Sanbo Hospital Management (SZ:301293) Huachuang Securities·2024-05-16 09:02Investment Rating - The report maintains a "Recommendation" rating for the company [21][22]. Core Views - The company's core hospitals are operating steadily, and the integration of production, education, and research is facilitating clinical transformation [1]. - The company has a total of 7 operational hospitals, with 5 being specialized in neurology and 2 being general hospitals. The flagship hospital, Beijing Sanbo, reported revenue of 5.05 billion yuan, a 29.4% increase, with a net profit margin of 11.6% [22]. - The company is actively exploring deeper cooperation with universities and participating in regional biopharmaceutical industry layouts, which is expected to enhance its influence and brand recognition in the industry [22]. Financial Summary - Total revenue for 2023 is projected at 1.313 billion yuan, with a year-on-year growth of 22.9%. For 2024, revenue is expected to reach 1.465 billion yuan, reflecting an 11.6% growth [3][21]. - The net profit attributable to the parent company for 2023 is estimated at 78 million yuan, with a year-on-year increase of 24.0%. For 2024, the net profit is projected to be 92 million yuan, a growth of 17.6% [3][21]. - Earnings per share (EPS) for 2023 is expected to be 0.49 yuan, increasing to 0.58 yuan in 2024 [3][21]. - The company’s total market value is approximately 9.005 billion yuan, with a circulating market value of about 7.036 billion yuan [4]. Future Projections - The company anticipates revenue growth for 2024-2026 to be 1.465 billion yuan, 1.637 billion yuan, and 1.846 billion yuan, respectively, with year-on-year growth rates of 11.6%, 11.8%, and 12.7% [21][22]. - The net profit attributable to the parent company is expected to be 0.92 billion yuan in 2024, 1.03 billion yuan in 2025, and 1.16 billion yuan in 2026, with growth rates of 17.6%, 12.5%, and 12.0% respectively [21][22].