Investment Rating - The report maintains a "Buy" rating for the company [3][15]. Core Views - The company's comprehensive medical business has improved profitability, and the equipment lifecycle management has achieved a significant upgrade. The financial business remains stable, while the healthcare segment is accelerating [5][15]. - The company reported a revenue of 13.65 billion, a year-on-year increase of 13.1%, with the healthcare business contributing 7.83 billion, up 22.9%, accounting for 57.4% of total revenue [5][15]. - The net profit attributable to the parent company reached 2.02 billion, a 7.0% increase year-on-year, with the healthcare segment contributing 365 million, a growth of 45.8% [5][15]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a total revenue of 13.65 billion, with a year-on-year growth of 13.1%. The healthcare business revenue was 7.83 billion, growing by 22.9% and representing 57.4% of total revenue. The annual profit was 2.20 billion, up 5.4% year-on-year, with the healthcare segment contributing 454 million, a growth of 20.6% [5][15]. - The financial business generated revenue of 5.88 billion, a 2.8% increase year-on-year, with an average yield on interest-earning assets of 6.90% and a net interest margin of 3.16% [5][15]. Business Segments - The hospital business's profitability has been enhanced, with a reported revenue of 7.47 billion from newly consolidated medical institutions, reflecting a 20.7% increase. The net profit for the year was 336 million, up 16.4% [9][10]. - The company has successfully acquired companies like Kaise Xunda and Shandong Tuozhuang, managing equipment assets close to 20 billion RMB, and has established partnerships with over 10 well-known domestic and international equipment manufacturers [10][15]. Future Outlook - The report adjusts the profit forecast for 2024-2025 downwards due to financing costs and macroeconomic impacts, while introducing a new forecast for 2026. Expected net profits for 2024-2026 are projected at 2.11 billion, 2.28 billion, and 2.48 billion, representing year-on-year growth of 4.3%, 8.2%, and 8.8% respectively [15][17]. - The current stock price corresponds to a PE ratio of 4.2, 3.9, and 3.6 for the years 2024-2026, indicating a favorable valuation for the healthcare business [15][17].
综合医疗业务盈利能力改善，设备全周期管理实现能级跨越