Investment Rating - The report maintains an "Outperform" rating for Hygeia Healthcare [3][6]. Core Insights - Hygeia Healthcare achieved stable operations in 2024, with a revenue of 4.45 billion yuan, reflecting a growth of 9.1%. The oncology business revenue reached 1.96 billion yuan, accounting for 44.2% of total revenue, an increase of 0.6 percentage points [4][13]. - The gross profit margin was reported at 29.9%, a decrease of 1.6 percentage points, while the net profit was 600 million yuan, down 12.6% year-on-year [4][13]. - The company is focusing on enhancing brand strength and ramping up capacity, with significant increases in patient visits and surgeries performed [4][14]. Financial Performance Summary - Revenue projections for 2025 and 2026 are estimated at 4.79 billion yuan and 5.15 billion yuan, respectively, with year-on-year growth rates of 7.6% and 7.7% [6][16]. - Adjusted net profit is expected to be 700 million yuan and 750 million yuan for 2025 and 2026, indicating growth of 16.3% and 7.6% [6][16]. - The report highlights the successful integration of acquisition projects, which is expected to enhance long-term competitiveness and bed capacity [5][15]. Valuation - The target price is set at HKD 35.17, corresponding to a price-to-earnings ratio of 28x for 2025 and 26x for 2026 based on adjusted net profit [6][16]. - The company is recognized as a leading private medical service provider with valuable hospital assets and long-term brand value [6][16].
海吉亚医疗（06078）：海吉亚2024年经营稳健，关注品牌力和产能爬坡