证券研究报告·海外公司点评·医疗保健设备和服务(HS) 海吉亚医疗（06078.HK） 2024 半年报点评：营收实现快速增长，学科 建设持续加强 2024 年 09 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3206 | 4084 | 5494 | 6679 | 7985 | | 同比 (%) | 38.30 | 27.39 | 34.50 | 21.58 | 19.55 | | 归母净利润（百万元） | 476.78 | 682.93 | 862.13 | 1,081.13 | 1,339.54 | | 同比 (%) | 8.00 | 43.24 | 26.24 | 25.40 | 23.90 | | Non-GAAP 净利润 ...

1H24 运营稳健、新院扩张有序落地，未来股份回购加速，下调目标价 1H24 整体经营稳健，业务量强劲增长：1H24 公司收入和经调整净利润分 别同比增长 35.4%/15.5%，利润增速低于管理层此前的全年指引，主要受 到医保坏账以及其他一次性损益的影响；剔除该影响后的经营收入、经营 毛利和经调整经营净利润分别增长 37.6%/39.4%/38.2%，得益于原有医院 稳健增长、新收购长安和宜兴医院的贡献以及利润率改善。门诊服务和住 院服务收入分别增长 49.6%/31.3%；肿瘤业务增长 31%，在总收入中占 44%，与 2023 全年水平基本持平。顺应医保支付改革大趋势，公司提升高 定价项目服务能力，1H24 手术量和手术收入分别增长 29%/39%。此外， 公司不断拓展创新模式，并已在永鼎、长安、单县、重庆医院开展互联网 医院服务，1H24 互联网医院挂号数量接近 10 万人次。 新增产能有序落地，未来更多资金用于回购：拥有 1,000 张床位的德州海 吉亚医院已正式投用，无锡（800-1,000 张）和常熟（800-1,200 张）海吉 亚有望于明年交付使用；广济二期、长安三期、永鼎二期已启动筹备，开 ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 医院业务稳健发展，床位扩张有序推进 海吉亚医疗(6078) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——2024 年中报点评 股票研究 /[Table_Date] 2024.09.03 | --- | --- | --- | |----------|-----------------------------------|-----------------------| | | [table_Authors] 丁丹 ( 分析师 ) | 赵峻峰 ( 分析师 ) | | | 0755-23976735 | 0755-23976629 | | | dingdan@gtjas.com | zhaojunfeng@gtjas.com | | 登记编号 | S0880514030001 | S0880519080017 | 本报告导读： 内生外延共同发力，上半年收入快速增长， ...

海吉亚医疗 (06078.HK) 证券研究报告 业绩简评 2024 年 8 月 30 日，公司发布 24 年中期业绩公告。公司 1H24 实现 收入 23.8 亿元（同比+35%），经营利润 5.1 亿元（同比+22%），经 调整净利润 4.0 亿元（同比+16%）。 经营分析 医院业务高速增长，诊疗能力持续提升。截至 2024H1 公司医院业 务收入 23.1 亿元（同比+37%），其中肿瘤业务收入 10.5 亿元（同 比+31%），非肿瘤业务收入 13.4 亿元（同比+39%），整体医院业务 收入保持稳健增长。此外公司提供手术等复杂诊疗服务的能力进 一步提高，2024H1 公司完成手术 46095 例（同比+29%），三四级手 术及介入收入占比稳步提升，手术收入同比增长 38.6%。 自建+并购持续推进，床位数进一步增加。截至 2024H1，公司管理 或经营 16 家以肿瘤科为核心的医院，其中三级医院 4 家，二级医 院 12 家，另外有 2 家再见的三级规模医院，覆盖中国 8 个省份的 13 个城市，终端覆盖逐步完善。此外，公司以并购+自建的方式不 断扩大其医疗服务网络及业务规模。在建医院进展方面，目前 ...

公 司 研 究 2024 上半年业绩快速增长，内生及外延顺利推进 海吉亚医疗（06078.HK） 2024 年 08 月 30 日 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/30 | | 当前股价 ( 港元 ) | 19.580 | | 一年最高最低 ( 港元 ) | 51.750/18.360 | | 总市值 ( 亿港元 ) | 123.65 | | 流通市值 ( 亿港元 ) | 123.65 | | 总股本 ( 亿股 ) | 6.32 | | 流通港股 ( 亿股 ) | 6.32 | | 近 3 个月换手率 (%) | 34.21 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-08 2023-12 2024-04 海吉亚医疗 恒生指数 数据来源：聚源 相关研究报告 《2023 年业绩快速增长，内生及外延 持续推进—港股公司信息更新报告》 -2024.3.28 《持续验证行业整合能力，内生外延 不断打开成长空间—港股公司信息更 ...

Financial Performance - The company's revenue increased by 35.4% to RMB 2,381.9 million for the six months ended June 30, 2024, compared to RMB 1,759.5 million in the same period last year[3]. - Hospital business revenue rose by 37.2% to RMB 2,307.5 million, up from RMB 1,681.8 million year-on-year[3]. - Gross profit increased by 32.5% to RMB 756.4 million, compared to RMB 570.8 million in the previous year[3]. - EBITDA grew by 28.7% to RMB 647.0 million, up from RMB 502.6 million year-on-year[3]. - Operating profit rose by 22.4% to RMB 513.7 million, compared to RMB 419.6 million in the same period last year[3]. - Non-IFRS adjusted net profit increased by 15.5% to RMB 400.6 million, up from RMB 346.7 million year-on-year[3]. - The net profit attributable to the owners of the company was RMB 384,571 thousand, compared to RMB 334,136 thousand in 2023, reflecting a growth of 15.1%[125]. - Basic and diluted earnings per share for the period were both RMB 0.61, up from RMB 0.53 in the same period last year[125]. Operational Highlights - The company manages or operates 16 hospitals focused on oncology, with 4 tertiary hospitals and 12 secondary hospitals across 13 cities in 8 provinces in China[10]. - The total number of surgeries performed was 46,095, with surgical revenue increasing by 38.6% compared to the previous year[14]. - Outpatient service revenue reached RMB 812.8 million, up 49.6% year-over-year, while inpatient service revenue was RMB 1,494.6 million, reflecting a 31.3% increase[14]. - Oncology-related business revenue grew by 31.1% to RMB 1,045.8 million, compared to RMB 797.8 million in the same period last year[17]. - The gross profit for the hospital business was RMB 718.0 million, a 36.8% increase year-over-year, with a stable gross margin of 31.1%[19]. Shareholder Returns and Capital Management - The company plans to repurchase shares up to a total price of RMB 200.0 million depending on market conditions[4]. - The company has distributed a total of approximately RMB 170 million in dividends since its listing in 2020, with RMB 74 million in 2021 and RMB 95 million in 2023[38]. - The board approved a share repurchase plan to buy back shares up to a total price of RMB 200 million, reflecting confidence in the company's business outlook[52]. - The company has maintained a commitment to shareholder returns, with the founder and CEO never having sold shares since the IPO and having increased their holdings by over 3 million shares[38]. Employee and Community Engagement - The group has 7,587 medical professionals as of June 30, 2024, an increase of 104 from December 31, 2023[23]. - The company has provided internal and external training to enhance employee skills and knowledge, with compensation primarily consisting of base salary and performance-related bonuses[105]. - The company is actively involved in community service and healthcare initiatives, enhancing its brand influence and social impact[35]. - Patient satisfaction rate reached 96.9%, an increase of 0.3% compared to 2023, with a goal of achieving 100% satisfaction[26]. Strategic Initiatives and Future Plans - The group plans to establish 1,000 beds at the newly built Dezhou Haijia Hospital, which is set to open in July 2024, with additional new hospitals in Wuxi and Changshu also progressing[29]. - The expansion projects will increase the total bed capacity to over 16,000 once all ongoing and planned expansions are completed[29]. - The group is focused on strengthening the multidisciplinary treatment model for oncology, enhancing clinical research capabilities, and improving diagnostic and treatment technologies[20]. - The group continues to promote the integration of clinical practice and medical research, actively participating in national and provincial key research projects[24]. Financial Position and Assets - Total assets increased by 2.5% to RMB 11,004.5 million as of June 30, 2024, from RMB 10,734.6 million as of December 31, 2023[79]. - Total liabilities decreased by 2.8% to RMB 4,355.7 million as of June 30, 2024, from RMB 4,479.7 million as of December 31, 2023[79]. - Cash and cash equivalents as of June 30, 2024, totaled RMB 236.8 million, with financial products amounting to RMB 498.2 million, resulting in a total of RMB 735.0 million[72]. - Trade receivables increased by 10.6% to RMB 955.8 million as of June 30, 2024, compared to RMB 864.0 million as of December 31, 2023, due to expanded revenue scale[81]. Regulatory and Market Environment - The aging population is expected to drive an increase in age-related diseases, leading to a growing demand for related treatments[47]. - The government is committed to creating a favorable environment for the development of private healthcare, which is seen as a crucial component of China's modernization efforts[44]. - The National Health Commission's plan aims to improve cancer prevention and treatment capabilities, targeting a 5-year survival rate of 46.6% by 2030[46]. - The focus on enhancing clinical specialty capabilities is emphasized, particularly in high-incidence diseases such as cardiovascular diseases and malignant tumors[45].

证券研究报告 ＃industryId＃ 医疗服务 ＃06078.HK ＃海dy吉Com亚pa医ny＃疗 港股通（深） ＃investSuggestion＃ ＃ ＃title＃ 增持 ( 维持） 2023 年业绩符合预期，并购整合高效 ＃createTime1＃ 2024 年05 月 17 日 投资要点 ＃summary＃  海吉亚医疗发布2023年年报。公司2023年实现营业总收入40.77亿元，同 ＃市场ma数rk据etData＃ 比增长27.4%；实现净利润6.85亿元，同比增长42.1%；实现经调整净利润 日期 2024-05-16 7.13亿元，同比增长17.5%。公司2023年下半年实现营收23.17亿元，同比 收盘价（港元） 39.05 增长38.8%；实现净利润3.50亿元，同比增长38.0%；实现经调整净利润3.67 总股本（百万股） 631.52 亿元，同比增长19.8%。2023年公司ROE为12.24%，同比提升2.0pp。 流通股本（百万股） 631.52  2023年医院业务持续良性增长，肿瘤特色进一步增强。2023年，公司医院 净资产（百万元） 6,233.20 业务收入38. ...

Financial Performance - Revenue for 2023 reached RMB 4,076.68 million, a 27.6% increase from RMB 3,195.648 million in 2022[8] - Gross profit for 2023 was RMB 1,286.252 million, with a gross margin of 31.6%, slightly down from 32.2% in 2022[8] - Net profit for 2023 was RMB 684.948 million, representing a net profit margin of 16.8%, up from 15.1% in 2022[8] - Non-IFRS adjusted net profit for 2023 was RMB 713.445 million, with an adjusted net profit margin of 17.5%[8] - The company achieved a revenue of RMB 4.077 billion in 2023, with an adjusted net profit of RMB 713 million[14] - The company's revenue increased by 27.6% year-over-year to RMB 4,076.7 million, and net profit increased by 42.1% to RMB 684.9 million[19] - The company's gross profit increased by 25.1% year-over-year to RMB 1,286.3 million, and adjusted net profit increased by 17.5% to RMB 713.4 million[19] - The company's basic earnings per share increased by 40.3% year-over-year to RMB 1.08[19] - Adjusted net profit for 2023 was RMB 713.4 million, an increase from RMB 607.0 million in 2022[67] - Revenue for the first two months of 2024 increased by over 40% compared to the same period last year[53] - Total revenue for 2023 increased by 27.6% to RMB 4,076.7 million, with a 34.0% growth excluding the one-time impact of nucleic acid testing[54] - Gross profit increased by 25.1% to RMB 1,286.3 million in 2023, with a 36.0% growth excluding the one-time impact of nucleic acid testing[58] - Gross margin for 2023 was 31.6%, with a 0.5% improvement excluding the one-time impact of nucleic acid testing[58] - Net profit increased by 42.1% to RMB 684.9 million in 2023, with a 63.6% growth excluding the one-time impact of nucleic acid testing[65] - Non-IFRS adjusted net profit increased by 17.5% to RMB 713.4 million in 2023, with a 31.1% growth excluding the one-time impact of nucleic acid testing[65] - Administrative expenses increased by 38.8% to RMB 412.2 million in 2023, primarily due to new hospital acquisitions[60] - Other income increased by 138.0% to RMB 50.7 million in 2023, mainly due to government subsidies[61] Assets and Liabilities - Total current assets for 2023 increased to RMB 1,975.590 million from RMB 1,749.474 million in 2022[10] - Total non-current assets for 2023 surged to RMB 8,758.973 million, up from RMB 5,492.471 million in 2022[10] - Total current liabilities for 2023 rose to RMB 1,944.147 million from RMB 1,026.031 million in 2022[10] - Total non-current liabilities for 2023 increased to RMB 2,535.542 million, compared to RMB 1,275.851 million in 2022[10] - Equity attributable to owners of the company for 2023 was RMB 6,254.874 million, up from RMB 4,940.063 million in 2022[10] - Cash and cash equivalents as of December 31, 2023, totaled RMB 549.7 million, with total liquidity resources reaching RMB 768.0 million[68] - Net cash generated from operating activities increased by 14.2% to RMB 782.8 million in 2023, up from RMB 685.4 million in 2022[69] - Net cash used in investing activities surged by 669.6% to RMB 2,863.5 million in 2023, driven by acquisitions and increased capital expenditures[70] - Net cash generated from financing activities was RMB 1,775.3 million in 2023, a significant increase from a net cash outflow of RMB 154.2 million in 2022[71] - Capital expenditures rose by 55.0% to RMB 940.8 million in 2023, compared to RMB 606.9 million in 2022[72] - Total assets increased by 48.2% to RMB 10,734.6 million in 2023, while total liabilities grew by 94.6% to RMB 4,479.7 million, primarily due to new hospital acquisitions[75] - Inventory increased by 35.1% to RMB 207.9 million in 2023, up from RMB 153.9 million in 2022[76] - Trade receivables increased by 45.3% from RMB 594.6 million as of December 31, 2022, to RMB 864.0 million as of December 31, 2023, with a 24.2% increase excluding the impact of newly acquired hospitals[77] - Other receivables decreased by 11.1% from RMB 49.4 million as of December 31, 2022, to RMB 43.9 million as of December 31, 2023[77] - Prepayments to suppliers increased by 42.1% from RMB 50.3 million as of December 31, 2022, to RMB 71.5 million as of December 31, 2023[77] - Prepayments for non-current assets increased by 76.8% from RMB 78.5 million as of December 31, 2022, to RMB 138.8 million as of December 31, 2023, mainly due to new hospital acquisitions and business development needs[79] - Intangible assets increased by 65.5% from RMB 2,383.9 million as of December 31, 2022, to RMB 3,945.8 million as of December 31, 2023, primarily due to RMB 1,489.2 million in goodwill from acquisitions in 2023[80] - Trade payables increased by 73.4% from RMB 396.2 million as of December 31, 2022, to RMB 687.1 million as of December 31, 2023[81] - Other payables increased by 109.8% from RMB 344.6 million as of December 31, 2022, to RMB 723.0 million as of December 31, 2023[81] - Contract liabilities increased by 86.0% from RMB 29.2 million as of December 31, 2022, to RMB 54.3 million as of December 31, 2023[84] - Capital commitments decreased by 15.3% from RMB 583.4 million as of December 31, 2022, to RMB 494.4 million as of December 31, 2023[85] - The company's asset-liability ratio was 34.6% as of December 31, 2023[89] Hospital Operations and Expansion - The company operates 16 oncology-focused hospitals across 13 cities in 8 provinces in China as of the report date[12] - The company's hospital network expanded to 18 hospitals, including 4 tertiary hospitals[14] - The company operates 15 hospitals focused on oncology, covering 12 cities across 8 provinces in China[20] - Hospital business revenue reached RMB 3,890.3 million, a 28.5% increase year-over-year, with a 35.4% growth excluding the one-time impact of nucleic acid testing[21] - Inpatient service revenue increased by 31.6% to RMB 2,538.9 million, driven by expanded treatment projects, especially in oncology[21] - Outpatient service revenue grew by 23.1% to RMB 1,351.4 million, with a 43.2% increase excluding the one-time impact of nucleic acid testing[21] - The company completed 83,770 surgeries, a 34.6% increase year-over-year, with a higher proportion of complex and interventional surgeries[22] - Oncology-related business revenue increased by 23.6% to RMB 1,778.4 million, accounting for 43.6% of total revenue[24] - Gross profit from hospital business rose by 26.8% to RMB 1,179.2 million, with a 39.3% increase excluding the one-time impact of nucleic acid testing[26] - The company strengthened its multidisciplinary tumor diagnosis and treatment model (MDT) and expanded tumor screening efforts[27][28] - New oncology departments were established in several hospitals, including gastroenterology and hepatobiliary-pancreatic oncology departments[29] - The company launched tumor screening centers and imaging centers across major hospitals, offering various screening services[29] - Academic exchanges and collaborations in oncology were enhanced, including partnerships with universities and hosting national oncology conferences[30][31] - The company's medical professionals published 248 papers in oncology and related disciplines during the reporting period[32] - The company increased its medical professionals to 7,483 by the end of 2023, up by 2,356 from 2022, with 1,188 senior professionals, an increase of 380[33] - The company launched new services such as tumor patient home care and no-companion wards, and implemented year-round outpatient services across all hospitals[34] - The company expanded its commercial insurance coverage, partnering with over a dozen insurers, including PICC and China Life, to provide seamless claim services[36] - Three new hospitals are under construction: Dezhou Hygeia Hospital (1,000 beds), Wuxi Hygeia Hospital (800-1,000 beds), and Changshu Hygeia Hospital (800-1,200 beds)[37] - The company completed phase II expansions at Chongqing Hygeia Hospital (1,000 new beds), Shanxian Hygeia Hospital (500 new beds), and Chengwu Hygeia Hospital (350 new beds)[38] - The company acquired an 89.2% stake in Yixing Hygeia Hospital, which has the potential to upgrade to a tertiary hospital with over 800 beds[40] - The company plans to add 1,000 beds in the phase III expansion of Chang'an Hospital and 500 beds in the phase II expansion of Suzhou Yongding Hospital[39] - The company strengthened its talent pool, with 761 medical professionals promoted to higher positions in 2023[33] - The company's hospitals, including Suzhou Yongding Hospital, implemented innovative outpatient models to enhance patient experience[34] - Acquired 70% equity of Chang'an Hospital through the acquisition of Datang Hong Kong and 30% equity of Chang'an Hospital directly, expanding the company's medical service network and tumor business scale in Northwest China[41] - Chang'an Hospital, a Grade III-A general hospital, had an average of 630,000 patient visits (including inpatient and outpatient) from 2020 to 2022, with 1,000 registered beds and sufficient land for expansion[41] - Revenue of Yixing Hygeia Hospital increased by approximately 30.8% year-over-year from June 2023 to December 2023 after acquisition[42] - Revenue of Chang'an Hospital increased by approximately 28.9% year-over-year from September 2023 to December 2023 after acquisition[42] - Acquired 100% equity of Qufu Chengdong Hospital, planning to relocate it to a larger self-owned property to accommodate more hospital beds and radiotherapy equipment[42] - The company aims to seize the historic integration opportunity in the tumor medical industry and continue expanding its tumor medical service network[43] Market and Industry Trends - The tumor medical services market revenue is expected to reach RMB 700 billion by 2025, with a compound annual growth rate (CAGR) of 11.5% from 2021 to 2025[52] - China's elderly population aged 60 and above reached 297 million by the end of 2023, accounting for 21.1% of the total population, with 217 million aged 65 and above, representing 15.4% of the population[50] - The aging population is expected to drive increased demand for tumor-related treatments, with the elderly population projected to exceed 400 million by 2050[50] - The company aims to strengthen its discipline construction, improve diagnostic and treatment technologies, and provide multi-level, one-stop medical services to meet unmet patient needs[52] - Government policies have created a favorable environment for social capital in the medical sector, encouraging the development of professional hospital management groups and diversified medical services[47][48] - Social capital in healthcare has seen rapid growth in hospital numbers, bed capacity, medical staff, patient visits, and income, increasing its share in the overall medical services market[49] - Policies support the inclusion of private medical institutions in medical consortiums and encourage the expansion of high-quality medical resources and regional balance[48] - The government has introduced measures to optimize the development environment for private enterprises, including policy support and legal safeguards, to promote high-quality growth[48] - The company is positioned to benefit from the growing demand for tumor medical services driven by demographic trends and supportive government policies[50][52] Corporate Governance and Leadership - The company's chairman and CEO, Zhu Yiwen, increased his shareholding multiple times during the reporting period, demonstrating confidence in the company's development prospects[45] - The company was recognized as one of the "Top 50 Hong Kong Stock Connect Companies" in the 10th Hong Kong Stock 100 Strong and awarded "Best IR Hong Kong Company" by New Fortune[45] - The company's Chairman and Executive Director, Mr. Zhu Yiwen, has over 30 years of clinical experience and is responsible for the medium- and long-term development strategies of the company's hospitals[102] - Zhang Wenshan, aged 42, was appointed as an executive director of the company on January 20, 2020, and has been serving as the Group's R&D and Manufacturing Director since January 2014, overseeing the Group's R&D and manufacturing operations[108] - Jiang Hui, aged 48, was appointed as an executive director of the company on December 23, 2020, and has been serving as the Group's Radiotherapy Department Director since January 2015, responsible for overseeing the business operations of the Group's radiotherapy centers[108] - Liu Yanqun, aged 67, was appointed as an independent non-executive director of the company on September 18, 2019, providing independent opinions and judgments to the board[110] - Zhao Chun, aged 71, was appointed as an independent non-executive director of the company on May 6, 2022, with over 22 years of experience in hospital management[111] - Ye Changqing, aged 53, was appointed as an independent non-executive director of the company on September 21, 2019, with over 25 years of experience in professional accounting, financial advisory, and investment services[112] - Zhu Yiwen serves as the company's executive director and CEO[115] - Cheng Huanhuan serves as the company's executive director and co-CEO[115] - Ren Ai serves as the executive director, senior vice president, and assistant to the board chairman[115] - Zhang Wenshan serves as the executive director and R&D and Manufacturing Director of the Group[115] - Jiang Hui serves as the executive director and Radiotherapy Department Director of the Group[115] Employee and Compensation - The company has a total of 8,238 full-time employees as of December 31, 2023, with 93 at the headquarters level and 8,145 at its own hospitals[97] - Employee distribution by function: Physicians (28.4%), Other medical professionals (55.6%), Management, administration, and others (14.9%)[97] - Total employee compensation expenses for the year ended December 31, 2023, amounted to RMB 1,335.9 million, compared to RMB 1,049.8 million in the previous year[99] - The company provides internal and external training to employees and sets performance targets based on their roles and departments[99] - Employee benefits include social insurance, housing provident fund contributions, performance bonuses, and discretionary bonuses[99] - The company has not experienced any strikes or labor disputes that could significantly impact its business[97] - The company's hospitals independently recruit and contract with their employees[98] - Total employee compensation, including director salaries, amounted to RMB 1,335.9 million in 2023, compared to RMB 1,049.8 million in 2022[149] Shareholder and Equity Information - Chairman Zhu Yiwen holds a 44.69% beneficial interest in the company's ordinary shares through controlled entities and related parties[152] - Director Ren Ai holds a 0.01% beneficial interest in the company's ordinary shares through his spouse's interests[152] - The company's directors hold stock options representing 0.04% to 0.01% of the total issued shares[153] - Chairman Zhu Yiwen has a 100% interest in Hygeia Hospital Management and a 30% interest in variable interest entity hospitals and entrusted hospitals through controlled entities[156] - Director Ren Ai has a 100% interest in Hygeia Hospital Management and a 30% interest in variable interest entity hospitals and entrusted hospitals through his spouse's interests[156] - Century River Investment holds a 44.69% stake in the company, equivalent to 282,200,215 shares[161] - Century River, Red Palm, and Amber Tree are all controlled by Mr. Zhu and Ms. Zhu, collectively holding a 44.69% stake in the company[161][163] - The total number of issued shares as of December 31, 2023, is 631,524,200[164] - The Pre-IPO Share Incentive Plan issued 164,400 shares and 65,780 restricted share units to directors, senior management, and employees[165] - The company has no arrangements for directors to acquire shares or debentures of the company or any other corporation during the reporting period[159] - The company has adopted a Share Option Plan, authorizing the issuance of up to 18,540,000 shares, representing 3% of the total issued shares as of October 15, 2021[168] - As of the report date, 7,047,000 share options remain available for issuance under the Share Option Plan, accounting for approximately 1.12% of the total issued shares[168] - The exercise price for granted share options is HK$66.80 per share, determined as the highest of the closing price on

Table_Title Table_BaseInfo 2024 年 4 月 6 日 公司动态 海吉亚医疗（6078.HK） 证券研究报告 业绩稳健增长，医院网络向广度及深度拓展 医药 海吉亚作为民营肿瘤医院龙头，精细化管理和学科建设处于行业领先水平，业绩稳 投资评级： 买入 健增长，2023年净利润同比增加42.1%，收购三家优质医院标的、新建医院以及二 期项目的快速推进将进一步打开公司成长空间。 目标价格： 40 港元 报告摘要 现价(2024-04-05)： 28.35港元 业绩持续增长，剔除核酸影响净利润同比增长63.6%。 2023年公司实现营业收入40.8亿元，同比增长27.6%（剔除核酸同比增34.0%），实 总市值(百万港元) 17,903.71 95,217.68 现净利润6.9亿元，同比增长42.1%（剔除核酸同比增63.6%），实现经调整净利润 总股本(百万股) 631.52 247.45 7.1亿元，同比增长17.5%（剔除核酸同比增31.1%）。分业务板块来看，住院服务 12个月低/高(港元) 24.2/61.6 169.5/450 收入达25.4亿元，同比增长31.6%，主要是公司积 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[海I Tnaf 吉bol]e 亚_Ti医tle]疗 （6078） [评Tab级le_：Inv est] 增持 当前价格（港元）： 30.15 业绩符合预期，床位扩张稳步推进 2024.04.02 海 ——2023年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 赵峻峰(分析师) 52周内股价区间（港元） 24.20-61.60 当前股本（百万股） 632 公 0755-23976735 0755-23976629 当前市值（百万港元） 20,146 司 dingdan@gtjas.com zhaojunfeng@gtjas.com 证书编号 S0880514030001 S0880519080017 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 业绩符合预期，并购整合能力持续验证，二期和新建医院项目稳步推进，床位数持续 国 海吉亚医疗 恒生指数 香 扩张，有望延续稳健快速增长，维持增持评级。 5% 摘要： 港 -7% [业Ta绩ble符_S合um预m期ar，y] 维持 ...