New Journey(SZ:002219) Guotou Securities·2025-09-02 10:02Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 2.61 yuan [4][5]. Core Views - The company is currently facing pressure on its mid-year performance due to the impact of medical insurance policies and drug procurement [1]. - The company is actively exploring new business opportunities and models, particularly in commercial insurance and high-end services, to enhance revenue [2][3]. - The company aims to expand its asset base by increasing the number of hospital beds and enhancing its service capabilities [3]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 1.59 billion yuan, a year-on-year decrease of 20.6%. The net profit attributable to shareholders was 7.43 million yuan, down 88.3% year-on-year [1]. - The pharmaceutical segment generated revenue of 210 million yuan, a decline of 44.6%, while the medical segment reported revenue of 1.38 billion yuan, down 15.1% [1]. Business Strategy - The company is focusing on commercial insurance growth by collaborating with various insurance companies to develop and implement related products [2]. - It plans to enhance hospital revenue through service upgrades, optimizing disease structures, and providing differentiated medical services [2]. - The company currently operates 4 tertiary hospitals and 13 secondary hospitals, with ongoing expansions to increase bed capacity [3]. Future Projections - Revenue growth rates are projected to be -4.8% in 2025, followed by 11.3% in 2026 and 10.1% in 2027. Net profit growth rates are expected to be -9.3%, 18.3%, and 15.0% for the same years [4]. - The report anticipates a potential recovery in operations and the possibility of quality asset injections from the controlling shareholder [4].