Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [51]. Core Viewpoints - The company has successfully transformed from a pure financial leasing business to a comprehensive healthcare service provider, leveraging its strong shareholder background and government support for state-owned enterprises in the healthcare sector [4][5][10]. - The hospital group business has become a significant growth driver, with revenue contribution rising to 55% as of H1 2023, reflecting a compound annual growth rate (CAGR) of 44.77% from 2019 to 2022 [10][29]. - The financial leasing business is expected to benefit from a more favorable interest rate environment, while the expansion of hospital facilities will further enhance revenue growth [51][52]. Company Overview and Business Summary - The company, established in 1984, initially focused on financial leasing and has since transitioned to a health service provider, with the first major transformation occurring in 2017 [4][5]. - The company is primarily owned by the China General Technology Group, which holds a 38.90% stake, and has consistently ranked first in net profit among its peers for four consecutive years [8][10]. - As of H1 2023, the company operates 64 medical institutions with over 16,000 beds and has several ongoing projects that will add more than 4,000 beds [29][30]. Financial and Consulting Business - The financial and consulting business remains a cornerstone, with a stable asset growth rate of 11.01% CAGR from 2019 to H1 2023, and a non-performing asset ratio consistently below 1% [14][21]. - The average cost of liabilities increased to 4.33% in H1 2023 due to global interest rate trends, but is expected to decline in 2024 as domestic rates decrease [21][24]. Hospital Group Business - The hospital group business is the main contributor to revenue, with comprehensive medical services accounting for a significant portion of income, and the company has seen a substantial increase in patient services from 4.06 million in 2019 to 12.15 million in 2022 [25][32]. - The company has initiated several expansion projects, with eight expected to open in 2023 or 2024, enhancing its operational capacity [30][35]. Profit Forecast - The company forecasts revenues of 132.75 billion, 154.22 billion, and 174.88 billion yuan for 2023, 2024, and 2025, respectively, with corresponding net profits of 19.52 billion, 22.50 billion, and 25.32 billion yuan [51][52].
环球医疗：金租为本、医疗致胜的央企产业集团