医疗服务行业2024年中报总结：受消费环境和高基数影响，板块阶段性承压

Industry Rating - Buy rating for the healthcare services industry [1] Core Views - The healthcare services sector is under pressure due to a high base effect from the previous year and a weak consumer environment [3] - Discharge numbers in Chongqing and Tianjin showed weak growth in H1 2024, with Tianjin's monthly growth rates declining from 16.2% in April to 1.6% in June [3] - Private hospitals face external environmental fluctuations, but long-term penetration rate growth is promising [3] - ICL (Independent Clinical Laboratories) performance is under pressure, while research services are steadily recovering [3] Sector Performance Public Hospitals - Discharge numbers in Tianjin and Chongqing showed weak growth in H1 2024, with Tianjin's discharge numbers increasing by 13.1% YoY and Chongqing's by 5.7% [3] - Ophthalmic and dental specialty hospitals in Tianjin saw limited growth, with ophthalmic hospital visits increasing by only 2.9% YoY [3] Private Hospitals - Ophthalmic hospitals: 8 listed companies reported a combined revenue increase of 1.8% YoY in H1 2024, but net profit declined by 10.2% [3] - Dental hospitals: Tongji Medical's implant and orthodontic businesses grew by 11.3% and declined by 4.7% respectively in H1 2024 [3] - Comprehensive hospitals: 5 listed companies reported an 8.2% YoY revenue increase in H1 2024, with net losses narrowing by nearly 100 million CNY [3] - Other specialty hospitals: Performance varied, with Haijia Medical reporting a 35.4% YoY revenue increase and Gushengtang achieving a 38.4% YoY revenue growth [3] Other Service Sectors - ICL sector: Revenue declined by 9.9% and 9.1% YoY for Kingmed and Dian Diagnostics respectively in H1 2024 [3] - Research services: Novo Genomics saw a recovery, with Q1 and Q2 2024 revenue increasing by 6.32% and 7.94% YoY respectively [3] Investment Recommendations - Focus on leading chain institutions with strong brand influence and operational efficiency [4] - Long-term growth targets include Aier Eye Hospital, Tongji Medical, Haijia Medical, and Gushengtang [4] - Companies to monitor include Kingmed, Purui Eye Hospital, Huaxia Eye Hospital, International Medical, Jinxin Fertility, Novo Genomics, Dian Diagnostics, and Real Group [4] Key Data and Trends - Tianjin's ophthalmic hospital visits increased by 2.9% YoY in H1 2024, while dental hospital visits grew by 14.9% [3] - Aier Eye Hospital's revenue increased by 2.86% YoY in H1 2024, with net profit up 19.71% [52] - Huaxia Eye Hospital's revenue grew by 2.85% YoY in H1 2024, but net profit declined by 25.15% [53] - Purui Eye Hospital's revenue increased by 3.08% YoY in H1 2024, but net profit dropped by 81.56% [54]