医保支付环境变化给公司2024 年业绩带来较大压力,但我们预计,2025 年公司将轻装上阵,在医保控费影响常态化、新建和并购医院完成整合、一次性项目影响结束后,表观利润增速有望恢复至20%以上。维持买入评级。医保控费大环境下业绩短期承压:公司2024 全年收入同比增长9%,不及我们的预期;2H24 收入下降11%,DRG/DIP 全国推广和个别地区医保回款放缓带来的压力继续反映在公司业绩上。分板块...
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