New Journey(SZ:002219) Yong Xing Zheng Quan·2025-06-24 05:15Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Views - The company has completed its restructuring and is now empowered by its parent company, marking the beginning of a new chapter. It has transformed into a dual-driven healthcare industry group focusing on medical services and pharmaceutical manufacturing [1][19] - The company is actively developing a regional medical institution and is strategically positioning itself in the "silver economy" sector, with plans to enhance its healthcare services for the aging population [2][58] - The company has shown significant improvement in operational metrics, with a projected revenue of 3.799 billion yuan and a net profit of 115 million yuan for 2024, reflecting a year-on-year growth of 296.13% [1][5] Summary by Sections Company Overview - The company, formerly known as Gansu Duyiwei Biopharmaceutical Co., Ltd., was listed in 2008 and underwent a name change in 2014. After filing for bankruptcy in 2020, it successfully restructured in 2022 with the help of strategic investors [1][19] - The company has developed a "1+N" innovative service model, combining general hospitals with specialized branches, and is focusing on establishing a new type of elderly care model [1][16] Medical Services - As of May 2025, the company operates 4 tertiary hospitals and 13 secondary specialized hospitals, with a focus on creating regional medical centers [2][34] - The company is enhancing its service model by integrating elderly hospitals with care centers, targeting diseases prevalent among the elderly [34][61] Pharmaceutical Manufacturing - The pharmaceutical segment, led by the "Duyiwei" brand, has expanded its product matrix to include 82 varieties, with a revenue increase from 419 million yuan in 2019 to 753 million yuan in 2024 [2][63] - The company has made strategic acquisitions to broaden its business scope, forming a complete pharmaceutical industry chain [2][63] Financial Forecast and Valuation - The company is expected to achieve net profits of 167 million yuan, 202 million yuan, and 235 million yuan from 2025 to 2027, with corresponding PE ratios of 45.82, 37.83, and 32.63 [3][5] - Revenue projections for 2024 to 2027 indicate a stable growth trajectory, with expected annual growth rates of 7.8% to 10% [5][68]