[Table_CompanyRptType1] 新里程（002219） | --- | --- | --- | --- | --- | --- | |-------|------------------------------------------------------|--------|--------------------------|--------------|------------------| | | ⚫ [Tab 重要财务指标 le_Profit] \n主要财务指标 | 2023A | 2024E | 单位 \n2025E | : 百万元 \n2026E | | | 营业收入 | | 3590 4098 4848 5479 | | | | | 收入同比（ % ） | 13.6% | 14.1% | 18.3% | 13.0% | | | 归属母公司净利润 | | 31 117 256 334 | | | | | 净利润同比（ % ） | -80.3% | 280.4% | 118.5% | 30.5% | | | 毛利率（ % ） | 30.1% | 32.3% | 33.4% | 34 ...

e公司讯，新里程(002219)12月24日晚间公告，公司与北京新里程康养产业集团有限公司（简称"新里程 康养"）签署《关于东营新里程老年医院有限公司之收购框架协议》，拟间接收购东营新里程老年医院 有限公司（简称"东营老年医院"）60%的股权。 如本次收购后续实施，公司的业务规模将得以扩大，医疗服务收入进一步增长，盈利能力相应提升，公 司医养结合运营管理能力将得到大幅提升。 ...

证券时报e公司讯，企查查APP显示，近日，青岛新里程医疗产业投资中心（有限合伙）成立，出资额 3.22亿元人民币，经营范围包含：以自有资金从事投资活动。 企查查股权穿透显示，该合伙企业由新里程旗下四川福慧医药有限责任公司、四川永道医疗投资管理有 限公司，及山东铁路发展基金有限公司等共同持股。 ...

12月3日，第10万列中欧班列抵港接车仪式在德国杜伊斯堡举行。这列满载电子信息产品、汽车整车及 零配件、机械工业配件、家用电器等货物的火车，在车站内接受着人群的欢迎。 2011年3月，从重庆发出的首趟中欧班列"渝新欧"，将这里制造的电子产品运往德国，标志着中国直达 欧洲的陆路国际贸易大通道正式开启。从0到10万列，中欧班列跑出发展加速度，在助推内陆地区高水 平对外开放的同时，也为沿线国家创造发展新机遇，向着合作共赢的美好未来不断飞驰。 奋力奔跑，助推内陆崛起开放高地 看着驶出站台的中欧班列，力帆科技（集团）股份有限公司通机国际销售部总监康钦彬格外感慨："我 们是中欧班列的首批客户，班列破解了我们的物流难题。" 作为中国制造业重镇，西部山城重庆的各类工业产品却因物流难题难以拓展国际市场。"10多年前，重 庆产品出口要么向东经沿海地区'漂洋过海'，但时间过长；要么通过空运，但成本过高。"康钦彬说， 中欧班列开通后，公司的产品运至东欧地区的时间缩短50%以上，在当地站稳了脚跟。 中欧班列的开通，让中西部内陆地区一跃成为对外开放的前沿。依托中欧班列，企业得以更深入地融入 全球产业格局。从重庆的机电产品到江西的日用百货 ...

Core Viewpoint - The company is advancing the acquisition of 100% equity in Chongqing New Mile Medical Management Co., Ltd., which is expected to enhance its operational scale and profitability in the healthcare sector [1][2]. Group 1: Acquisition Details - On November 4, the company announced that its shareholders approved the acquisition of Chongqing New Mile Medical Management Co., Ltd. at the fifth extraordinary general meeting of 2024, with 5.93 billion shares voting in favor, representing 76.8% of the valid votes [1]. - The acquisition is strategically important due to Chongqing's economic growth and the company's goal to establish a regional center with revenue between 800 million to 1 billion yuan [1][2]. - The company aims to enhance its business presence in Southwest China, where its previous market share was only 14% [2]. Group 2: Financial Performance - Chongqing New Mile reported revenues of 315 million yuan and 204 million yuan for 2023 and the first seven months of 2024, respectively, with net profits of 1.21 million yuan and 7.43 million yuan [2]. - The company has shown a significant recovery in profitability, achieving a net profit of 156 million yuan in 2022 after restructuring, although it faced a decline in 2023 with a net profit of 31 million yuan, down 80.29% year-on-year [4]. - For the first three quarters of the current year, the company reported revenues of 2.681 billion yuan, a year-on-year increase of 6.93%, and a net profit of 52.79 million yuan, up 57.98% year-on-year [4]. Group 3: Market Confidence and Future Prospects - The high approval rate from minority shareholders for the acquisition reflects confidence in the company's future growth and strategic direction [2]. - The company has initiated a share buyback plan, indicating management's confidence in the company's long-term prospects [2]. - The potential for further asset injections from the controlling shareholder's non-listed segment is anticipated, which could enhance the company's asset base and market position [2].

证券代码：002219 证券简称：新里程 编号：2024-06 1 新里程健康科技集团股份有限公司 投资者关系活动记录表 | --- | --- | |---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | □ 分析师会议 | | 投资者关系 | 业绩说明会 | | 活动类别 | 新闻发布会 □ 路演活动 | | | | | | | | | 东吴证券、中邮证券、国投证券、湘财证券、首创证券、国海证券、 | | | 华安证券、平安证券、西南证券、国泰君安、长江证券、兴业证券、 | | | 海通证 ...

Financial Performance - Revenue for the third quarter of 2024 was RMB 860.51 million, a decrease of 4.43% year-over-year[3] - Net profit attributable to shareholders for the third quarter was RMB -7.35 million, an improvement of 68.84% year-over-year[3] - Total revenue for the period reached 2,680,748,437.88 RMB, an increase from 2,507,074,501.01 RMB in the previous period[19] - Operating profit for the period was 74,974,123.46 RMB, up from 41,224,104.30 RMB in the previous period[22] - Net profit for the period was 56,491,361.49 RMB, compared to 36,231,423.01 RMB in the previous period[22] - Net profit attributable to parent company shareholders increased to 52,794,403.83 from 33,418,091.37, showing significant growth[24] - Comprehensive income total rose to 56,491,361.49 from 36,231,423.01, indicating overall financial improvement[24] - Basic and diluted earnings per share both increased to 0.0155 from 0.0100, reflecting higher profitability[24] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 6.18 billion, an increase of 1.67% compared to the end of the previous year[3] - The company's equity attributable to shareholders increased by 5.35% to RMB 2.31 billion compared to the end of the previous year[3] - Total assets increased from RMB 6,080,204,990.53 at the beginning of the period to RMB 6,181,836,361.04 at the end of the period[17] - Total liabilities decreased slightly to 3,827,256,953.63 RMB from 3,845,698,741.33 RMB[18] - Total equity increased to 2,354,579,407.41 RMB from 2,234,506,249.20 RMB[18] - The company's accounts receivable increased from RMB 1,023,067,107.20 at the beginning of the period to RMB 1,138,802,108.35 at the end of the period[17] - The company's short-term borrowings increased from RMB 716,486,474.08 at the beginning of the period to RMB 768,919,420.76 at the end of the period[17] - The company's accounts payable increased from RMB 1,299,581,146.42 at the beginning of the period to RMB 1,376,434,469.67 at the end of the period[17] Cash Flow - Operating cash flow for the first nine months of 2024 was RMB 182.33 million, an increase of 1.68% year-over-year[3] - Cash received from sales of goods and services increased to 2,640,473,369.46 from 2,351,494,251.04, showing higher revenue generation[24] - Net cash flow from operating activities slightly increased to 182,332,848.56 from 179,311,770.70, indicating stable operational performance[26] - Cash paid for goods and services increased to 1,067,617,179.59 from 1,011,576,344.16, reflecting higher operational expenses[26] - Cash paid to employees increased to 817,701,013.62 from 797,093,862.36, showing higher labor costs[26] - Net cash flow from investing activities decreased to -248,129,070.99 from -249,957,842.42, indicating reduced investment outflows[26] - Net cash flow from financing activities turned negative to -169,193,739.50 from 104,954,507.18, reflecting higher debt repayments[27] - Ending cash and cash equivalents decreased to 322,031,481.64 from 572,507,320.47, showing a significant reduction in liquidity[27] Shareholder Information - Beijing New Journey Health Industry Group Co., Ltd. holds 24.23% of shares, totaling 825,927,323 shares[9] - Que Wenbin, an individual shareholder, holds 10.75% of shares, totaling 366,317,769 shares[9] - The company plans to repurchase shares using self-owned or raised funds, with a total amount ranging from RMB 50 million to RMB 100 million, at a price not exceeding RMB 2.74 per share, aiming to repurchase approximately 18,248,175 to 36,496,350 shares, accounting for 0.54% to 1.07% of the total issued shares[13] - As of September 30, 2024, the company has repurchased 5,607,000 shares, representing 0.1645% of the total shares, with a total transaction amount of RMB 10,017,709[13] - On October 21, 2024, the company repurchased an additional 4,320,000 shares, accounting for 0.1267% of the total shares, with a total transaction amount of RMB 10,662,758[13] - As of the report date, the cumulative repurchased shares amount to 9,927,000, representing 0.2913% of the total shares, with a total transaction amount of RMB 20,680,467[13] Expenses and Income - Non-recurring gains and losses for the third quarter amounted to RMB 3.42 million, primarily due to government subsidies and asset disposal losses[4][5] - The company's investment income increased by 235.02% to RMB 2.91 million due to the disposal of equity in affiliated enterprises[6] - Fair value change income was RMB 323,499, a 100% increase due to gains from newly acquired asset management products[7] - Credit impairment loss decreased by RMB 23,683,043.84, a 51.38% improvement due to recovery of previously recognized bad debts[7] - Income tax expense increased by RMB 13,477,005.38, a 297.02% rise due to reduced deferred tax expenses[7] - R&D expenses increased to 7,514,256.13 RMB from 6,905,702.82 RMB[22] - Sales expenses rose to 182,604,597.48 RMB from 140,961,195.18 RMB[22] - Management expenses decreased to 383,700,270.18 RMB from 440,128,431.58 RMB[22] - Financial expenses increased to 92,855,637.61 RMB from 82,996,082.04 RMB[22] - Interest income decreased to 2,578,136.88 RMB from 5,793,685.43 RMB[22] Investments and Loans - Long-term loans decreased by 36.46% to RMB 458.93 million, as some loans were reclassified to current liabilities[6] - Cash received from disposal of subsidiaries and other business units surged by RMB 1,850,521.54, an 86,158.93% increase[7] - Cash paid for acquisition of fixed assets, intangible assets, and other long-term assets increased by RMB 88,537,316.83, a 56.24% rise due to increased investment in Chongzhou Second Hospital's new campus[7] - Cash paid for investments doubled to RMB 3,000,000, a 200% increase from the previous period[7] - Cash received from borrowings decreased by RMB 349,400,000, a 33.39% drop compared to the previous period[7] - Cash paid for debt repayment increased by RMB 363,365,568.12, a 90.32% rise[7] Monetary Funds and Contract Liabilities - The company's monetary funds decreased from RMB 580,235,282.43 at the beginning of the period to RMB 434,651,599.42 at the end of the period[15] - Contract liabilities increased by 39.45% to RMB 4.26 million, reflecting an increase in unfulfilled contract payments[6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Insights - The acquisition of Chongqing New Mile Medical Management Co., Ltd. for 320 million yuan at a price-to-sales ratio of 1.0x initiates the process of injecting high-quality hospital assets from the controlling shareholder into the listed company [3][4]. - Chongqing New Mile is experiencing steady growth, with a revenue of 315 million yuan in 2023 and a compound annual growth rate (CAGR) of 12% from 2021 to 2023. The net profit for 2023 was 4.05 million yuan, with a net profit margin of 1.29% [4][6]. - The company has a strategic focus on integrating medical and elderly care services, addressing the aging population issue in Chongqing, and has received recognition as a "National Elderly-Friendly Hospital" [4][6]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are 4.099 billion yuan, 4.891 billion yuan, and 5.840 billion yuan, respectively, with year-on-year growth rates of 14%, 19%, and 19% [6][7]. - The projected net profit for the same years is 122 million yuan, 226 million yuan, and 316 million yuan, reflecting significant growth rates of 298%, 85%, and 40% [6][7]. - The report anticipates a gradual improvement in profitability, with the price-to-earnings (P/E) ratio decreasing from 70x in 2024 to 27x in 2026 [6][7]. Market Data - As of October 23, 2024, the company's stock price is 2.51 yuan, with a market capitalization of approximately 8.555 billion yuan [4][6]. - The stock has a 52-week price range of 1.66 to 3.37 yuan, indicating potential for price appreciation [4][6].

①这家"银发经济第一股"正式进入重整计划的最后三年，上周大股东已开启资产注入，标的收购价对应 PS仅1.02倍； ②安徽再造汽车销售奇迹，公司作为省内汽车产业链核心企业，有望受益于重点客户发 展，加速业绩增长。 《风口研报》今日导读 1、新里程（002219）：①公司在医疗方面，以综合总院+专科分院的"1+N"创新服务模式，医药方 面，促进独一味胶囊在集采下以价换量，推动医药产业链延伸并向消费领域发展；②10月16日，公司 发布公告称拟以3.2亿元人民币向新里程康养收购重庆新里程100%股权，此次收购是集团正式开启优质 资产注入的起点，未来三年计划将重庆区域打造成为8-10亿元规模的区域医疗集团；③中航证券蔡明子 看好公司内生经营稳健提升，外延资产注入起航，预计2024-26年归母净利润分别为1.35/2.63/3.80亿 元，同比增长338.21%/94.75%/44.75%，对应PS为2.05/1.79/1.50倍；④风险因素：政策变动风险、 扩张进度不及预期风险。 2、瑞鹄模具（002997）：①新车型迭代时间加速，带动装备制造业务需求增长，作为安徽汽车产业链 核心企业，公司在冲压模具及焊装自动化生产线 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company follows a dual-drive strategy of "medical + pharmaceutical" focusing on building regional medical centers and expanding its traditional Chinese medicine product line [2] - The company operates five regional medical centers with 3 tertiary hospitals and 7 secondary hospitals, with a bed utilization rate of around 90% and an average annual single-bed output of approximately 400,000 RMB [3] - The company plans to expand its bed capacity by adding over 2,000 beds and aims to increase the average annual single-bed output to 500,000-600,000 RMB [3] - The company's controlling shareholder, New Journey Group, plans to inject high-quality medical assets into the company within five years, with the first acquisition of Chongqing New Journey completed in October 2024 [4] - The company's revenue is expected to grow from 4.288 billion RMB in 2024 to 5.851 billion RMB in 2026, with net profit increasing from 135 million RMB to 380 million RMB during the same period [5] Medical Sector - The company has established five regional medical centers in Liaoning, Henan, Jiangsu, Jiangxi, and Sichuan, with a total of 8,000 beds [9] - The company's hospitals have a strong local market share, with some hospitals achieving a market share of 50% in their respective regions [12] - The company's hospitals have adapted well to the DRG/DIP payment system, with all DRG-implementing hospitals achieving medical insurance surpluses in the first half of 2024 [3] - The company plans to expand its bed capacity by adding over 2,000 beds, with some hospitals already opening new beds in 2022 [20] Pharmaceutical Sector - The company's flagship product, "Duyiwei Capsule," is included in the national essential drug list and has been incorporated into the national centralized procurement catalog, which is expected to drive volume growth [26] - The company has completed the first phase of technical transformation for Duyiwei Capsule, increasing its annual raw material processing capacity from 1,200 tons to 1,800 tons [26] - The company aims to achieve a compound annual growth rate of over 20% in revenue for its pharmaceutical sector in the next three years [26] Financial Projections - The company's revenue is projected to grow from 4.288 billion RMB in 2024 to 5.851 billion RMB in 2026, with net profit increasing from 135 million RMB to 380 million RMB during the same period [5] - The company's EPS is expected to increase from 0.04 RMB in 2024 to 0.11 RMB in 2026 [5] - The company's P/S ratio is projected to decrease from 2.05x in 2024 to 1.50x in 2026 [5] Asset Injection - The company's controlling shareholder, New Journey Group, plans to inject high-quality medical assets into the company within five years, with the first acquisition of Chongqing New Journey completed in October 2024 [4] - Chongqing New Journey has over 1,000 beds and generated revenue of 315 million RMB in 2023, with a net profit of 1.21 million RMB [4] - The acquisition of Chongqing New Journey is seen as the starting point for the injection of high-quality assets into the company [4]