中银国际发表报告，指海吉亚医疗(06078.HK) 2024年业绩疲软，总收入按年增长9%至44亿元人民币，净利润按年下降12.6%至5.98亿元人民币，低于市场和该行的预期。毛利率下降1.6个百分点至29.9%。管理层将2024年下半年业绩急剧恶化(下半年总收入按年下降11%，医院业务按年下降9%)与2024年上半年总收入按年增长35%、医院业务按年增长37%相比，归因于深化医疗保险改革和对医疗基金支出的严格控制带来的全行业挑战。
该行预计，紧张的医疗基金预算和严格的DRGs(按疾病诊断相关分组)执行将继续在短期内拖累海吉亚的增长。业绩公布后，由于2024年业绩不佳和宏观环境仍充满挑战，该行将其2025年至2026年的收入预期下调27%至29%。该行将目标价由原先31港元大幅下调至18港元，并维持“买入”评级，理由包括估值不高、营运效率，以及面对不断增长的肿瘤治疗需求。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-31 12:25。)
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