% year-on-year, with visits increasing by 3.5% to reach 5.05 million; the average revenue per visit decreased by 2.0%. Inpatient revenue was 2.7 billion yuan, down by 6.1% year-on-year, with visits increasing by 3.0% to reach 0.28 million; the average revenue per visit decreased by 8.8%. The number of surgeries increased by 1.2%, with a 2.5% increase in level three to four surgeries. The hospital business gross profit for the first half of 2024 was 0.923 billion yuan, down by 5.7% year-on-year, with a gross margin of 20.1%, down by 0.6 percentage points. After excluding the impact of the difference in medical insurance settlement over two years and the closure of Huaiyin Hospital, the hospital's gross profit increased by 6.7% compared to the first half of 2023, with a gross margin increasing by 1.3 percentage points.

Risk Warning: The group's hospital network expansion process is slower than expected; merger hospital integration or operation is slower than expected; medical insurance cost control leads to actual settlement amounts lower than expected, etc.

The translation is provided by third-party software.


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