海吉亚医疗(6078.HK):经营韧性强 逐步进入收获期

Hygea Healthcare (6078.HK): Strong management resilience and gradual entry into the harvest period

華安證券 ·  Apr 2


On March 26, 2024, the company released its 2023 annual report. In 2023, the company achieved operating income of 4,077 billion yuan, +27.6% year on year, realized net profit of 685 million yuan, +42.1% year on year, achieved adjusted net profit of 713 million yuan, +17.5% year on year; profit per share.


Incidental factors such as the epidemic affected apparent performance. Operational resilience did not change. In 2022, the company generated one-time nucleic acid revenue due to the epidemic. If the impact of nucleic acid were excluded, the company's revenue & net profit & adjusted net profit increased 34%/64%/31% year-on-year respectively, and the business continued to grow healthily. Looking at the spin-off, 2023H2 had revenue of 2,317 million yuan (+39%), net profit of 350 million yuan (+38%), and adjusted net profit of 367 million yuan (+20%).

Hospital operations are resilient, and outpatient & inpatient revenue is growing well. Hospital business revenue in 2023 was $3.89 billion (+28.5% year-on-year increase, +35.4% increase without nucleic acid testing), including outpatient revenue of 1,351 billion yuan (+23.1% increase, +43.2% increase without nucleic acid testing), hospitalization revenue of 2,539 billion yuan (+31.6% year-on-year increase, +31.6% year-on-year increase).

The company continued to consolidate its department advantage. Demand for the oncology business surged. The oncology business accounted for 46.9% of the stock oncology business, an increase of 1.9 percentage points over the previous year. In 2023, the company completed 83, 770 surgeries, an increase of 34.6%; the number of medical professionals was 7,483, an increase of 46%; the number of senior professionals and technicians was 1,188, an increase of 47% over the previous year. In a high-barrier circuit, we are optimistic about the company's long-term healthy development.

The quality of hospital assets is excellent. As of March 2024, the increase in performance brought about by the release of demand after the epidemic recovered. The company had 16 operating hospitals and 4 level-III general hospitals, and built new Dezhou Haijia Hospital, Wuxi Haijia Hospital, and Changshu Haijia Hospital in 2023. Meanwhile, the company acquired Yixing Haijia Hospital, Chang'an Hospital, and Qufu Chengdong Cancer Hospital during the reporting period. The company's mature hospitals are well known. The existing hospitals are expected to climb rapidly. The newly acquired hospital assets are of excellent quality and are expected to continue to increase revenue and profits.

Investment advice: Maintaining a “buy” rating

We are optimistic about the company's leading position in the field of medical services. As the company's business network continues to expand and hospitals continue to climb, there is a high degree of certainty that it will continue to grow steadily. From 2024 to 2026, it is expected to achieve operating income of 55.89/6.727/7.902 billion yuan, +37%/17%; net profit to mother of 8.97/10.99/1,314 billion yuan, +31%/22%/20% year over year; corresponding to PE 22/18/15x, maintaining a “buy” rating.

Risk warning

Risk of policy changes; risk of retaining physicians and employees; risk of increased risk of industry competition.

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