New Journey(002219) 中邮证券·2024-10-21 01:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company follows a dual-drive strategy of "medical + pharmaceutical" focusing on building regional medical centers and expanding its traditional Chinese medicine product line [2] - The company operates five regional medical centers with 3 tertiary hospitals and 7 secondary hospitals, with a bed utilization rate of around 90% and an average annual single-bed output of approximately 400,000 RMB [3] - The company plans to expand its bed capacity by adding over 2,000 beds and aims to increase the average annual single-bed output to 500,000-600,000 RMB [3] - The company's controlling shareholder, New Journey Group, plans to inject high-quality medical assets into the company within five years, with the first acquisition of Chongqing New Journey completed in October 2024 [4] - The company's revenue is expected to grow from 4.288 billion RMB in 2024 to 5.851 billion RMB in 2026, with net profit increasing from 135 million RMB to 380 million RMB during the same period [5] Medical Sector - The company has established five regional medical centers in Liaoning, Henan, Jiangsu, Jiangxi, and Sichuan, with a total of 8,000 beds [9] - The company's hospitals have a strong local market share, with some hospitals achieving a market share of 50% in their respective regions [12] - The company's hospitals have adapted well to the DRG/DIP payment system, with all DRG-implementing hospitals achieving medical insurance surpluses in the first half of 2024 [3] - The company plans to expand its bed capacity by adding over 2,000 beds, with some hospitals already opening new beds in 2022 [20] Pharmaceutical Sector - The company's flagship product, "Duyiwei Capsule," is included in the national essential drug list and has been incorporated into the national centralized procurement catalog, which is expected to drive volume growth [26] - The company has completed the first phase of technical transformation for Duyiwei Capsule, increasing its annual raw material processing capacity from 1,200 tons to 1,800 tons [26] - The company aims to achieve a compound annual growth rate of over 20% in revenue for its pharmaceutical sector in the next three years [26] Financial Projections - The company's revenue is projected to grow from 4.288 billion RMB in 2024 to 5.851 billion RMB in 2026, with net profit increasing from 135 million RMB to 380 million RMB during the same period [5] - The company's EPS is expected to increase from 0.04 RMB in 2024 to 0.11 RMB in 2026 [5] - The company's P/S ratio is projected to decrease from 2.05x in 2024 to 1.50x in 2026 [5] Asset Injection - The company's controlling shareholder, New Journey Group, plans to inject high-quality medical assets into the company within five years, with the first acquisition of Chongqing New Journey completed in October 2024 [4] - Chongqing New Journey has over 1,000 beds and generated revenue of 315 million RMB in 2023, with a net profit of 1.21 million RMB [4] - The acquisition of Chongqing New Journey is seen as the starting point for the injection of high-quality assets into the company [4]