广发证券:予海吉亚医疗(06078)“买入”评级 目标价38.81港元

GF Securities: Target price of HK$38.81 for a “buy” rating for Hygea Healthcare (06078)

Zhitong Finance ·  Apr 1 09:38

Zhitong Finance App learned that Guangfa Securities released a research report stating that according to the “buy” rating of Haijia Healthcare (06078), the net profit for 2024-26 is expected to be 9.0/11.4/1.43 billion yuan, respectively. Considering the scarcity of the company's private oncology medical services and the steady expansion of the business scale, the company was given a 24-year NongAAP net profit of 25x PE, with a corresponding reasonable value of HK$38.81 per share.

The report's main points are as follows:

Hygea Healthcare announced its 2023 full-year results.

In 2023, the company achieved operating income of 4,077 billion yuan, +27.6% year on year, +34.0% year on year after excluding the impact of nucleic acid; net profit of 685 million yuan, +42.1% year on year, +36.6% year on year after excluding the impact of nucleic acid; NongAAP net profit of 713 million yuan, +17.5% year over year after excluding the impact of nucleic acid. In addition, the company also revealed in its annual report that revenue from January to February 2024 increased by more than 40% year-on-year, and the overall operating situation was good.

The hospital business is progressing steadily, and tumor characteristics have been further enhanced.

According to the company's annual report, the hospital's business revenue in '23 was 3.89 billion yuan, +28.5% YoY, excluding the impact of nucleic acid +35.4% YoY. Among them, inpatient business revenue was 2.54 billion yuan, +31.6% year on year; outpatient business revenue was 1.35 billion yuan, +23.1% year over year, excluding nucleic acid impact +43.2%; the number of surgeries was 83,800, +34.6% year over year. The proportion of grade 3, 4 and interventional surgeries increased, and the quality of medical care was further improved. The oncology business remained steady, with revenue of 1.44 billion yuan, +23.6% year-on-year, accounting for 43.6% of total revenue.

The self-built project is progressing smoothly, and epitaxial integration remains efficient.

According to the company's annual report, the self-built Dezhou Haijia passed the inspection of a tertiary general hospital in March '24, and the construction of Wuxi Haijia and Changshu Haijia is progressing rapidly, and is expected to be delivered in early '25 and the end of '25, respectively; Chongqing Heshan County Phase II was put into use in February and July '23, and Chengwu Phase II was put into use in January '24. Kaiyuan Xiehua, Hezhou Dingji, Chang'an and Yong Hospitals Phase II projects are also progressing rapidly; the integration of the two hospitals acquired by the company in '23 is also progressing rapidly. Revenue after the table was +30.8% year-on-year (June-December), and Chang'an Hospital also Revenue after the table was +28.9% YoY (September-December).

Risk warning: risk of policy changes; risk of major medical accidents; risk of health insurance cost control.

The translation is provided by third-party software.

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