Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 16.44 [2][7]. Core Views - The company's performance is under short-term pressure but is expected to recover steadily in the long term [2]. - Revenue for the first half of 2025 was HKD 1.99 billion, a decrease of 16.47%, while net profit attributable to the parent company was HKD 247 million, down 35.76% [2]. - The adjusted net profit was HKD 263 million, reflecting a decline of 34.5%, with an adjusted net profit margin of 13.2%, down 3.6 percentage points [2]. Financial Performance Summary - Revenue and Profit Forecasts: - Total revenue is projected to grow from HKD 4.45 billion in 2024 to HKD 5.41 billion in 2027, with growth rates of 9.0%, 3.4%, 8.5%, and 8.3% respectively [4]. - Net profit attributable to the parent company is expected to decline from HKD 598 million in 2024 to HKD 515 million in 2025, before recovering to HKD 718 million by 2027 [4]. - Earnings Per Share (EPS): - EPS is forecasted to decrease from HKD 0.96 in 2024 to HKD 0.83 in 2025, then increase to HKD 1.16 by 2027 [4]. - Valuation Ratios: - The price-to-earnings (P/E) ratio is projected to be 15.5 in 2025, 12.7 in 2026, and 11.1 in 2027 [4]. Operational Insights - Revenue Structure Optimization: - The company's hospital business generated revenue of HKD 1.94 billion in the first half of 2025, down 15.83%, with outpatient and inpatient revenues declining by 11.12% and 18.39% respectively [7]. - The company is actively optimizing its revenue structure and enhancing diagnostic and treatment technologies, with a 2.3 percentage point increase in the proportion of technical service revenue compared to the same period last year [7]. - Cost Management and Profitability: - The gross margin for the first half of 2025 was 26.57%, down 5.19 percentage points, primarily due to revenue pressure and rigid costs [7]. - The adjusted net profit margin was 13.2%, reflecting a decrease of 3.6 percentage points, as the company enters a new phase of refined management aimed at improving efficiency [7]. - Cash Flow and Operational Efficiency: - Operating cash flow increased significantly to HKD 456 million, up 29.91%, with a substantial improvement in net cash ratio [7]. - The company has shown effective management of working capital, with trade receivables decreasing by 10.7% compared to the beginning of the year [7].
海吉亚医疗（06078）：业绩短期承压，看好长期稳步修复