环球医疗2023年年报点评：医疗拉动业绩，融资结构改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][6]. Core Insights - The company reported a revenue of 13.65 billion and a net profit of 2.02 billion for 2023, reflecting year-on-year growth of 13.1% and 7.0% respectively. The return on equity (ROE) was 13.63%, an increase of 0.32 percentage points year-on-year [2][4]. - The company plans to distribute a cash dividend of 0.35 HKD per share, resulting in a dividend payout ratio of 30% [2]. - The healthcare segment showed significant growth, with total healthcare revenue reaching 7.83 billion, a year-on-year increase of 22.9%. The comprehensive healthcare revenue was 7.63 billion, growing by 20.5% [2][4]. - The company has improved its financing structure, with financial business revenue and net profit at 5.88 billion and 1.75 billion respectively, both showing slight increases of 2.8% and 2.1% year-on-year [2][4]. Summary by Relevant Sections Financial Performance - For 2023, the company achieved a total revenue of 13.65 billion, with projected revenues for 2024, 2025, and 2026 at 15.47 billion, 17.63 billion, and 19.95 billion respectively, indicating a steady growth rate [4]. - The net profit for 2023 was 2.02 billion, with forecasts of 2.27 billion, 2.56 billion, and 2.85 billion for the following years, reflecting a consistent upward trend [4]. - The diluted earnings per share (EPS) for 2023 was 1.07, with projections of 1.20, 1.35, and 1.51 for the next three years [4]. Business Segments - The company’s specialized medical and health services experienced rapid growth, with revenues and net profits of 244 million and 32 million respectively, marking increases of 190.7% and 271.8% year-on-year [2][4]. - The company has been actively pursuing mergers and acquisitions to enhance its service offerings and expand its market presence, including the acquisition of a leading smart health elderly care company [2][4]. Market Outlook - The report anticipates strong growth in the company's comprehensive medical business profitability and the scaling up of specialized medical and health services, leading to a strong certainty in performance growth [2][4].