太平洋證券:環球醫療以金租為本 成功構築醫院集團業務第二增長曲線
太平洋證券發佈研報指,環球醫療(2666.HK)是一家以健康醫療為主業的央企控股上市公司,以融資租賃業務起家,2017年至今,公司深度參與國企辦醫療機構剝離改革,成功構築第二增長曲線,實現從“純金融租賃”向“產融結合的健康醫療服務”的成功轉型。公司第一大股東為通用技術集團,環球醫療已連續4年淨利潤排名全集團第一。業務發展方面,公司以傳統金融與諮詢業務為基石,提供穩定充足的現金流。醫院集團業務則驅動近幾年的營收增長。1)金融與諮詢業務:公司資產規模增長穩健、質量優異,19-23H1生息資產淨額CAGR為11.01%,不良資產率常年維持在1%以下。展望未來,國內利率調降趨勢下,公司最近兩期公司債利率為3.2%、3.25%,預計24年總體成本率有所下降。2)醫院集團業務:綜合醫療業務方面,量上看,截至23H1公司擁有64家醫療機構,1.6萬張牀位,9個在建項目合計增加4000+張牀位,其中8個項目將於23或24年開業;價上看,20-23H1公司年化單牀收入CAGR為10.54%,體現優秀的運營能力。23年2月《支持國有企業醫療機構高質量發展工作方案》發佈,利於公司充分發揮集團化運營優勢。專科與健康產業方面,公司腎病專科與腫瘤專科板塊持續推進。此外,公司23年8月收購國內第三方維保龍頭凱思軒達,設備管理服務全產業鏈進一步完整。該報吿指出,公司金融租賃業務有望受益於利率環境寬鬆,醫院擴建業務投入使用亦將帶來收入增長。該行預計公司2023-2025年營業收入分別為132.75、154.22、174.88億元,同比增速分別為11%、16%、13%;歸母淨利潤分別為19.52、22.50、25.32億元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.