东海证券：晨会纪要-20240927

Group 1: Company Overview - International Medicine (000516) is a leading general medical service provider in Northwest China, with over 20 years of experience in the healthcare industry, focusing on the construction and operation of private general hospitals [6][7] - The company has two major hospital campuses: Gaoxin Hospital and International Medicine Center Hospital, covering both serious medical and consumer medical services, with a strong presence in Xi'an and the Northwest region [6][7] - From 2019 to 2023, the company's revenue grew from 0.991 billion to 4.618 billion, with a CAGR of 46.93%, indicating a strong growth trajectory [6] Group 2: Financial Performance - In the first half of 2024, the company achieved revenue of 2.420 billion, a year-on-year increase of 9.53%, while the net profit attributable to shareholders was a loss of 0.174 billion, reducing losses by 21.89% [6] - The company's focus on its core medical business is expected to continue driving high revenue growth, with a potential turnaround in profitability on the horizon [6] Group 3: Hospital Operations - Gaoxin Hospital, the first privately operated tertiary hospital in China, has maintained a stable operation with a historical average net profit margin of approximately 14% [6][7] - After expansion in 2019, Gaoxin Hospital increased its bed capacity to 1,500 and has been operating at near full capacity, with revenue in 2023 reaching 1.485 billion, a year-on-year increase of 50.5% [6][7] Group 4: Center Hospital Development - The Center Hospital, built to tertiary standards, has a total of 8,637 beds and is expected to see significant growth in patient volume and revenue, with a potential to reach a revenue scale of 10 billion in the medium to long term [7] - The hospital has a diverse range of specialties and has attracted a significant number of patients from outside the region, with 39% of patients coming from outside Xi'an as of Q1 2024 [7] Group 5: Investment Recommendations - The company is positioned as a comprehensive hospital operation group in Northwest China, with stable operations at Gaoxin Hospital and significant growth potential at the Center Hospital [7] - Revenue projections for 2024-2026 are estimated at 5.141 billion, 6.152 billion, and 7.524 billion respectively, with net profits expected to improve from a loss of 0.230 billion in 2024 to a profit of 0.970 billion in 2026 [7]