Investment Rating - The report maintains a "Buy" recommendation for Jinxin Fertility (1951.HK) with a current stock price of HKD 2.43 [2][4][7]. Core Views - The company achieved a revenue of CNY 2.789 billion in 2023, representing an 18.0% year-on-year growth, and a net profit of CNY 347 million, which is a significant increase of 194.2% [4][10]. - The number of IVF cycles performed increased to 30,368 in 2023, a growth of 16.2% year-on-year, indicating stable growth across various regions [4][7]. - The company is expected to benefit from the inclusion of 16 assisted reproductive technology projects into the basic medical insurance coverage in Beijing, enhancing service accessibility and driving industry growth [4][7]. Summary by Sections Financial Performance - Revenue for 2023 was CNY 2.789 billion, with a gross profit margin of 42.1% and a net profit margin of 12.4% [10][11]. - The adjusted net profit for 2023 was CNY 472 million, reflecting a 72.0% increase [4][10]. - Forecasts for 2024-2026 project revenues of CNY 3.397 billion, CNY 4.207 billion, and CNY 5.262 billion respectively, with net profits expected to reach CNY 423 million, CNY 526 million, and CNY 659 million [5][12]. Operational Insights - The company operates in multiple regions including Sichuan, Shenzhen, Wuhan, California, and Laos, positioning itself as a leading player in the assisted reproductive services industry [7][11]. - The profitability of mature institutions contributed CNY 590 million in 2023, a 28.2% increase year-on-year, while overseas institutions turned a profit of CNY 27 million after previously incurring losses [4][7]. Market Trends - The assisted reproductive industry is experiencing rapid growth, with increasing demand and supportive government policies enhancing service accessibility [7][11]. - The report highlights the potential for further growth as more regions are expected to follow suit in including assisted reproductive services in their medical insurance plans [4][7].
周期数稳步增长，公司盈利能力不断提升