Group 1 - Morgan Stanley reports that China Resources Medical (01515) has issued a profit warning for the first half of the year, with net profit attributable to ordinary shareholders expected to decline by 20% to 25% year-on-year [1] - Excluding the 210 million RMB compensation related to the "Yanhua IOT Agreement," the underlying business profit is projected to decrease by 55% to 60%, falling below market consensus and Morgan Stanley's estimates [1] - 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] Group 2 - Morgan Stanley sets a target price of 3 HKD for China Resources Medical and maintains a "Reduce" rating [1] - The report suggests that the profit decline could negatively impact other hospital operators reliant on public insurance, such as Haijia Medical (06078), Jinxin Fertility (01951), and Aier Eye Hospital (300015.SZ) [1]
大摩：华润医疗(01515)上半年初步利润逊预期 评级“减持” 目标价3港元