研究报告Research Report 29 Mar 2024 海吉亚 Hygeia Healthcare (6078 HK) 并购优质医院标的，床位产能释放有望提速 Acquired high-quality hospitals, and the release of bed capacity is expected to accelerate [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：公司发布2023年业绩公告 评级 优于大市OUTPERFORM 现价 HK$31.90 点评 目标价 HK$68.97 业绩稳健增长，受核酸检测基数、床位扩张及收并购致利润率下 HTI ESG 4.0-5.0-5.0 降。2023年公司实现收入40.77亿元（+27.6%），实现净利润6.85 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 亿元（+42 ...

2024年3月31日 公司研究 收购医院整合顺利，看好 24 年业绩增长 ——海吉亚医疗（6078.HK）2023 年业绩点评 要点 买入（维持） 当 前价：31.90港元 事件：公司发布2023年业绩公告：公司实现营收40.77亿元（+27.6% YOY）、 净利润6.85亿元（+42.1% YOY）、经调整净利润（剔除股份支付薪酬开支、收 购医院资产评估增值所产生的折旧及摊销、汇兑净亏损）7.13亿元（+17.5% 作者 YOY）。剔除核酸检测一次性影响，公司收入/净利润/经调整净利润分别同比 分析师：黄素青 +34.0%/63.6%/31.1%。 执业证书编号：S0930521080001 021-52523570 点评： huangsuqing@ebscn.com 分析师：吴佳青 医院业务保持稳健增长，收购医院整合较为顺利：23年公司医院业务稳健增长， 执业证书编号：S0930519120001 实现收入38.90亿元，同比+28.5%，剔除核酸检测一次性影响同比+35.4%，其 021-52523697 wujiaqing@ebscn.com 中门诊和住院服务分别实现13.51/25.39亿元，同比 ...

[Table_Page] 公告点评|医疗保健设备与服务 证券研究报告 [【Table_T广itle] 发医药&海外】海吉亚医疗 [公Tab司le_I评nves级t] 买入 当前价格 31.90港元 （06078.HK） 合理价值 38.81港元 前次评级 买入 经营保持稳健，外延并购持续推进 报告日期 2024-03-29 [Table_Summary] 核心观点： *如无特殊说明，本报告货币单位为人民币（0.92人民币=1港元） [相Tab对le_P市icQ场uote表] 现 ⚫ 海吉亚医疗发布2023全年业绩。2023年公司实现营业收入40.77亿 10% -4% 元，同比+27.6%，剔除核酸影响后同比+34.0%；净利润6.85亿元， 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -18% 同比+42.1%，剔除核酸影响后同比+36.6%；NonGaap净利润7.13亿 -32% 元，同比+17.5%，剔除核酸影响后同比+31.1%。此外公司还在年报披 -46% 露，2024年1-2月收入同比增长超过40%，整体经营情况良好。 -60% 海吉亚医疗 恒生指数 ⚫ ...

医药生物/医疗服务 公 司 2023 年业绩快速增长，内生及外延持续推进 研 海吉亚医疗（06078.HK） 究 ——港股公司信息更新报告 2024年03月28日 余汝意（分析师） 阮帅（联系人） 投资评级：买入（维持） yuruyi@kysec.cn ruanshuai@kysec.cn 证 书编号：S0790523070002 证书编号：S0790124010004  2023年业绩快速增长，内生及外延持续推进，维持“买入”评级 日期 2024/3/28 2023年公司实现营收40.77亿元（+27.6%，剔除新冠影响同比增长34%），经调 港 当前股价(港元) 31.900 整净利润 7.13 亿元（+17.5%，剔除新冠影响同比增长 31.1%），毛利率 31.6% 股 一年最高最低(港元) 62.750/23.550 （-0.6pct，剔除新冠影响同比提升0.5pct）。考虑2023年宜兴海吉亚医院及长安 公 司 总市值(亿港元) 201.46 医院并表，我们上调 2024-2025 年并新增 2026 年盈利预测，预计 2024-2026 年 信 流通市值(亿港元) 201.46 归母净利润为9 ...

交银国际研究 公司更新 医药 收盘价 目标价 潜在涨幅 2024年3月28日 港元30.50 港元49.00↑ +60.7% 海吉亚医疗 (6078 HK) FY23 符合预期，FY24 内生外延驱动高增长，新医院经营情况持续改善  FY23业绩符合预期，维持2024年经调整净利润增速指引：2023年收入同 个股评级 比增长 27.6%（剔除核酸检测影响后+34.0%），净利润/经调整净利润 买入 +42.1%/+17.5%（剔除核酸后+42.1%/+31.1%）。整体业绩符合公司2023年 底更新的指引。肿瘤业务收入+23.6%，占总收入比重43.6%。医院业务收 入38.90亿元（+28.5%，剔除核酸后+35.4%），其中门诊/住院收入分别为 1年股价表现 13.51 亿/25.39 亿元（+23.1%/+31.6%），剔除核酸检测后的门诊收入 6078 HK 恒生指数 +43.2%。手术量增长 34.6%至 83,770 例。毛利率/经调整净利率分别为 10% 0% 31.6%/17.5%（-0.6/-1.5个百分点）。管理层表示，2M24整体收入同比增 -10% 长超40%，并维持此前指引：202 ...

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） 2023 年年报业绩点评：并购整合效益凸显， 2024 年 03月 28日 区域优势与品牌影响力进一步强化 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 冉胜男 执业证书：S0600522090008 营业总收入（百万元） 3,206 4,084 5,597 6,842 8,192 ranshn@dwzq.com.cn 同比 38.30% 27.39% 37.04% 22.24% 19.74% 归母净利润（百万元） 476.78 682.93 887.61 1,108.28 1,363.96 股价走势 同比 8.00% 43.24% 29.97% 24.86% 23.07% 海吉亚医疗 恒生指数 Non-GAAP净利润 607.00 713.00 920.00 1,150.00 1,400.00 2% 同比 33.94% 17.53% 2 ...

证券研究报告：医药生物 | 公司点评报告 2024年3月26日 股票投资评级 海吉亚医疗（6078.HK） 医院业务高速增长，持续提升医疗服务网络覆盖广 买入|首次覆盖 度和深度 个股表现  业绩符合预期，收入利润快速增长 3月26日，公司发布2023年报：公司实现营收40.77亿元人民 海吉亚医疗 医药生物 币（+27.6%，后均为人民币），剔除核酸检测一次性影响后收入同比 10.00% 增长34.0%；净利润6.85亿元（+42.1%），剔除核酸检测一次性影响 0.00% -10.00% 后净利润同比增长63.6%；经调整净利润7.13亿（+17.5%），剔除核 -20.00% -30.00% 酸检测一次性影响后经调整净利润同比增长31.1%。公司营收、净利 -40.00% -50.00% 润增长符合我们的预期。同时公司公告称，根据未经审核管理账目， -60.00% -70.00% 公司于2024年取得了良好的开局和可喜的成绩，2024年1~2月的收 入较去年同期增长超过40%，实现高速增长。  医院业务高速增长，医疗技术水平持续提升，核心优势 资料来源：Wind，中邮证券研究所 持续加强 截至202 ...

高基数下凸显经营韧性，新院整合进展顺利 海吉亚医疗（6078.HK）/医疗服务 证券研究报告/公司点评 2024年03月26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：26.3 HKD 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3195.6 4076.7 5126.6 6270.1 7489.3 分析师：祝嘉琦 增长率yoy% 38.0% 27.6% 25.8% 22.3% 19.4% 执业证书编号：S0740519040001 净利润（百万元） 476.8 682.9 907.6 1106.5 1383.5 电话：021-20315150 增长率yoy% 8.0% 43.2% 32.9% 21.9% 25.0% 每股收益（元） 0.68 0.89 1.19 1.45 1.81 Email：zhujq@zts.com.cn 每股现金流量 0.98 1.23 1.27 2.01 2.19 分析师：孙宇瑶 净资产收益率 9.7% 10.9% 16.8% 17.0% 1 ...

业绩简评 2024年 3月 26 日，公司发布 23 年年度业绩公告。公司 2023年实 现收入40.77 亿元（同比+28%），剔除核酸检测一次性影响后收入 同比+34%；净利润 6.85 亿元（同比+42%），剔除核酸检测一次性影 响后净利润同比+64%；经调整净利润 7.13 亿元（同比+18%），剔除 核酸检测一次性影响后经调整净利润同比+31%； 拆分来看，2023H2 公司实现收入23.17 亿元（同比+39%），净利润 3.50 亿元（同比+38%），经调整净利润3.67 亿元（同比+20%）。 经营分析 医院业务良性增长，肿瘤特色进一步增强。2023 年，公司医院业 务实现收入38.90 亿元（同比+29%)，剔除核酸检测一次性影响后 港币(元) 成交金额(百万元) 同比+35%。其中门诊收入13.51 亿元（同比+23%），剔除核酸检测 66.00 1,200 一次性影响后同比+43%；住院业务收入25.39 亿元（同比+32%）， 59.00 1,000 住院业务收入高增主要系公司旗下医院积极拓展诊疗项目（特别 52.00 800 45.00 600 是肿瘤类项目）。2023 年，公司肿瘤 ...

Financial Performance - The company's revenue increased by 27.6% to RMB 4,076.7 million for the year ended December 31, 2023, compared to RMB 3,195.6 million for the previous year[2]. - Net profit rose by 42.1% to RMB 684.9 million for the year ended December 31, 2023, up from RMB 481.9 million in the prior year[2]. - Basic earnings per share increased by 40.3% to RMB 1.08 for the year ended December 31, 2023, compared to RMB 0.77 for the previous year[2]. - The adjusted net profit under non-IFRS measures was RMB 713.4 million, a 17.5% increase from RMB 607.0 million in the previous year[9]. - The company's total revenue for the year ended December 31, 2023, was RMB 4,076.7 million, a 27.6% increase from RMB 3,195.6 million in 2022[17]. - Revenue from the oncology business was RMB 1,778.4 million, accounting for 43.6% of total revenue, while non-oncology business revenue was RMB 2,298.2 million, accounting for 56.4%[17]. - The gross profit from the core hospital business reached RMB 1,179.2 million, a 26.8% increase year-on-year, with a 39.3% increase when excluding the one-time impact of nucleic acid testing[17]. - The gross profit increased by 25.1% from RMB 1,028.6 million to RMB 1,286.3 million, with a 36.0% year-on-year growth after excluding the one-time impact of nucleic acid testing[58]. - The net profit attributable to the owners of the company was RMB 682,928,000, compared to RMB 476,784,000 in the previous year, marking a significant increase of 43.2%[130]. Hospital Operations - The hospital business revenue reached RMB 3,890.3 million, a 28.5% increase, with inpatient services revenue growing by 31.6% to RMB 2,538.9 million[13]. - Outpatient services revenue was RMB 1,351.4 million, reflecting a 23.1% increase, with a 43.2% growth when excluding one-time impacts from nucleic acid testing[13]. - The company completed 83,770 surgeries, a 34.6% increase from the previous year, with a higher proportion of complex and interventional surgeries[13]. - Revenue from hospital operations accounted for 95.4% of total revenue, rising by 28.5% from RMB 3,027.3 million to RMB 3,890.3 million, with a 35.4% year-on-year growth after excluding the one-time impact of nucleic acid testing[55]. Acquisitions and Expansion - The group has expanded its medical service network with three new hospitals under construction: Dezhou Haijia Hospital (1,000 beds), Wuxi Haijia Hospital (800-1,000 beds), and Changshu Haijia Hospital (800-1,200 beds) with completion expected in 2024 and 2025[29][30]. - The group has acquired 89.2% of Yixing Haijia Hospital, which has the potential to upgrade to a tertiary hospital and will enhance the group's tumor medical service revenue and market share in the Yangtze River Delta region[33][35]. - The acquisition of Chang'an Hospital, which has an average of 630,000 patient visits from 2020 to 2022 and 1,000 registered beds, will further expand the group's medical service network in Northwest China[36]. - The group has announced the acquisition of Qufu Chengdong Hospital, which will improve operational efficiency and diagnostic capabilities through standardized management practices[37]. - The company aims to expand its business scale through new hospital projects and acquisitions of quality hospital targets to meet the growing demand for oncology services[51]. Employee and Talent Management - The number of medical professionals increased to 7,483, up by 2,356 from the previous year, including 1,188 senior technical personnel, an increase of 380[26]. - The group continues to enhance its talent acquisition and training mechanisms, focusing on building a competitive workforce in the healthcare sector[24]. - Employee compensation expenses totaled RMB 1,335.9 million for the year ending December 31, 2023, an increase from RMB 1,049.8 million for the previous year[107]. Financial Position and Cash Flow - Cash and cash equivalents as of December 31, 2023, totaled RMB 549.7 million, with structured deposits and financial products amounting to RMB 206.2 million[70]. - Net cash inflow from operating activities increased by 14.2% to RMB 782.8 million for the year ended December 31, 2023, due to an overall increase in revenue[71]. - Net cash used in investing activities surged by 669.6% to RMB 2,863.5 million for the year ended December 31, 2023, primarily due to increased payments for acquisitions of subsidiaries[72]. - The total assets of the company increased by 48.2% from RMB 7,241.9 million as of December 31, 2022, to RMB 10,734.6 million as of December 31, 2023[77]. - The total liabilities rose by 94.6% from RMB 2,301.9 million as of December 31, 2022, to RMB 4,479.7 million as of December 31, 2023, primarily due to new hospital acquisitions[77]. Corporate Governance and ESG Initiatives - The company has established a robust corporate governance structure to enhance accountability and protect shareholder interests[118]. - The group emphasizes the protection of stakeholders' rights, including patients, shareholders, and employees, while continuously improving its governance and operational efficiency[40]. - The company is committed to enhancing its ESG initiatives, focusing on environmental management and corporate governance to protect stakeholder interests[51]. - The group is committed to improving its environmental performance by setting targets for greenhouse gas emissions, water resource usage, and energy consumption by 2030[42]. Community Engagement and Brand Image - The group actively participates in community health initiatives, including free blood donation and cancer screening programs, enhancing its brand image and social influence[40]. - The company established multiple tumor screening centers and conducted health seminars, enhancing early detection and treatment capabilities for cancer patients[21]. Stock Options and Shareholder Matters - The company has adopted a stock option plan on October 15, 2021, allowing the issuance of up to 18,540,000 shares, representing 3% of the total issued shares as of that date[108]. - The board has decided not to declare any final dividend for the year ending December 31, 2023[96]. - The total fair value of stock options granted to employees during the reporting period was HKD 153,656,830, with 6,738,000 options granted[113].