新里程：主营业务平稳，重点关注定增进度

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 2.04 CNY for the next six months [5]. Core Views - The company reported stable main business performance, with a focus on the progress of private placements [8]. - The company maintains a dual-driven business model of "medical + pharmaceutical," with the medical services segment showing steady growth and the pharmaceutical segment actively expanding [2][8]. - The overall gross margin has faced temporary pressure, but the operating net profit attributable to the parent company exceeded 100 million CNY [3]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.82 billion CNY, a year-on-year increase of 12.20%, and a net profit attributable to the parent company of 60 million CNY, up 5.27% year-on-year [1]. - The medical services segment generated revenue of 1.45 billion CNY, a 2.98% increase year-on-year, while the pharmaceutical segment saw revenue of 371 million CNY, a significant increase of 72.63% [2]. - The overall gross margin for the first half of 2024 was 29.06%, down 3.70 percentage points year-on-year, with the medical services gross margin at 24.76% and the pharmaceutical gross margin at 45.86% [3]. Strategic Initiatives - The company emphasizes discipline construction and improving medical quality, having added six provincial and municipal key specialties in the first half of 2024 [4]. - The company is actively expanding its existing hospital construction, with new projects underway to increase bed capacity significantly [8]. - The company is focusing on both internal growth and external acquisitions, with plans to inject profitable medical assets into the listed company [8]. Future Projections - Revenue projections for 2024 to 2026 are 4.01 billion CNY, 4.40 billion CNY, and 4.83 billion CNY, respectively, with net profits expected to be 122 million CNY, 224 million CNY, and 300 million CNY [9].