新里程：业绩增长稳健，期待优质资产注入

Investment Rating - The report assigns a "Hold" rating for the company [6] Core Insights - The company achieved a revenue growth of 12.20% year-on-year in H1 2024, with a net profit growth of 5.27% [2] - The company is expected to inject high-quality external hospital assets in the future, which could enhance its operational capacity and market position [6] Financial Performance - In H1 2024, the company reported revenue of 1.82 billion yuan, a 12.20% increase year-on-year, and a net profit of 60 million yuan, up 5.27% [2] - The second quarter of 2024 saw revenue of 957 million yuan, reflecting a 14.41% year-on-year growth, while net profit was 36 million yuan, a 1.02% increase [2] - The company's gross margin for H1 2024 was 29.06%, down 3.71 percentage points from the previous year, and the net margin was 3.42%, down 0.34 percentage points [3] Cost Management - The company's management expense ratio decreased significantly to 14.46%, down 2.94 percentage points year-on-year, attributed mainly to reduced equity incentive costs [3] - The financial expense ratio increased to 3.41%, up 0.18 percentage points year-on-year [3] Healthcare Services - The healthcare services segment generated revenue of 1.45 billion yuan in H1 2024, a 2.98% increase year-on-year [4] - The company plans to expand its bed capacity, with several new hospital projects underway, including a new oncology specialty building and a new hospital district [4] Pharmaceutical Business - The pharmaceutical and medical products segment achieved revenue of 371 million yuan in H1 2024, a remarkable 72.63% increase year-on-year [5] - The company is leveraging its well-known "Duyiwei" brand to develop a line of oral care products, entering the fast-moving consumer goods market [5] Future Projections - Revenue projections for 2024-2026 are estimated at 3.993 billion yuan, 4.400 billion yuan, and 4.835 billion yuan, respectively, with net profits expected to be 128.2 million yuan, 184.1 million yuan, and 237.7 million yuan [6][7]