According to a research report released by Pacific Securities, according to a “buy” rating for Global Healthcare (02666), the expected revenue for 2023-2025 will be 132.75/154.22/17.488 billion yuan, respectively, up 11%/16%/13% year on year; net profit to mother will be 19.52/22.5/25.32 billion yuan, respectively. The company's financial leasing business is expected to benefit from a relaxed interest rate environment, and the introduction of the hospital expansion business will also bring revenue growth.
According to the report, in terms of comprehensive medical business: In terms of volume, up to 23H1, the company had 64 medical institutions with 16,000 beds, and 9 projects under construction have increased by a total of 4,000 more beds. Eight of these projects will open in 23 or 24. In terms of price, 20-23H1's annualized single-bed revenue CAGR is 10.54%, reflecting excellent operating capabilities. In terms of policy, the “Work Plan to Support the High-Quality Development of State-owned Enterprise Medical Institutions” was released in February '23, which helps the company to give full play to the advantages of group operations. In terms of specialty and health industry: The company's nephrology specialist and oncology specialist sectors continue to advance, and 23H1 has contributed 133 million yuan and 1.53 million yuan in revenue respectively. Furthermore, in August 23, the company acquired Kaisxuanda, a leading domestic third-party maintenance company, further completing the entire equipment management service industry chain.
