INKON Life(300143) 华泰证券·2025-04-07 02:15Investment Rating - The investment rating for the company is "Buy" with a target price of 11.97 RMB [6][7]. Core Views - The company achieved a revenue of 1.559 billion RMB in 2024, representing a year-on-year growth of 6.01%, and a net profit of 115 million RMB, up 14.92% year-on-year, slightly below the consensus forecast of 120 million RMB [1][5]. - The hospital business is expanding steadily, driven by the strengths of Sichuan Friendship Hospital in oncology and the acquisition of a 51% stake in Changsha Kexin Tumor Hospital for 357 million RMB, which will enhance the company's oncology business layout [1][2]. - The medical device segment is focusing on high-end and international strategies, with a revenue of 367 million RMB in 2024, reflecting a 14% year-on-year increase [4]. Summary by Sections Hospital Business - The hospital business generated 1.19 billion RMB in 2024, growing by 3.76% year-on-year, primarily due to stable revenue growth from Sichuan Friendship Hospital's oncology services [2]. - Sichuan Friendship Hospital achieved a revenue of 579 million RMB in 2024, up 10% year-on-year, with expectations for continued growth in 2025 [2]. - The acquisition of Changsha Kexin Tumor Hospital is expected to boost revenue, with the hospital generating 273 million RMB in revenue and a net profit of 33.43 million RMB in the first nine months of 2024 [2]. Medical Devices - The medical device segment's revenue reached 367 million RMB in 2024, driven by high-end product upgrades and breakthroughs in overseas markets [4]. - The company anticipates stable growth in this segment for 2025, supported by the recovery of Gamma Knife orders and the performance of Saint Nuo and Shenzhen Unimedic [4]. Profit Forecast and Valuation - The company forecasts earnings per share (EPS) of 0.19 RMB, 0.23 RMB, and 0.26 RMB for 2025, 2026, and 2027 respectively, with a target price set at 11.97 RMB based on a 63x price-to-earnings (PE) ratio for 2025 [5][6]. - The projected revenue for 2025 is 1.933 billion RMB, reflecting a year-on-year growth of 23.95% [5].