IMIC(SZ:000516) Xiangcai Securities·2024-05-23 05:01Investment Rating - The report assigns an "Accumulate" rating for the company [9] Core Insights - The company achieved a significant revenue growth of 70.34% year-on-year in 2023, with a total revenue of 4.618 billion [5][7] - The net profit attributable to shareholders was -368 million, reflecting a year-on-year increase of 68.70% [7] - The company is approaching a profitability inflection point as bed occupancy increases [5] Financial Performance Summary - In 2023, the company reported a gross margin of 9.55%, an increase of 16.11 percentage points year-on-year, and a net margin of -10.22%, improving by 33.87 percentage points [6] - Operating cash flow reached 1.087 billion, a 135.96% increase from the previous year [6] - The company’s sales expense ratio decreased to 0.90%, down by 0.11 percentage points, while the management expense ratio fell to 13.60%, down by 9.45 percentage points [6] Operational Highlights - The company’s emergency and outpatient service volume reached 2.3887 million visits, a 54.4% increase year-on-year, while inpatient service volume grew by 70.77% to 185,800 [8] - The Xi'an High-tech Hospital generated revenue of 1.485 billion, up 50.53%, with a net profit of 69.69 million, a 217.23% increase [8] - The Xi'an International Medical Center Hospital reported a revenue of 3.043 billion, an 87.94% increase, with an emergency service volume growth of 108.07% [8] Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 6.096 billion, 7.680 billion, and 9.443 billion respectively, with corresponding net profits of 770 million, 4.450 billion, and 6.826 billion [11] - The company is expanding into high-value medical markets, including assisted reproduction and proton therapy, which are expected to enhance its competitive position [11]