Aier(SZ:300015)2024-06-04 01:01Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company announced the acquisition of a 52 medical institutions' equity stake for a total of 1.344 billion yuan, funded by its own resources [2] - The acquired institutions generated a total revenue of 954 million yuan in 2023, representing a 27% year-on-year growth, and a net profit of 16.31 million yuan, recovering from a loss of 64.27 million yuan in the previous year [2] - The report highlights that 23 of the acquired hospitals are profitable, while 29 are currently operating at a loss, indicating significant room for improvement in profitability [2] - The company aims to leverage its integration experience to enhance resource allocation efficiency and improve profitability across its network of medical institutions [2] - Following the acquisition, the total number of domestic medical institutions under the company will increase to 491, further solidifying its tiered diagnosis and treatment network across the country [2] Financial Summary - The company is projected to achieve revenues of 23.917 billion yuan, 28.763 billion yuan, and 34.243 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 17.4%, 20.3%, and 19.1% respectively [3] - Expected net profits for the same period are 4.037 billion yuan, 4.879 billion yuan, and 5.811 billion yuan, with growth rates of 20.2%, 20.8%, and 19.1% respectively [3] - The report indicates a projected price-to-earnings ratio of 28x, 23x, and 19x for the years 2024 to 2026 [2][3] Market Data - As of June 3, 2024, the closing price of the company's stock is 12.03 yuan, with a one-year high of 27.4 yuan and a low of 11.8 yuan [4] - The company's market capitalization is approximately 95.097 billion yuan [4] Basic Data - As of March 31, 2024, the company's net asset per share is 2.11 yuan, and the asset-liability ratio is 32.28% [5]