IMIC(000516) China Post Securities·2024-10-28 02:30Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - The company reported a revenue of 3.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.85%. The net profit attributable to shareholders was -212 million yuan, an increase of 4.59% compared to the previous year [3][5] - The company has been optimizing its specialized layout and enhancing international cooperation, including a strategic partnership with Korea's CHA Medical Group to establish China's first referral center [4][5] - The company's gross profit margin for the first three quarters of 2024 was 9.19%, showing a slight increase, while the management and financial expense ratios have significantly decreased, indicating improved operational efficiency [3][4] Financial Performance Summary - For 2024, the company expects revenues of 5.054 billion yuan, 5.666 billion yuan, and 6.329 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at -255 million yuan, 20,000 yuan, and 185 million yuan for the same years [5][6] - The company’s EBITDA is forecasted to grow from 580.35 million yuan in 2024 to 1.13662 billion yuan in 2026, indicating a positive trend in operational profitability [6][8] - The report highlights a projected increase in the company's net profit margin from -5.0% in 2024 to 2.9% in 2026, reflecting a turnaround in profitability [6][8]