Tianfeng Securities·2025-05-15 07:14Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The medical services sector is under pressure in 2024 due to high base effects, but macroeconomic improvements are expected to drive a sustained recovery [2][5] - In Q1 2025, the demand for medical services has stabilized, leading to continuous profit improvement [3][5] - The gross profit margin has slightly declined, with 2024's margin at 37.02%, down 1.24 percentage points, and Q1 2025's margin at 36.14% [4][9] Summary by Sections 2024 Performance - The overall revenue for the medical services sector in 2024 is projected at 73.908 billion yuan, a year-on-year increase of 1.29% - The net profit attributable to shareholders is expected to be 4.857 billion yuan, a decrease of 16.37% - The net profit excluding non-recurring items is forecasted at 4.229 billion yuan, down 22.95% [2][9] Q1 2025 Performance - The total revenue for the medical services sector in Q1 2025 is 18.005 billion yuan, reflecting a year-on-year growth of 2.48% - The net profit attributable to shareholders is 1.325 billion yuan, showing a year-on-year increase of 16.24% - The net profit excluding non-recurring items is 1.266 billion yuan, up 18.21% [3][9] Profitability Metrics - The gross profit margin for 2024 is 37.02%, with a slight decline to 36.14% in Q1 2025 - The operating cash flow for Q1 2025 is 2.332 billion yuan, with a cash flow to net profit ratio of 158.22% [4][7]