Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 4.27 HKD [1][6]. Core Insights - The company reported a revenue of 6.543 billion HKD for the first half of 2024, a decrease of 2.9% year-on-year, while the net profit attributable to shareholders was 1.137 billion HKD, an increase of 3.7% year-on-year [1][3]. - The return on equity (ROE) for the period was 13.94%, down by 1.35 percentage points compared to the previous year [1][3]. - The company has optimized its revenue structure, leading to significant cost reduction and efficiency improvements [1][3]. Summary by Sections Financial Performance - The company achieved a revenue of 6.543 billion HKD in H1 2024, with a year-on-year decline of 2.9% and a net profit of 1.137 billion HKD, reflecting a year-on-year increase of 3.7% [1][3]. - The comprehensive medical business generated revenue of 3.645 billion HKD, down 2.0% year-on-year, while net profit rose by 9.9% to 243 million HKD [1][3]. - The financial services segment reported revenue of 2.346 billion HKD, a decrease of 3.5% year-on-year, but gross profit increased by 6.1% to 1.214 billion HKD [1][3]. Business Segments - The comprehensive medical business saw an increase in effective medical revenue proportion by 3.0 percentage points year-on-year, with bed occupancy rates improving to 88.9% [1][3]. - The specialized and health technology sectors made significant progress, with oncology services revenue increasing by 12.0% to 87 million HKD and renal services by 9.5% to 149 million HKD [1][3]. - Health technology revenue surged by 423.4% to 264 million HKD, driven by equipment management and strategic partnerships [1][3]. Future Projections - The company forecasts revenue growth of 7.39%, 8.04%, and 9.17% for 2024, 2025, and 2026, respectively, with net profit growth of 4.44%, 4.91%, and 8.19% for the same years [4][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected at 1.12, 1.17, and 1.27 HKD, respectively, with corresponding price-to-earnings (PE) ratios of 3.48, 3.32, and 3.07 [4][5].
环球医疗2024年半年报点评：业务结构进一步优化，发展态势稳中向好