海吉亞醫療(06078.HK)：腫瘤醫療賽道中的領跑者，差異化優勢顯現，給予“買入”評級
機構：開源證券
評級：買入
中國最大腫瘤醫療集團，標準化管理能力強，首次覆蓋給予“買入”評級
海吉亞醫療於2009年成立，是中國最大的腫瘤醫療集團，公司以內生性增長+戰略收購+醫院合作的方式全國佈局，目前擁有7家醫院(3家自建+4家收購)、3家擁有舉辦權的託管醫院和15家第三方合作放療中心。公司在醫生及設備資源、管理體系、服務模式方面優勢明顯，助推業務快速擴張。預計2020-2022年，公司淨利潤分別為1.54（經調整後為2.85）、3.86、5.04億元人民幣，對應EPS分別為0.46、0.63、0.81元/股，當前股價對應PE分別為173、69、53倍，與同類醫療服務公司相比具備估值性價比，首次覆蓋，給予“買入”評級。
行業：政策推動優質醫療資源下沉，民營腫瘤醫院進入快速發展期
國內腫瘤醫療服務市場規模2019年達到3,710億元，2015-2019年CAGR為12.53%。約70%的腫瘤患者需要放療，放療服務增速高於整體腫瘤市場。腫瘤醫院在三線及以下基層地區供需矛盾突出，患者基數龐大，對設備依賴程度大，複製性強；民營專科醫院憑藉其高端設備的靈活配置性和政府支持，不斷提升獲客能力及市佔率，標準化管理流程降低管理成本。
公司：醫院業務經營能力強，業績增長迅速，放療業務毛利率高
公司戰略聚焦非一線城市，打造全國性的三級診療網絡，提升整體醫療診療水平。醫院業務收入持續增長，2017-2019年CAGR43.26%；公司旗下醫院經營能力強的原因：優質醫生資源及高端放療設備形成導流，建立較好口碑，提升患者數量，單牀產出亦持續提升；集中及標準化的管理體系推動業務快速增長、規模效應提升盈利能力，自建醫院開建後最快17個月內開始營運（行業平均36-48個月），3-9個月達到月度收支平衡點（行業平均3年）。此外，第三方放療業務在垂直一體化放療服務模式下維持業務高毛利率，且公司憑藉設備優勢吸引了更多合作伙伴，未來3年該業務預計仍具備快速增長趨勢。目前公司利用設備、人才優勢為切入點提升品牌影響力，未來計劃通過多學科協同獲得長遠的發展。
風險提示：醫保控費趨嚴；醫院自建進度不及預期。
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