金吾财讯 | 广发证券发研指，华润医疗(01515)24H1收入49.8亿元，同比-2.7%，主要受两年医保结算差影响，叠加23H1基数较高所致。公司积极降本增效，药品及耗材占收入比同比下降0.6ppt，抵减了两年医保结算差额的影响。24H1归母净利润为4.34亿元，同比+9.1%。拟中期派息人民币5分/股。该行指出，24年受两年医保结算差额影响，预计24年医院业务收入略降，预计25~26年医保结算差额影响减小，预计医院业务收入同比增长4~5%。持续降本增效应对两年医保结算差额的影响，预计24年内生业绩稳健增长，预计24年归母净利润较23年剔除淮阴减值后的6.44亿增长8.6%。该行表示，公司持续推进医院集团化运营、精细化管理，预计利润率趋于提升，预计25~26年归母净利润同比增长7%左右。参考可比公司估值，结合公司成长性及港股流动性，给予24年10倍PE，对应合理价值5.98港元/股。维持“买入”评级。
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