Core Viewpoint - Haitong International maintains a target price of HKD 35.17 per share for Haijia Medical (06078), reflecting a strong position in the private healthcare sector with quality hospital assets and long-term brand value, while suggesting to "outperform the market" [1] Financial Performance - In H1 2025, the company achieved a revenue of 1.99 billion yuan, with oncology business revenue accounting for 44% [1] - The company operates 16 hospitals focused on oncology and is actively catering to international medical needs, providing services to cancer patients from Malaysia and Indonesia [1] - Projected revenues for 2025 and 2026 are 4.49 billion yuan and 4.65 billion yuan, representing year-on-year growth of 1.0% and 3.7%, respectively [1] - Adjusted net profits for 2025 and 2026 are expected to be 610 million yuan and 690 million yuan, with growth rates of 6.1% and 7.6% [1] Cash Flow and Capital Expenditure - The company's operating cash flow improved significantly, with a net cash flow of 460 million yuan, up 29.9% [2] - Capital expenditure decreased to 240 million yuan, down 28.5% [2] - Free cash flow surged to 210 million yuan, an increase of 1611.2% [2] - The company holds 700 million yuan in cash, reflecting a 6.8% increase, indicating a strong liquidity position [2] - The company has likely passed the peak of capital expenditure, with sufficient bed capacity reserves and reduced debt levels [2]
海通国际：维持海吉亚医疗(06078)“优于大市”评级 目标价35.17港元