智通财经APP获悉，太平洋证券发布研报称，维持环球医疗(02666)"买入"评级，预计2025-2027年公司 营业收入为147.23、153.43、162.54亿元，归母净利润为21.18、22.28、23.66亿元，EPS为1.12、1.18、 1.25元，对应10月29日收盘价的PE估值为4.99、4.75、4.47倍。看好公司医疗健康业务高速增长带来的 估值提升，给予2025年6.5倍PE估值，对应目标价7.97港元。公司医疗健康业务成为核心增长引擎，金 融业务保持稳健且风控成效显著，两大业务板块协同效应持续夯实公司价值。 事件：环球医疗发布2025年半年度报告。报告期内，公司实现收入75.81亿元，同比+15.9%;实现期内溢 利13.35亿元，同比+6.6%;实现普通股权益持有人应占期内溢利12.28亿元，同比+8.0%。 太平洋证券主要观点如下： 公司经营业绩延续稳健增长态势 截至2025H1，公司基本每股收益0.65元，同比+8.0%;股本回报率为14.08%，总资产回报率为3.11%。从 收入结构看，医疗健康业务2025H1实现收入49.64亿元，占总营收比重提升至65.5%，同比+27.7 ...

Core Viewpoint - Pacific Securities maintains a "Buy" rating for Universal Medical (02666), projecting revenue growth from 147.23 billion to 162.54 billion CNY and net profit growth from 21.18 billion to 23.66 billion CNY from 2025 to 2027, with an estimated PE ratio decreasing from 4.99 to 4.47 times [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 75.81 billion CNY, a year-on-year increase of 15.9%, and a profit of 13.35 billion CNY, up 6.6% [1] - Basic earnings per share for 2025H1 were 0.65 CNY, reflecting an 8.0% increase year-on-year, with a return on equity of 14.08% and a return on total assets of 3.11% [1] - The medical health segment generated 49.64 billion CNY in revenue, accounting for 65.5% of total revenue, with a year-on-year growth of 27.7% [2] Group 2: Medical Health Business - The medical health segment is the core growth driver, with significant contributions from three areas: 1. Comprehensive medical services with 65 hospitals and over 16,000 beds, despite a 14.6% decline in profit to 2.31 billion CNY due to external pressures [2] 2. Specialized medical services, including the acquisition of Shandong University of Traditional Chinese Medicine Affiliated Eye Hospital [2] 3. Health technology revenue reached 6.46 billion CNY, a remarkable 142.1% increase, managing assets worth 370 billion CNY across over 1,600 institutions [2] Group 3: Financial Business - The financial business, focusing on medical financing leasing, generated 28.51 billion CNY in revenue, a 6.9% increase year-on-year [3] - The financial segment's non-performing asset ratio was 0.97%, with a provision coverage ratio of 313.87%, indicating strong risk management capabilities [3] - The average cost of interest-bearing liabilities decreased by 44 basis points to 3.40%, enhancing both risk resistance and cost control [3]