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《大行報告》中金:海吉亞醫療(06078.HK)收購蘇州資產估值合理 可加速增長
阿思達克 04-26 14:45
中金發表報告指,海吉亞醫療(06078.HK)於昨日(25日)公告,公司計劃以17.346億元人民幣收購位於江蘇省蘇州市吳江區的蘇州永鼎醫院98%的股權。該行認為,被收購標的經營情況良好,估值合理。永鼎醫院為民營二級綜合醫院,2019至2020年收入分別為5.17億元、4.92億元人民幣;淨利潤為7,565萬元、6,058萬元人民幣;對應淨利率為14.63%、12.31%;收購價格對應2019年市盈率為22.93倍。

中金表示,此次收購有望加速集團蘇州地區增長。蘇州地區經濟環境良好,居民個人支付能力強,醫保環境友好。公司於2015年收購的蘇州滄浪醫院,在床位使用率接近100%的背景下,收入從2017年的1.18億元人民幣增長至去年突破3億元人民幣,年複合增長率超過40%,一方面證明了公司的收購整合能力,另一方面也體現了當地市場強勁的需求。

該行又稱,據海吉亞投資者關係公眾號顯示,今年4月公司就龍岩市海吉亞醫院項目與當地政府簽訂醫院建設投資意向書。龍岩海吉亞計劃按照三級綜合醫院標準建設,規劃總建築面積約8至10萬平方米,規劃床位800至1,000張,並計劃於2023年年底建設完成。中金認為公司有望借助龍岩海吉亞醫院,進一步滿足當地腫瘤患者日益增長的需求,助力提升集團的腫瘤服務市場份額與影響力。

考慮到收購正式落地的時間未定,中金暫時維持集團今明兩年每股盈利預測預測0.66元、0.93元人民幣,分別對應按年增長141.1%、40.5%。該行又維持集團「跑贏行業.評級和目標價76.80元。

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