[Table_Info1] 海吉亚医疗(06078.HK) 医疗服务/医药生物 [Table_Date] 发布时间：2025-04-08 [Table_Title] 证券研究报告 / 港股公司报告 经营效率优化，静待业绩释放 肿瘤专科优势巩固，多领域业务协同发力。2024 年公司医院业务实现营 业收入 43.22 亿元（+11.11%），其他业务实现营业收入 1.24 亿元（- 33.71%）。①医院业务中门诊服务收入 16.33 亿元（+20.84%），住院服务 收入 26.90 亿元（+5.93%），公司旗下医院品牌影响力及口碑逐渐提高， 2024 年就诊人次约 4.5 百万人、同比增长 23.8%，手术量 9.70 万例、同 比增长 15.8%、手术收入同比增长 21.2%。②公司肿瘤相关业务实现营 收 19.63 亿元（+10.38%），非肿瘤业务实现营收 24.83 亿元（+8.04%）。 教研服务协同并举，商保 AI 融合服务创新。①学科学术建设：公司高 度重视学科发展，临床重点专科数量再创新高。公司持续推动医教研体 系协同发展，以临床诊疗带动医学科研能力稳步提升，贺州广济医院承 担了多项市科技局 ...

证券研究报告 海吉亚医疗 (6078 HK) 港股通 受外部环境制约，看好恢复性增长 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 07 日│中国香港 | 医疗服务 | 公司公告，24 年实现收入 44.5 亿元（+9.1%yoy），经调整净利润 6.0 亿元 （-15.6%yoy），低于 Wind 一致预测。公司 24 年收入降速主因年内医保环 境影响，利润端下滑叠加因素包括：1）核酸费用相关减值 5700 余万元；2） 税收增加近 2000 万元；3）财务成本增加 3700 万元；及 4）二期/新院转固 带来约 8500 万元折旧摊销费用。展望 25 年，考虑公司年内支出项目减少， 医保回款有望逐步回暖，叠加公司经营现金流充沛+持续精细化费用管控， 我们看好公司 25 年经调整利润回归 16%同比增长，维持"买入"。 医院业务：存量医院诊疗需求可观，外科手术持续增长 2024 年医院业务实现收入 43.2 亿元（+11.1%yoy），其中门诊业务收入 +20.8%yoy，住院业务收入+ 5.9%yoy。展望 2025 年，我们 ...

5 Apr 2025 海吉亚 Hygeia Healthcare (6078 HK) 海吉亚 2024 年经营稳健，关注品牌力和产能爬坡 Hygeia Healthcare maintained stable operations in 2024, with a focus on brand strength and capacity ramp-up. [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$14.80 目标价 HK$35.17 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.15bn / US$1.18bn 日交易额 (3 个月均值) US$15.96mn 发行股票数目 618.50mn 自由流通股 (%) 48% 1 年股价最高最低值 HK$39.05-HK$12.48 注：现价 HK$14.80 为 2025 年 ...

最近一个月来，海吉亚医疗累计跌幅8.94%，今年来累计跌幅5.75%，跑输恒生指数15.25%的涨幅。 4月1日，截至港股收盘，恒生指数上涨0.38%，报23206.84点。海吉亚医疗（06078.HK）收报14.78港 元/股，上涨9.97%，成交量3478.44万股，成交额5.25亿港元，振幅16.37%。 财务数据显示，截至2024年12月31日，海吉亚医疗实现营业总收入44.46亿元，同比增长9.06%；归母净 利润5.98亿元，同比减少12.4%；毛利率29.9%，资产负债率38.93%。 机构评级方面，开源证券股份有限公司给予"买入(Buy)"评级。 大事提醒 2025年3月31日，朱义文于2025-03-31增持25.84万股，每股均价13.3997港元，最新持股数目2.842亿股， 最新持股比例45.7% （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 行业估值方面，医疗保健设备和服务行业市盈率（TTM）平均值为-18.15倍，行业中值2.44倍。海吉亚 医疗市盈率12.94倍，行业排名第25位；其他巨星医疗控股（02393.HK）为0.24倍 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - The company experienced revenue growth of 9.1% year-on-year in 2024, achieving a total revenue of 4.446 billion yuan, while net profit decreased by 12.6% to 598 million yuan due to financial asset impairment [5][6] - The outpatient services saw significant growth, with outpatient revenue increasing by 20.8% to 1.633 billion yuan, contributing to a total hospital revenue of 4.32 billion yuan [6] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 697 million yuan and 779 million yuan respectively, with a new forecast for 2027 at 862 million yuan [5] Financial Performance Summary - In 2024, the company reported a gross margin of 29.9% and a net margin of 13.5% [5] - The number of outpatient visits increased by 23.8% to 4.526 million, and surgical cases rose by 15.8% to 97,000, with surgical revenue growing by 21.2% [6] - The company plans to expand its hospital capacity significantly, with new hospitals and expansions projected to increase bed capacity to over 16,000 [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 12.3 for 2025, 11.0 for 2026, and 10.0 for 2027 [5] - The company’s return on equity (ROE) is expected to be 9.49% in 2025, increasing slightly in subsequent years [8] - The projected earnings per share (EPS) for 2025 is 1.12 yuan, with a gradual increase to 1.39 yuan by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - In 2024, the company experienced revenue fluctuations with a total revenue of 4.446 billion HKD (up 9.1% year-on-year) and a net profit of 598 million HKD (down 12.6% year-on-year) [5] - The adjusted net profit for 2024 was 602 million HKD (down 15.6% year-on-year), with a gross margin of 29.9% (down 1.6 percentage points) and a net margin of 13.5% [5] - Due to the impact of financial asset impairment, the profit forecast for 2025-2026 has been revised downwards, with expected net profits of 697 million HKD and 779 million HKD for 2025 and 2026 respectively [5] - The company is projected to achieve net profits of 862 million HKD in 2027, with corresponding price-to-earnings ratios of 12.3, 11.0, and 10.0 for 2025-2027 [5] Revenue and Business Growth - The company's outpatient services saw rapid growth in 2024, with outpatient service revenue reaching 1.633 billion HKD (up 20.8% year-on-year) [6] - The total revenue from hospital operations was 4.32 billion HKD (up 11.1% year-on-year), with inpatient service revenue of 2.69 billion HKD (up 5.9% year-on-year) [6] - The oncology-related business generated 1.963 billion HKD in revenue (up 10.4% year-on-year), accounting for 44.15% of total revenue [6] - The number of patient visits increased to 4.526 million (up 23.8% year-on-year), and the number of surgeries performed was 97,000 (up 15.8% year-on-year) [6] Hospital Development and Expansion - The company is progressing with new hospital projects, including the completion of Dezhou Haijia Hospital, which has 1,000 planned beds [7] - The Wuxi Haijia Hospital project is expected to be completed and opened in 2025, with 800 to 1,000 planned beds [7] - Ongoing expansions include the Kaiyuan Hospital phase II project, which will add approximately 500 beds, and several other hospital expansion projects that will increase total bed capacity to over 16,000 [7]

Investment Rating - The report maintains a "Buy" rating for the company, Hai Jiaya Medical (6078 HK), with a target price of HKD 18.00, indicating a potential upside of 30.2% from the current closing price of HKD 13.82 [2][3]. Core Insights - The company's performance in 2024 is expected to be under pressure due to changes in the medical insurance payment environment, but long-term growth visibility remains significant. It is anticipated that by 2025, the company will recover with a profit growth rate exceeding 20% as the impact of medical insurance cost control normalizes and new hospital integrations are completed [3][7]. - The report highlights that while the company's revenue for 2024 is projected to grow by 9%, it falls short of expectations, with a notable decline of 11% in the second half of 2024. The oncology segment remains stable, contributing 44% to revenue, while outpatient services show resilience with a 21% increase in annual revenue [7][8]. - The report emphasizes the company's ongoing expansion through new hospitals and acquisitions, which are expected to contribute positively to revenue growth in the future. The company is also exploring new business avenues in response to the changing medical insurance landscape, including internet hospitals and self-paid services related to innovative drugs [7][8]. Financial Forecast Changes - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downward by 16-21% and 21-27%, respectively, reflecting the short-term impact of medical insurance cost control on the company's performance [6][7]. - The updated financial projections for 2025 estimate revenue at RMB 4,987 million, a decrease of 15.8% from previous estimates, with a net profit forecast of RMB 743 million, down 20.6% [6][13].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 4.446 billion yuan, representing a year-on-year increase of 9.1%, while net profit decreased by 12.6% to 598 million yuan [1] - The hospital business showed steady growth, with revenue reaching 4.323 billion yuan in 2024, up 11.1% year-on-year, driven by outpatient and inpatient services [2] - The company is focusing on enhancing its oncology specialty capabilities and innovating its business development model, including collaborations with commercial insurance companies and the integration of AI technology [3] Summary by Sections Financial Performance - Revenue for 2024 is projected at 4.825 billion yuan, with a growth rate of 8.5% [4] - Net profit for 2024 is forecasted at 688 million yuan, reflecting a 15% increase from the previous year [4] - Earnings per share (EPS) for 2024 is estimated at 1.11 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 for 2024, 2025, and 2026 respectively [3][4] Business Development - The company operates 16 hospitals, including 4 tertiary hospitals and 12 secondary hospitals, with ongoing construction of 2 additional tertiary hospitals [2] - The company is actively expanding its service offerings beyond basic medical services, including partnerships for infertility treatment and enhancements in aesthetic and dental services [3] Market Position - The company has a total market capitalization of 85.93 billion HKD, with a current share price of 13.82 HKD [5] - The stock has experienced a significant decline over the past year, with a relative performance of -98.3% [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 18.00, indicating a potential upside of 30.2% from the current price of HKD 13.82 [2][3]. Core Insights - The company's performance in 2024 is expected to be under pressure due to changes in the medical insurance payment environment, but long-term growth visibility remains significant. It is anticipated that by 2025, the company will recover with a profit growth rate exceeding 20% as the impact of cost control normalizes and new hospital integrations are completed [3][7]. - The report highlights that despite a projected revenue growth of 9% for 2024, the second half of the year may see an 11% decline in revenue due to pressures from DRG/DIP nationwide promotion and slow reimbursement in certain regions. However, the company has shown resilience in outpatient services, with a 21% increase in annual revenue [7][8]. Financial Forecast Changes - Revenue and net profit forecasts for 2025 and 2026 have been adjusted downwards by 16-21% and 21-27% respectively. The new revenue forecast for 2025 is set at RMB 4,987 million, down from RMB 5,922 million, while the net profit forecast is reduced to RMB 743 million from RMB 936 million [6][7]. - The report provides detailed financial projections, including a projected revenue of RMB 5,527 million for 2026 and RMB 6,291 million for 2027, with corresponding net profits of RMB 853 million and RMB 1,033 million [13]. Business Growth Drivers - New hospital openings and expansions are expected to provide growth momentum. The company has completed the acceptance and opening of a tertiary hospital in Dezhou, with additional hospitals in Wuxi and Changshu expected to open by the end of this year and next year respectively [7][8]. - The company is exploring new business avenues in response to the changing medical insurance payment environment, including internet hospitals and self-funded services related to innovative drugs, which are anticipated to have long-term growth potential [7][8].

Group 1 - The company reported a revenue of RMB 4.446 billion for the year ending December 31, 2024, representing a year-on-year increase of 9.1% [1] - Net profit decreased to RMB 598 million, down 12.6% year-on-year [1] - Gross profit increased to RMB 1.329 billion, reflecting a year-on-year growth of 3.4% [1] Group 2 - The company operates 16 hospitals focused on oncology, including 4 tertiary hospitals and 12 secondary hospitals, with 2 additional tertiary hospitals under construction [1] - The company has enhanced its clinical capabilities, adding 1 national chest pain center and 6 provincial and municipal key specialties during the reporting period [1] - The company has a total of 86 high-level medical talents, including experts receiving special government allowances and leaders of various specialty societies, along with 1,236 senior medical professionals [1] Group 3 - The company achieved a patient satisfaction rate of 97.03% for the 2024 fiscal year, an increase of 0.91 percentage points from the previous year [2] - The company is innovating its medical service models and exploring strategic partnerships with commercial insurance companies to improve the medical payment system [2] - The company is integrating artificial intelligence (AI) technology in areas such as radiation therapy, imaging-assisted diagnosis, mobile nursing, and smart patient services to enhance efficiency and patient experience [2]