Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][10]. Core Viewpoints - The company reported a slight revenue decline of approximately 1.2% year-on-year for the first three quarters of 2024, while the net profit attributable to the parent company increased by about 5.1% year-on-year. The healthcare business is showing steady development [2][3]. - The forecast for net profit attributable to the parent company for 2024-2026 is projected to be 2.108 billion, 2.281 billion, and 2.481 billion respectively, with year-on-year growth rates of 4.3%, 8.2%, and 8.8%. The current stock price corresponds to a PE ratio of 4.1, 3.8, and 3.5 times for the respective years [2][10]. - The company has significant potential for value reconstruction in its healthcare business, and its valuation is considered cost-effective, justifying the "Outperform the Market" rating [2][10]. Revenue and Profitability - For the first half of 2024, the company achieved a revenue of 6.543 billion (a decrease of 2.9%), with healthcare business revenue of 3.888 billion, representing a year-on-year increase of 3.6%, accounting for 59.4% of total revenue. The net profit for the first half was 1.252 billion, up 4.8%, with the healthcare business contributing 271 million, a growth of 16.3% [3][4]. - The overall operational status of the healthcare institutions is good, with outpatient and emergency visits increasing by approximately 4.9% and total discharges rising by about 6.7%. The average length of hospital stay has decreased to 9.8 days, and bed occupancy rates remain high at around 90% [7]. Financial Performance - The financial business generated a total income of 2.667 billion in the first half of 2024, a year-on-year decline of 10.7%. The average yield on interest-earning assets was 6.70%, with an average cost of interest-bearing liabilities at 3.84%, resulting in a net interest margin of 3.42% [4][6]. - The gross profit margin for the first half of 2024 was 34.6%, reflecting a 0.5 percentage point increase, attributed to a stable proportion of comprehensive medical income and an increase in the proportion of higher-margin equipment management business [7][9]. Valuation Metrics - The company’s valuation metrics indicate a PE ratio of 4.1 for 2024, 3.8 for 2025, and 3.5 for 2026, suggesting a favorable valuation compared to peers [10]. - The company has completed acquisitions of Shandong University of Traditional Chinese Medicine Affiliated Eye Hospital and Shandong Qingniao Ruantong, enhancing its operational capabilities [7].
环球医疗：前三季度归母净利同比增长5.1%，医疗健康业务稳健发展