《大行报告》中金:海吉亚医疗(06078.HK)收购苏州资产估值合理 可加速增长
中金发表报告指,海吉亚医疗(06078.HK)於昨日(25日)公告,公司计划以17.346亿元人民币收购位於江苏省苏州市吴江区的苏州永鼎医院98%的股权。该行认为,被收购标的经营情况良好,估值合理。永鼎医院为民营二级综合医院,2019至2020年收入分别为5.17亿元、4.92亿元人民币;净利润为7,565万元、6,058万元人民币;对应净利率为14.63%、12.31%;收购价格对应2019年市盈率为22.93倍。
中金表示,此次收购有望加速集团苏州地区增长。苏州地区经济环境良好,居民个人支付能力强,医保环境友好。公司於2015年收购的苏州沧浪医院,在床位使用率接近100%的背景下,收入从2017年的1.18亿元人民币增长至去年突破3亿元人民币,年复合增长率超过40%,一方面证明了公司的收购整合能力,另一方面也体现了当地市场强劲的需求。
该行又称,据海吉亚投资者关系公众号显示,今年4月公司就龙岩市海吉亚医院项目与当地政府签订医院建设投资意向书。龙岩海吉亚计划按照三级综合医院标准建设,规划总建筑面积约8至10万平方米,规划床位800至1,000张,并计划於2023年年底建设完成。中金认为公司有望借助龙岩海吉亚医院,进一步满足当地肿瘤患者日益增长的需求,助力提升集团的肿瘤服务市场份额与影响力。
考虑到收购正式落地的时间未定,中金暂时维持集团今明两年每股盈利预测预测0.66元、0.93元人民币,分别对应按年增长141.1%、40.5%。该行又维持集团「跑赢行业.评级和目标价76.80元。
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