今天非常荣幸邀请到了紧急升职的唐总跟大家做一个线上的交流那么这个交流也是作为咱们本期300家医药上市公司云端店的这样一个活动的一部分那么要先邀请唐总为大家简单的介绍一下公司近期的情况特别是辅助升职行业现在相关的政策也有很多的更新好 谢谢宇晗 大家好我是笔记升职的IR唐月我先简单的跟大家介绍一下目前公司的一些主要的运营设置然后以及目前政策的一些导向然后剩下的时间可能就给大家提问题然后我们聚焦一些大家比较关心的问题 从目前来看因为现在刚刚结束整个上半年的一个运营我们公司在收入端的话目前大概是一个高三位数的增长然后在利润端的话之前我们是给过一个全年的指引正常化利润是较去年有一个15%的增长那目前的话这个指引也是没有任何修改的然后从上半年的一个实际完成的一个情况来看我们基本上也能达到这个数值绝对值的一半 所以从时间的这个进度来看的话基本上都是按照我们预算的目标来完成的然后从这个分板块来看的话我们目前的话主要是成熟医院这边的增长也不错现在也是一个高单位数往上是负担的一个增长然后海外这边的话主要就是美国美国的话目前的增长会更快一些它上半年的一个收入可能有往上的一个增长 这是我们目前的一个大概的一个经营情况然后在这个运营这 ...

今天非常荣幸邀请到了紧急升职的唐总跟大家做一个线上的交流那么这个交流也是作为咱们本次300家医药上市公司云端店的这样一个活动的一部分那么要先邀请唐总为大家简单的介绍一下公司近期的情况特别是辅助升职行业现在相关的政策也有很多的更新好谢谢宇晗 大家好我是笔记升职的IR唐月我先简单的跟大家介绍一下目前公司的一些主要的运营设置然后以及目前政策的一些导向然后剩下的时间可能就给大家提问题然后我们聚焦一些大家比较关心的问题 从目前来看因为现在刚刚结束整个上半年的一个运营我们公司在收入端的话目前大概是一个高单位数的增长然后在利润端的话之前我们是给过一个全年的指引正常化利润是较去年有一个15%的增长那目前的话这个指引也是没有任何修改的然后从上半年的一个实际完成的一个情况来看我们基本上也能达到这个数值绝对值的一半 所以从时间的这个进度来看的话基本上都是按照我们预算的目标来完成的然后从这个分板块来看的话我们目前的话主要是成熟医院这边的增长也不错现在也是一个高单位数往上的增长然后海外这边的话主要就是美国美国的话目前的增长会更快一些了它上半年的一个收入可能有往上的一个增长 这是我们目前的一个大概的一个经营情况然后在这个运营这一块的话我 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2023 performance met expectations, with revenue reaching RMB 2.789 billion, a YoY increase of 18.0%, and net profit attributable to shareholders of RMB 345 million, a YoY increase of 184.6% [2][5] - The adjusted net profit was RMB 471 million, a YoY increase of 72.0%, with IVF treatment cycles reaching 30,240, a YoY increase of 15.8% [2][5] - Growth was driven by stable performance in mature institutions in Greater China, recovery in overseas markets, and full-year consolidation of new hospitals [2][6] Business Performance Greater China Region - In the Greater China region, mature institutions in Chengdu and the Greater Bay Area achieved 22,260 cycles, a YoY increase of 6.0%, contributing RMB 5.90 billion in performance, a YoY increase of 28.2% [2][6] - Emerging institutions in Yunnan and Wuhan achieved 4,261 cycles, a YoY increase of 42.7%, with IVF revenue of RMB 179 million, a YoY increase of 35.8%, and reduced losses by RMB 3 million [2][7] Overseas Markets - In the US and Laos, the company achieved 3,847 cycles, a YoY increase of 11.7%, with revenue of RMB 570 million, a YoY increase of 23.4%, and a turnaround in performance with a profit of RMB 27 million [2][8] - The US market saw a recovery in international patients to approximately 50% of pre-pandemic levels, with HRC recruiting 6 new doctors [8] Industry Outlook - The assisted reproductive industry is characterized by high barriers and high growth potential, with supportive policies accelerating the inclusion of assisted reproductive services in medical insurance across multiple provinces [2][8] Financial Projections - The company's EPS is projected to be RMB 0.15, RMB 0.18, and RMB 0.21 for 2024-2026, with PE ratios of 20.80x, 17.52x, and 14.78x respectively based on the closing price on May 21, 2024 [2][8]

ai171352853475_Jinxin AR2023 Cover V01 28.5mm OP.pdf 1 19/4/2024 下午8:08 Jinxin Fertility Group Limited Jinxin Fertility Group Limited * * （根據開曼群島法律註冊成立的有限公司） (Incorporated under the laws of the Cayman Islands with limited liability) ...

Investment Rating - The report maintains a "Buy" rating for Jinxin Fertility (1951 HK) [3][5] Core Views - Jinxin Fertility achieved robust growth in 2023 with revenue of RMB 2 789 billion (+18 0% YoY) and net profit of RMB 347 million (+194 2% YoY) Adjusted net profit reached RMB 472 million (+72 0% YoY) in line with expectations [2] - The company's core Assisted Reproductive Services (ARS) revenue grew 26 7% YoY to RMB 1 336 billion with success rate improving 0 9 percentage points to 57 5% [3] - Domestic and overseas operations showed steady growth with 30 000 oocyte retrieval cycles completed in 2023 (+16 2% YoY) [3] - The company expanded its Southeast Asia market presence through a strategic partnership with Indonesia's largest fertility group Morula [3] - Profit forecasts for 2024-2026 were revised downward due to overseas business recovery and expense factors with 2024-2026 net profit estimates at RMB 398/462/542 million respectively [3] Business Performance - Revenue breakdown by segment in 2023 [3] - Assisted Reproductive Services (ARS) RMB 1 336 billion (+26 7% YoY) - Management services RMB 566 million (+12 5% YoY) - Auxiliary medical services RMB 209 million (+38 0% YoY) - Obstetrics and pediatrics services RMB 470 million (stable) - Regional performance in 2023 [3] - Chengdu & Greater Bay Area RMB 2 172 billion (+11 9% YoY) 22 000 cycles (+6% YoY) - Yunnan & Wuhan RMB 179 million (+35 8% YoY) 4 261 cycles (+42 7% YoY) - US & Laos RMB 570 million (+23 4% YoY) 3 847 cycles (+11 7% YoY) Financial Projections - Revenue forecasts [4] - 2024E RMB 3 260 billion (+16 88% YoY) - 2025E RMB 3 823 billion (+17 29% YoY) - 2026E RMB 4 541 billion (+18 77% YoY) - Net profit forecasts [4] - 2024E RMB 398 million (+15 41% YoY) - 2025E RMB 462 million (+16 06% YoY) - 2026E RMB 542 million (+17 39% YoY) - EPS forecasts [4] - 2024E RMB 0 14 - 2025E RMB 0 17 - 2026E RMB 0 20 - Valuation multiples [4] - 2024E PE 15x - 2025E PE 13x - 2026E PE 11x Market Data - Current share price HKD 2 44 [5] - Total shares outstanding 2 758 billion [6] - Market capitalization HKD 6 729 billion [6] - 52-week price range HKD 2 05-5 80 [6] - 3-month turnover rate 60 8% [6]

M N 2 Apr 2024 CMB International Global Markets | Equity Research | Company Update Jinxin Fertility (1951 HK) Impressive business rebound in 2023 Target Price HK$4.43 Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY. (Previous TP HK$7.35) Non-IFRS adjusted net profit grew substantially by 72.0% YoY to RMB472mn. Up/Downside 82.3% Revenue was in line with our forecast while non-IFRS adjusted net income Current Price HK$2.43 slightly missed our forecast by 5.7%, which was mainly attr ...

ARS 业务稳步复苏，培育期医院扭亏在即 锦欣生殖（1951.HK）/医疗服务 证券研究报告/公司点评 2024年03月31日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：2.43 HKD 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2364.0 2788.9 3162.6 3611.7 4146.3 分析师：祝嘉琦 增长率yoy% 28.6% 18.0% 13.4% 14.2% 14.8% 执业证书编号：S0740519040001 净利润（百万元） 121.1 344.7 476.8 557.5 659.1 电话：021-20315150 增长率yoy% -64.4% 184.6% 38.3% 16.9% 18.2% 每股收益（元） 0.05 0.12 0.17 0.20 0.24 Email：zhujq@zts.com.cn 每股现金流量 1.27 -0.26 0.18 0.44 0.44 分析师：孙宇瑶 净资产收益率 1.4% 3.4% 4.5% 5.0% 5. ...

Investment Rating - The report maintains an "Outperform" rating for Jinxin Fertility (1951 HK) with a target price of HKD 5.35, indicating an expected upside from the current price of HKD 2.43 [3][7]. Core Insights - The company's performance in 2023 was in line with expectations, achieving a revenue of CNY 2.789 billion, representing an 18.0% increase, driven by the recovery of domestic and international patient numbers and the full-year consolidation of Jiuzhou Hospital and He Wanjia Hospital [7]. - Net profit for 2023 was approximately CNY 347 million, a significant increase of 194.2%, with a net profit margin returning to 12.4% [7]. - The gross margin improved to 42.1%, up by 5.2 percentage points, due to effective cost control and operational efficiency [7]. Summary by Sections Financial Performance - In 2023, revenue breakdown included: - Assisted reproductive services: CNY 1.336 billion (+26.7%) - Management services: CNY 566 million (+12.5%) - Ancillary medical services: CNY 310 million (+36.6%) - Maternal and child business: CNY 577 million (-0.6%) [7]. - The adjusted net profit for 2023 was about CNY 472 million, reflecting a 72.0% increase [7]. Business Developments - The company has established a comprehensive IVF and obstetrics service model, obtaining key licenses for advanced reproductive technologies [7]. - The Hong Kong market for embryo cryopreservation has shown significant growth, with a 145% increase in the number of embryos frozen compared to the previous year [7]. Market Outlook - The report highlights a positive outlook for the Chinese assisted reproductive market, driven by increasing older mothers and supportive fertility policies [7]. - Revenue forecasts for 2024 and 2025 are projected at CNY 3.209 billion and CNY 3.695 billion, respectively, with year-on-year growth of 15.1% [7].

医药生物/医疗服务 公 司 2023 年业绩快速恢复，深圳新院区有望 2025 年投入 研 锦欣生殖（01951.HK） 究 2024年04月01日 运营 ——港股公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 阮帅（联系人） yuruyi@kysec.cn ruanshuai@kysec.cn 日期 2024/3/28 证 书编号：S0790523070002 证书编号：S0790124010004 港 当前股价(港元) 2.430  2023年业绩快速恢复，盈利能力持续提升，维持“买入”评级 股 一年最高最低(港元) 5.800/2.050 公司发布2023年报，2023年公司实现收入27.89亿元（同比+18%，以下均为同 公 司 总市值(亿港元) 67.01 比口径），经调整净利润4.71亿元（+72%），毛利率42.1%（+5.17pct），经调整 信 流通市值(亿港元) 67.01 净利率16.9%（+5.31pct）。考虑2023年并购市场估值较高，我们下调2024-2025 息 总股本(亿股) 27.58 年并新增2026年盈利预测，预计2024-2026年归母净利润为3.87/ ...

公 司 2024年03月 29日 报 锦欣生殖(1951.HK) 告 周期数稳步增长，公司盈利能力不断提升 推荐（维持） 事项： 公司发布 2023 年年报，实现收入 27.89 亿元（+18.0%）；净利润 3.47 亿元 股价：2.43 港元 （+194.2%）；经调整净利润4.72亿元（+72.0%），公司增速符合预期。 公 主要数据 分配预案：每股派发现金股利每股5.95港仙。 司 行业 医药生物 平安观点： 年 公司网址 www.jxr-fertility.com  周期数稳定增长推动公司业绩稳中有升：2023 年，公司 IVF取卵周期为 大股东/持股 11.74% 报 30368个，同比增长16.2%，实现稳定增长。分区域看1）成熟机构（成 实际控制人 JINXIN Fertility Investment 点 总股本(百万股) 2757.71 都&大湾区）周期数22260个，同比增长6%，增长稳健；2）孵化机构（云 流通A股(百万股) 0 南&武汉）周期数4261个，同比增长42.7%；3）境外机构（美国&老挝） 评 流通B/H股(百万股) 2757.71 周期数3847个，同比增长11.7% ...