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]

Financial Performance - The company's revenue increased by 9.1% to RMB 4,446.1 million for the year ending December 31, 2024, compared to RMB 4,076.7 million for the previous year[2]. - Gross profit rose by 3.4% to RMB 1,329.5 million, up from RMB 1,286.3 million in the prior year[2]. - EBITDA grew by 2.0% to RMB 1,105.8 million, compared to RMB 1,084.1 million for the year ending December 31, 2023[2]. - Net profit decreased by 12.6% to RMB 598.3 million, down from RMB 684.9 million in the previous year[2]. - The group's hospital business revenue reached RMB 4,322.6 million, an increase of 11.1% compared to the previous year[12]. - Outpatient service revenue increased by 20.8% to RMB 1,633.0 million, while inpatient service revenue accounted for 60.5% of total hospital business revenue[11]. - The revenue from oncology-related services rose by 10.4% to RMB 1,963.0 million, representing 44.2% of total revenue[13]. - The group's gross profit from hospital operations was RMB 1,278.4 million, maintaining a stable gross margin of 29.6%[14]. - The group completed 96,993 surgeries, a year-on-year increase of 15.8%, with surgical revenue increasing by 21.2%[12]. - The profit before tax for 2024 was RMB 750,816,000, down from RMB 856,087,000 in 2023, indicating a decrease of about 12.3%[152]. Cash Flow and Financial Position - The net cash ratio, excluding pre-tax fees and payables related to acquired hospitals, improved to 137.2%, an increase of 22.9 percentage points from 114.3% in the same period last year[3]. - As of December 31, 2024, the group's cash and cash equivalents totaled RMB 369.1 million, with structured deposits and financial products amounting to RMB 282.5 million, totaling RMB 651.6 million[66]. - The net cash inflow from operating activities decreased by 9.7% from RMB 782.8 million for the year ended December 31, 2023, to RMB 707.1 million for the year ended December 31, 2024[67]. - The net cash used in investing activities decreased by 76.6% from RMB 2,863.5 million to RMB 671.1 million, primarily due to a reduction in payments for acquiring subsidiaries by RMB 1,755.8 million[68]. - Total assets increased by 1.8% from RMB 10,734.6 million to RMB 10,929.3 million[73]. - Total liabilities decreased by 5.0% from RMB 4,479.7 million to RMB 4,254.9 million[73]. - The company's debt-to-equity ratio stands at 36.3% as of December 31, 2024[86]. - The company's interest-bearing debt ratio is 25.4%, unchanged from 2023[85]. Operational Highlights - Patient satisfaction reached 97.03%, an increase of 0.91 percentage points from the previous year[8]. - The number of patient visits increased by 23.8% to approximately 4.5 million for the year ending December 31, 2024[9]. - The total number of medical professionals increased by 124 to 7,607, with 791 professionals promoted to higher titles, enhancing the hospital's long-term development[20]. - The online hospital registered nearly 230,000 consultations during the reporting period, showcasing the effectiveness of its internet medical services[27]. - The group has established a clinical medical research institute in collaboration with Suzhou University, furthering its research capabilities[24]. Strategic Initiatives - The company is actively exploring strategic partnerships with commercial insurance companies to enhance its medical payment system[8]. - The group is focused on strengthening oncology and related disciplines, enhancing the overall service level and competitiveness of its hospitals[15]. - The group has signed contracts with nearly 20 insurance companies, becoming a designated hospital for insurance claims and gradually launching direct compensation services[26]. - The company plans to enhance its clinical capabilities and service levels to meet the growing demand for tumor treatment, focusing on long-term brand building and operational efficiency[47]. Employee and Governance - The total employee compensation, including directors' salaries, amounted to RMB 1,456.1 million for the year ending December 31, 2024, compared to RMB 1,335.9 million for the previous year[96]. - The company has 8,169 full-time employees as of December 31, 2024, a decrease from 8,238 in the previous year[95]. - The board of directors includes a mix of executive and independent non-executive members, promoting good corporate governance[184]. - The company emphasizes transparency and integrity in its operations, with strict anti-corruption measures in place[38]. Environmental and Social Responsibility - The company has set targets for greenhouse gas emission intensity, water resource usage intensity, and energy usage intensity to improve its environmental performance by 2030[37]. - The company is committed to environmental protection as a strategic priority, utilizing standardized management to oversee resource use in its hospitals[37]. - The group actively engages in community service and medical charity activities, enhancing its brand influence and social impact[34]. Market Outlook - The tumor medical service market in China is projected to grow from RMB 495.1 billion in 2022 to RMB 768.7 billion by 2026, with a compound annual growth rate (CAGR) of 11.6%[45]. - The aging population in China is expected to reach 310 million by the end of 2024, with those aged 65 and above accounting for 15.6% of the total population, driving demand for cancer-related treatments[44].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price adjusted to HKD 19.86, reflecting a potential upside of 10.9% based on a 13.0x 2025E PER [3][4]. Core Insights - The company's operations are expected to be impacted in the short term due to factors such as strict medical insurance cost control and weak consumer spending power among end patients, leading to a downward revision of revenue and net profit forecasts for 2024 by 6.5% and 7.5% respectively [1][2]. - The implementation of immediate medical insurance settlement is anticipated to alleviate financial pressure on medical institutions in the long run, but the actual benefits may take time to materialize due to varying local insurance fund conditions [2]. - The revenue forecasts for 2025-2026 have been revised downwards by 5.3% and 5.7%, with net profit forecasts adjusted down by 7.4% and 8.3% respectively, while the projected CAGR for net profit from 2023 to 2026 is estimated at 13.3% [2]. Financial Summary - Total revenue is projected to grow from RMB 3,196 million in 2022 to RMB 6,386 million by 2026, with a CAGR of 18.6% for 2024 and 20.3% for 2025 [3][7]. - Shareholder net profit is expected to increase from RMB 477 million in 2022 to RMB 994 million in 2026, with growth rates of 11.6% for 2024 and 17.9% for 2025 [3][7]. - The company’s earnings per share (EPS) is forecasted to rise from RMB 0.77 in 2022 to RMB 1.57 in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 21.6 in 2022 to 10.6 in 2026 [3][7].

Group 1 - The core point of the article is that Haijia Medical has conducted multiple share buybacks in the Hong Kong stock market, indicating a strategy to enhance shareholder value [1] - On January 22, Haijia Medical repurchased 276,400 shares at a price range of HKD 12.540 to HKD 12.780, totaling HKD 3.4936 million [1] - The stock closed at HKD 12.680 on the same day, reflecting a decline of 3.65%, with a total trading volume of HKD 71.1828 million [1] Group 2 - Year-to-date, Haijia Medical has completed five buybacks, accumulating a total of 1,794,600 shares repurchased [1] - The total amount spent on these buybacks has reached HKD 23.9078 million [1]

Group 1 - The core point of the article is that Haijia Medical has conducted a share buyback, purchasing 332,000 shares at a price range of HKD 13.840 to HKD 14.140, totaling HKD 4.6429 million [1] - On the day of the buyback, the stock closed at HKD 13.980, reflecting a decrease of 1.96%, with a total trading volume of HKD 67.5624 million [2]

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 2,381,880,000, a 35.4% increase from RMB 1,759,486,000 in the same period of 2023[6] - Gross profit for the same period was RMB 756,439,000, reflecting a 32.5% growth compared to RMB 570,829,000 in 2023[6] - Operating profit increased by 22.4% to RMB 513,662,000 from RMB 419,649,000 year-on-year[6] - Net profit for the six months ended June 30, 2024, was RMB 385,174,000, a 15.0% rise from RMB 334,895,000 in 2023[6] - The group's revenue for the six months ended June 30, 2024, was RMB 2,381.9 million, an increase of 35.4% year-on-year, with operating revenue growing by 37.6%[10] - The group's net profit for the same period was RMB 385.2 million, a 15.0% increase year-on-year, while adjusted net profit rose by 15.5% to RMB 400.6 million[10] - The hospital business generated revenue of RMB 2,307.5 million, up 37.2% year-on-year, with outpatient services increasing by 49.6% and inpatient services by 31.3%[14] - The group's EBITDA for the six months was RMB 647.0 million, reflecting a 28.7% increase year-on-year, with operating EBITDA growing by 41.6%[10] Operational Expansion - The total number of hospitals managed or operated by the company reached 16, covering 13 cities across 8 provinces in China[9] - The group is expanding its hospital network, currently managing 16 hospitals across 13 cities in 8 provinces in China, with 2 additional hospitals under construction[10] - The newly built Dezhou Haijia Hospital, with a capacity of 1,000 beds, was officially opened in July 2024, following its acceptance as a tertiary hospital in March 2024[23] - The group is expanding its hospital network, with new projects in Wuxi and Changshu, each planned to have 800 to 1,200 beds[23] - The second phase of the Kaoyuan Jihua Hospital is set to add approximately 500 beds, with construction already underway[23] Patient Services and Satisfaction - Patient satisfaction rate reached 96.9%, an increase of 0.3% compared to 2023, with a goal of achieving 100% satisfaction[21] - The internet hospital registered nearly 100,000 patient visits during the reporting period, providing online consultations and home nursing services[22] - The group completed 46,095 surgeries in the reporting period, with surgical revenue increasing by 38.6% year-on-year[14] - The group is focused on enhancing multidisciplinary tumor diagnosis and treatment capabilities, aiming to improve clinical research and service quality[18] Financial Position and Assets - Total current assets as of June 30, 2024, amounted to RMB 2,018,294,000, a 2.2% increase from RMB 1,975,590,000 at the end of 2023[7] - Total assets increased by 2.5% from RMB 10,734.6 million as of December 31, 2023, to RMB 11,004.5 million as of June 30, 2024[54] - Total liabilities decreased by 2.8% from RMB 4,479.7 million as of December 31, 2023, to RMB 4,355.7 million as of June 30, 2024[54] - Trade receivables rose by 10.6% from RMB 864.0 million as of December 31, 2023, to RMB 955.8 million as of June 30, 2024, due to increased revenue scale[56] - Inventory decreased by 3.3% from RMB 207.9 million as of December 31, 2023, to RMB 201.0 million as of June 30, 2024[55] Governance and Compliance - The company emphasizes strict adherence to governance structures, including the establishment of four specialized committees to ensure professional, efficient, and transparent decision-making[27] - The group has established a robust governance structure to ensure management efficiency and protect shareholder rights, despite the CEO also serving as the chairman of the board[74] - The company is committed to building a transparent and trustworthy corporate culture, opposing corruption and bribery, and ensuring compliance with tax obligations[27] Research and Development - The group published a total of 728 academic papers in renowned journals, enhancing its influence in the industry[20] - The group has received multiple national patents and is involved in key national and provincial research projects, reflecting its commitment to medical research and innovation[20] Community Engagement and Social Responsibility - The group has been recognized for its investor relations, being listed among the top 50 Hong Kong stocks and receiving multiple awards for its corporate governance and investor trust[26] - The group is focused on long-term brand building and has initiated various community service and health education activities, enhancing its social influence[25] - The group has actively participated in community health initiatives, including free blood donations and cancer screenings, improving its brand reputation[25] Market Trends and Government Policies - The tumor medical service market is projected to reach RMB 700 billion by 2025, with a compound annual growth rate of approximately 11.5% from 2021 to 2025[33] - The aging population in China is expected to exceed 400 million by 2035, leading to increased demand for tumor-related medical services[32] - The Chinese government has introduced policies to encourage private capital in the healthcare sector, addressing the imbalance in medical resource distribution[28] - In July 2024, the National Healthcare Security Administration released a notification to enhance payment reform, aiming to improve the standard of medical insurance fund settlements[29] Employee and Shareholder Information - As of June 30, 2024, the group employed 8,368 full-time employees, with 88 at the headquarters and 8,280 in owned hospitals, representing a workforce distribution of 1.0% and 99.0% respectively[71] - The board has decided not to recommend any dividend for the six months ended June 30, 2024[71] - The company has distributed a total of approximately RMB 170 million in dividends since its listing, with RMB 95 million in dividends paid in 2023[26] Financial Risks and Management - The company closely monitors its financial status to manage liquidity risk, aiming to maintain sufficient cash and cash equivalents to meet liquidity needs[70] - The company has maintained compliance with its financial covenants related to bank loans, which had a total face value of approximately RMB 1,748,258,000 as of June 30, 2024[135] - The company's liquidity risk management policy emphasizes maintaining sufficient cash and cash equivalents to meet its liquidity needs[131]

研究报告 Research Report 9 Sep 2024 海吉亚 Hygeia Healthcare (6078 HK) 外延医院并表增厚业绩，内生收入和利润增长承压 Acquired Hospitals Boosted Earnings, whilst Organic Business Under Pressure [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$16.00 | | 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 ...

证 券 研 究 报 告 海吉亚医疗（06078.HK）2024 年中报点评 推荐（维持） 中报符合预期，多项在建项目有序推进 目标价：23 港元 当前价：16 港元 事项： 2024 年 8 月 29 日，公司公布 2024 年中期报告，2024 年上半年公司实现营收 23.82 亿元（+35.4%），净利润 3.85 亿元（+14.9%），经调整净利润 4.00 亿元 （+15.58%），经调整净利率 16.8%。 评论： 医院业务进一步恢复，实现持续良性增长。2024 年上半年公司实现医院业务 收入 23.07 亿元（+37.2%），其中门诊收入 8.13 亿元（+49.6%），住院收入为 14.95 亿元（+31.3%）。24 年上半年公司实现肿瘤相关业务收入 10.46 亿元 （+31.1%），占总收入 43.9%。2024 年上半年公司手术量超 4.6 万例，手术收 入同比增加 38.6%，主要是因为三四级手术及介入手术占比快速提升。截至 24 年上半年，公司拥有 7587 名医疗专业人员，相比年初增加 104 名，其中包括 1220 名高级专业技术人员，医疗人才引育持续加强。 公司盈利能力持续稳定 ...