Core Viewpoint - Morgan Stanley's research report indicates that China Resources Medical has issued a profit warning for the first half of this year, with net profit attributable to ordinary shareholders expected to decline by 20% to 25% year-on-year [1] Financial Performance - Excluding a compensation of 210 million yuan related to the YanHua IOT agreement, the underlying business profit is projected to decline by 55% to 60% year-on-year, which is below market consensus and Morgan Stanley's estimates [1] - Morgan Stanley sets a target price of 3 HKD for China Resources Medical and maintains a "Reduce" rating [1] Industry Impact - The company attributes the profit decline to a reduction in average medical insurance reimbursement per visit, indicating increased reimbursement pressure across regions due to DRG/DIP 2.0 [1] - This situation is expected to negatively impact other hospital operators that rely on public insurance, such as Haijia Medical, Gushengtang, Jinxin Fertility, and Aier Eye Hospital [1]
大摩：华润医疗上半年初步利润逊于预期 予其“减持”评级