Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Viewpoints - The company, a state-owned enterprise, has successfully transitioned from a financing leasing business to a comprehensive medical service group, focusing on the integration of finance and healthcare [4][7]. - The medical health segment has shown growth, with a revenue of 3.888 billion yuan in the first half of 2024, representing a year-on-year increase of 3.6% [5]. - The financing leasing business remains a cornerstone, with a revenue of 2.667 billion yuan in the first half of 2024, although it experienced a decline of 10.7% year-on-year [6]. Summary by Sections Company Overview - The company operates 72 medical institutions, including 5 tertiary hospitals and 32 secondary hospitals, as of June 30, 2024 [13]. - The company aims to become a leader in the healthcare sector by leveraging its financing leasing roots and expanding into comprehensive medical services [13][21]. Medical Services Segment - The medical services segment has seen a significant increase in operational efficiency, with bed occupancy rates and single-bed revenue improving steadily [5][39]. - The company has expanded its specialty medical services, particularly in oncology, nephrology, and ophthalmology, enhancing its competitive edge [48]. Financing Leasing Segment - The financing leasing business has maintained a low non-performing asset rate of 0.99% and has shown resilience despite a challenging macroeconomic environment [6][18]. - The company has a diversified financing structure, with a significant portion of its debt coming from bank loans and bond issuances, allowing for competitive interest costs [59]. Financial Projections - The company is projected to achieve revenues of 13.670 billion yuan, 14.493 billion yuan, and 15.183 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 0%, 6%, and 5% [7][66]. - The net profit attributable to shareholders is expected to be 2.106 billion yuan, 2.254 billion yuan, and 2.398 billion yuan for the same years, reflecting growth rates of 4%, 7%, and 6% [7][66].
环球医疗（02666）：产融结合，央企医疗集团扬帆启航