业务规模持续扩大，盈利能力逐步改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance above the benchmark in the next six months [26][28][40]. Core Insights - In 2023, the company achieved a revenue of 4.618 billion yuan, representing a year-on-year growth of 70.34%. The net profit attributable to shareholders was -368 million yuan, with a reduction in loss margin compared to the previous year [5][16]. - The company successfully completed the equity transfer of the Shanzhou International Medical Center Hospital, which helped reduce its debt levels and optimize its asset structure [5][16]. - The company is in a growth phase, with expectations of improved profitability as core hospital bed occupancy increases [28][40]. Financial Performance - In Q4 2023, the company recorded a revenue of 1.274 billion yuan, marking a historical high for quarterly revenue, with a net profit of -146 million yuan [5][16]. - For Q1 2024, the company reported a revenue of 1.173 billion yuan, a 10.75% increase, while the net profit attributable to shareholders was -105 million yuan, showing a 40.37% decrease in loss compared to Q4 2023 [5][16]. - The company’s operating cash flow for 2023 was 1.087 billion yuan, with a projected increase to 2.586 billion yuan in 2024 [12]. Business Expansion and Development - The company’s service volume for outpatient and emergency services reached 2.3887 million visits in 2023, a 54.4% increase, while inpatient services totaled 185,900 visits, up 70.8% [27][51]. - The Xi'an High-tech Hospital and Xi'an International Medical Center Hospital have expanded their service offerings and improved patient care experiences through the introduction of new specialties and the recruitment of skilled professionals [17][27]. Talent Acquisition and Quality Improvement - In 2023, the company introduced 1,219 talented professionals across various departments, significantly enhancing its operational capabilities [10][17]. - The Xi'an High-tech Hospital initiated a three-level review process, further improving its internal quality standards and service offerings [17][38]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024 has been adjusted down to 810 million yuan, with expectations of 3.05 billion yuan in 2025 and 5.60 billion yuan in 2026 [28][40]. - Revenue projections for 2024 and 2025 have been revised to 5.844 billion yuan and 7.230 billion yuan, respectively, with a projected price-to-earnings ratio of 173 for 2024 and 46 for 2025 [28][40].