国际医学：医院提质扩收，减亏持续，2025年扭亏在望

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][10]. Core Insights - The company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for the first three quarters of 2024 at 1.04 billion, 217 million, and 168 million RMB respectively, showing year-on-year growth of 22.38%, 12.03%, and 14.92% [2]. - The company has significantly reduced its net loss attributable to shareholders by 37.2% year-on-year in the first three quarters of 2024, driven by increased patient volume in high-tech and central hospitals [3]. - The company is expected to achieve profitability by 2025 due to scale effects and the expansion of its hospital network, which includes the Xi'an International Medical Center Hospital and the Xi'an High-tech Hospital [3]. Summary by Sections Performance Review - For Q3 2024, the company achieved revenue of 370 million RMB, a year-on-year increase of 25.81%, with net profit attributable to shareholders and net profit excluding non-recurring items growing by 13.40% and 16.72% respectively [2]. - The first three quarters of 2024 saw a revenue growth of 7.85%, attributed to increased outpatient and inpatient numbers [3]. Operational Analysis - The company has established a comprehensive medical service platform and is a member of the Mayo Clinic International, enhancing its service quality [3]. - The strategic framework of "one group + three major hospital areas" and the business model of "comprehensive medical care + specialty" are expected to drive future growth [3]. Profit Forecast and Valuation - The revenue forecast for 2024 and 2025 has been adjusted downwards to 4.9 billion and 5.6 billion RMB, respectively, with a projected revenue of 6.7 billion RMB for 2026 [4]. - The net profit forecast for 2024 has been revised to a loss of 284 million RMB, with a significant reduction in the expected net profit for 2025 [4].