IMIC(000516) Huaan Securities·2024-10-28 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, continuously enhancing its operational strength [1] - The company reported total revenue of 3.606 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.85%, while the net profit attributable to the parent company was -0.212 billion yuan, an increase of 4.59% [1] - In Q3 alone, the company achieved total revenue of 1.186 billion yuan, up 4.58% year-on-year, and the net profit attributable to the parent company was -0.385 billion yuan, a reduction in loss by 44% compared to Q2 2024 [1] - The company has entered into a strategic cooperation with CHA Medical Group from South Korea to enhance cross-border medical services [1] Financial Performance Summary - The company is expected to achieve total revenues of 5.454 billion yuan, 6.385 billion yuan, and 7.210 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 18.1%, 17.1%, and 12.9% [2][5] - The net profit attributable to the parent company is projected to be -0.235 billion yuan, -0.054 billion yuan, and 0.019 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 36.2%, 77.0%, and 135.7% [2][5] - The gross profit margin is expected to improve from 10.4% in 2024 to 13.1% in 2026 [2][5] - The company’s operating cash flow is projected to be 1.087 billion yuan in 2024, with a gradual increase in subsequent years [3] Key Financial Ratios - The company’s return on equity (ROE) is expected to improve from -6.4% in 2024 to 0.5% in 2026 [2][5] - The price-to-earnings (P/E) ratio is projected to be 636.05 in 2026, indicating a significant increase in valuation [2][5] - The debt-to-asset ratio is expected to be 68.2% in 2024, slightly increasing to 68.6% in 2026 [5]