IMIC(000516) 东吴证券·2025-04-24 02:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's core business is operating steadily, focusing on refined management practices [1] - In 2024, the company achieved total revenue of 4.815 billion yuan, a year-on-year increase of 4.28%, while the net profit attributable to shareholders was a loss of 254.13 million yuan, narrowing by 31.01% [7] - The company is in a growth phase, with expectations for revenue to reach 4.823 billion yuan in 2025 and 5.533 billion yuan in 2026 [1][7] Financial Performance Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 4.815 billion yuan, 4.823 billion yuan, 5.533 billion yuan, and 6.147 billion yuan respectively [1] - The net profit attributable to shareholders is projected to improve from a loss of 254.13 million yuan in 2024 to a profit of 49.41 million yuan in 2027 [1] - The earnings per share (EPS) is expected to improve from -0.11 yuan in 2024 to 0.02 yuan in 2027 [1] Business Operations Summary - The company reported a total of 2.5727 million outpatient and emergency service visits in 2024, a year-on-year increase of 7.70%, and 205,700 inpatient service visits, an increase of 10.73% [7] - The Xi'an High-tech Hospital achieved revenue of 1.525 billion yuan in 2024, with a net profit of 85 million yuan, reflecting a net profit margin of 5.6% [7] - The company is focusing on developing specialized services such as integrated Chinese and Western medicine, high-end health management, and smart traditional Chinese medicine [7] Valuation and Future Outlook - The company's revenue forecasts for 2025 and 2026 have been adjusted down to 4.823 billion yuan and 5.533 billion yuan respectively, with a projected market value corresponding to price-to-sales (PS) ratios of 2.4 and 2.1 times [7] - The company is expected to gradually improve its valuation as its core hospital bed capacity increases [7]