Financial Performance - Revenue for 2023 reached RMB 2,323,351, an increase of 43.0% from RMB 1,624,561 in 2022[15] - Gross profit rose to RMB 699,999, reflecting a growth of 40.1% compared to RMB 499,536 in the previous year[15] - Net profit increased by 39.6% to RMB 252,940 from RMB 181,153 in 2022[15] - Adjusted net profit saw a significant rise of 53.6%, reaching RMB 304,714 compared to RMB 198,408 in 2022[15] - Basic earnings per share improved by 34.2% to RMB 1.06 from RMB 0.79 in the prior year[15] - Diluted earnings per share increased by 35.5% to RMB 1.03 from RMB 0.76 in 2022[15] - Gross margin slightly decreased to 30.1% from 30.7% in the previous year[15] - Net profit margin also saw a minor decline to 10.9% from 11.2% in 2022[15] - The adjusted net profit margin improved to 13.1%, up from 12.2% in the previous year[15] Market Expansion and Strategy - The company plans to continue expanding its market presence and invest in new product development[15] - Gushengtang anticipates a period of rapid growth over the next five to ten years as a leading TCM service provider at the grassroots level[30] - Gushengtang aims to achieve a revenue target of 10 billion by establishing a talent management mechanism aligned with its development[36] - The company plans to enhance its OMO business in 2024 by improving the Internet diagnosis and treatment system, allowing patients to access TCM services anytime and anywhere[54] - The company intends to implement high-quality expansion strategies, including establishing more outlets in existing cities and exploring new markets[56] Customer Engagement and Retention - Gushengtang's user return rate increased to 65.2% in 2023, with nearly 320,000 members and an annual membership return rate of approximately 85.6%[44] - The company achieved a significant increase in new customers, with 803,973 new customers in 2023 compared to 551,999 in 2022, representing a growth of approximately 45.5%[114] - Customer visits increased to 4,297 thousand in 2023 from 2,945 thousand in 2022, marking a growth of approximately 46%[114] - The customer return rate improved to 65.2% in 2023, up from 64.0% in 2022, reflecting enhanced customer loyalty[114] - The member return rate slightly decreased to 85.6% in 2023 from 86.4% in 2022[117] Talent Development and Human Resources - The company recruited over 250 quality management talents in 2023, focusing on potential general managers and operation directors to support business expansion[34][36] - The establishment of the "National Medical School" in March 2024 aims to enhance the academic system and clinical capabilities of young physicians[42] - The company emphasizes sustainable growth through the cultivation of TCM talents and the establishment of a three-tier talent cultivation system[40] - The mentorship model for training TCM talent has shown initial success, with the OMO platform facilitating knowledge sharing among physicians[123] Government Policies and Industry Trends - The government has emphasized the development of the "Silver Economy," which includes strengthening geriatric medicine and expanding TCM services for elderly care, driving growth in TCM services[29] - The market demand for TCM is expected to grow significantly, supported by national policies encouraging TCM development[30] - The PRC government has introduced policies to promote the development of TCM, encouraging private capital to establish chains of TCM medical institutions with renowned physicians[76] - Recent government policies have improved the accessibility and quality of TCM medical resources, enhancing public awareness and receptiveness to TCM services[92] Operational Efficiency and Technology - Gushengtang launched the first intelligent prescription monitoring and management platform in the TCM industry in 2023, enhancing compliance and operational effectiveness[40] - The company has integrated offline medical institutions with online healthcare platforms since 2018, enhancing customer outreach and operational efficiency[67] - The company has implemented a client relationship management (CRM) system to enhance the operational efficiency of its medical professional teams through digital analytics[75] - An ERP system has been established to enhance digital operations and management, improving efficiency across supply chain, sales, inventories, and accounting[79] Financial Management and Capital Structure - The company aims to maintain sufficient cash and credit lines to meet liquidity requirements and maximize shareholder value[192] - As of December 31, 2023, the company had cash and cash equivalents of RMB 1,301.3 million, up from RMB 994.3 million the previous year[191] - Interest-bearing borrowings decreased significantly from RMB 71.2 million to RMB 16.4 million, with fixed interest rates ranging from 3.25% to 4.15%[191] - The company's gearing ratio was 0.7% as of December 31, 2023, calculated as total interest-bearing borrowings divided by total equity[199] Revenue Sources and Growth - Revenue from provision of healthcare solutions rose by 43.3% from RMB1,595.7 million in 2022 to RMB2,287.1 million in 2023, driven by online healthcare platform expansion and increased revenue from acquired offline medical institutions[135] - Revenue from offline medical institutions grew by 49.2% from RMB1,364.9 million in 2022 to RMB2,037.1 million in 2023, aligned with business growth of newly acquired and existing institutions[145] - Revenue from online healthcare platforms increased by 10.2% from RMB259.6 million in 2022 to RMB286.2 million in 2023, primarily due to increased customer visits[145] - Revenue from sale of healthcare products increased by 25.7% from RMB28.8 million in 2022 to RMB36.3 million in 2023, attributed to new customer contributions[139]

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 固生堂 20240418_原文 2024年04月19日13:11 发言人 00:00 固生堂作为中医连锁诊疗龙头，逆周期属性凸显，增长趋势稳定，预计今年全国扩张会持续加 速，驱动业绩超预期。从中期视角来看，固生堂未来会成为一家怎样的公司？那我们认为固生 堂现在已经进入了全国扩张阶段。截至去年年底，固生堂在全国拥有 56 家机构。未来的战略 是持续性的全国扩张，门店数量有望突破百家，推进全国更多的头部公立中医医院的合作，以 及全国各地的中名中医的资源的绑定。中期成为中医版的爱尔眼科。 发言人 00:39 年在广深相对来说成熟的区域市场，也确实出现了降速的一个趋势。 发言人 01:31 第二点就是参考过去公司的一个收并购的情况。目前公司的收并购主要以中小机构为收入体量 基本上是在小几千万不超过一个亿体量的，1 亿不超过一个亿以上体量居多。12 年到 21 年上 半年，公司平均的收购价格大概在 2000 万佐 2000 万元左右。如果按照 1 到 1.5 倍的平均的一 个收购价格来估算，单店的收入体量基本就是 1000 万到 2000 万人左右。 发言人 02 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[固I Tnaf 生bol]e 堂_Ti（tle] 2 273） [评Tab级le_：Inv est] 增持 当前价格（港元）： 42.35 业绩符合预期，聚医获客能力持续验证 2024.04.14 海 ——2023年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 赵峻峰(分析师) 52周内股价区间（港元） 35.50-57.80 当前股本（百万股） 247 公 0755-23976735 0755-23976629 当前市值（百万港元） 10,443 司 dingdan@gtjas.com zhaojunfeng@gtjas.com 证书编号 S0880514030001 S0880519080017 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 业绩符合预期，盈利能力稳健提升，随着医联体合作持续推进，医生人数稳步增加， 国 固生堂 恒生指数 香 有望延续稳健快速增长，维持增持评级。 2% 摘要： 港 -6% [业Ta绩ble符_S合um预m期ar，y] 维持增持评级 ...

证券研究报告 公 2024年04月02日 司 报 告 固生堂(02273) │ 行 业： 医药生物/医疗服务 港 投资评级： 买入（维持） 股 当前价格： 42.40港元 - 业绩增长稳健，门店有序扩张 公 目标价格： 70.41港元 司 事件： 年 基本数据 报 点 公司发布2023年年报。2023全年，公司实现营业收入23.23亿元，同比增 总股本/流通股本(百万股) 246.59/246.59 评 长43.01%；经调整净利润3.05亿元，同比增长53.58%；归母净利润2.52 流通市值(百万港元) 10,455.38 亿元，同比增长39.45%。 每股净资产(元) 10.29 ➢ 业绩增长稳健，线下门诊回暖 资产负债率(%) 27.59 2023全年公司营业收入和净利润保持稳健增长，需求复苏明显。其中，线 一年内最高/最低(港元) 60.00/34.75 下医疗机构作为主要的收入支撑，2023 年，线下医疗机构收入高达 20.37 亿元，同比增长 49.2%；线上医疗健康平台收入达 2.86 亿元，同比增长 股价相对走势 10.2%。公司门诊端需求提升，客单价维稳，2023 年门诊人次达 429.7 ...

[Table固_St生ock堂Nam（eRptType] ） 02273 公司研究/港股点评 业绩高增，内生外延同步发展 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-01  事件 2024年3月27日公司发布23年度业绩，报告期内公司实现营业收入 收盘价（港元） 43.60 23.23亿元（+43%），经调整净利润3.05亿元（+54%），归母净利润 近12个月最高/最低（港元）57.49/35.50 2.52亿元（+40%），业绩快速增长，符合我们预期。 总股本（百万股） 247 流通股本（百万股） 247  点评： 流通股比例（%） 100.00  业绩表现亮眼，版图持续扩大 总市值（亿港元） 108 2023H2 公司实现营收13.37亿元（+45%），归母净利润1.59 亿 流通市值（亿港元） 108 元（同比+25%），经调整净利润2.03亿元（+49%）。 [公Ta司ble价_C格ha与rt]恒生指数走势比较 从经营层面看： 1）公司今年以来外延并购与内生增长齐头并进，截至报告期末 公司新增门店9家（其中自建2家、并购7家），共有56 家中医门诊 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 54.62 HKD per share, compared to the current price of 43.60 HKD [4]. Core Views - The company reported a significant increase in revenue and net profit for 2023, achieving 2.323 billion RMB in revenue (up 43.0% year-on-year) and a net profit of 253 million RMB (up 39.6% year-on-year) [2][3]. - The offline business has shown rapid recovery and growth, with revenue from offline medical institutions reaching 2.037 billion RMB, a 49.2% increase year-on-year, driven by post-pandemic recovery and business expansion [2][3]. - The company is expanding its national footprint and has entered the Singapore market, adding 9 new stores in 2023 and acquiring a Singapore-based company [2][3]. - Profitability is expected to continue improving, with projected Non-GAAP net profits of 413 million RMB, 541 million RMB, and 716 million RMB for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - The company achieved a Non-GAAP net profit of 305 million RMB in 2023, reflecting a 53.6% increase [3]. - Revenue growth rates are projected at 30.9% for 2024, 31.0% for 2025, and 31.3% for 2026 [3][10]. - The company's EBITDA for 2023 was 384 million RMB, with expectations of 543 million RMB in 2024 [3][10]. - The company's return on equity (ROE) is projected to increase from 13.2% in 2023 to 20.3% by 2026 [3][10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved significant growth in 2023, with revenue reaching 2.323 billion RMB, a 43.0% increase year-on-year, and adjusted net profit of 305 million RMB, up 53.6% [2] - The company plans to expand its business further in 2024, with the addition of 10 to 15 new stores and entry into 3 to 5 new cities, alongside the development of 10 in-house formulations [2] - The company is taking steps towards internationalization by announcing the acquisition of 100% equity in Baozhong Tang in Singapore [2] - The company emphasizes shareholder returns through special dividends and share buybacks, spending approximately 42.92 million HKD to repurchase and cancel shares in 2023 [2] Financial Performance Summary - In 2023, the company reported a patient volume of 4.3 million, a 45.9% increase, with an average spending of 541 RMB per visit, down 2.0% [2] - The number of offline doctors increased to 4,841, with a net addition of 960 doctors, contributing significantly to revenue [2] - The company expects revenue growth of 34% in 2024, reaching 3.102 billion RMB, and net profit growth of 35%, reaching 341 million RMB [4][5] - The projected adjusted net profit for 2024 is 411 million RMB, reflecting a 35% increase [4][5] Valuation Metrics - The report provides a forecast for key financial metrics, including a projected P/E ratio of 28.6 for 2024 and a P/B ratio of 3.9 [4][5] - The expected return on equity (ROE) is projected to increase from 11% in 2023 to 13% in 2024 [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index in the next six months [9]. Core Insights - The company has shown strong performance, exceeding market expectations with a revenue of 2.323 billion yuan in 2023, representing a year-on-year growth of 43.0%. The net profit attributable to shareholders reached 253 million yuan, a 39.6% increase compared to the previous year [1][2]. - The expansion of offline medical institutions continues, with the company adding 9 new outpatient chain stores in 2023, including 7 from acquisitions and 2 from self-construction, enhancing its presence in the East and Central China regions [2]. - The company has significantly increased its physician resources, with a total of 37,224 doctors, a 26.5% increase year-on-year. The number of self-owned doctors has also risen to 542, contributing 34.6% of the total revenue, which is a notable increase [2][4]. Financial Summary - Revenue is projected to grow from 3.056 billion yuan in 2024 to 5.189 billion yuan in 2026, with adjusted net profits expected to rise from 400 million yuan to 713 million yuan in the same period [1][4]. - The company's earnings per share (EPS) is forecasted to increase from 1.38 yuan in 2024 to 2.77 yuan in 2026, reflecting a strong growth trajectory [1][4]. - The price-to-earnings (P/E) ratio is expected to decrease from 31.7 in 2024 to 15.7 in 2026, indicating improving valuation metrics as earnings grow [1][4].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 61.12, maintaining the rating from previous assessments [1][7]. Core Views - The company reported a strong performance in 2023, achieving a revenue of HKD 2.323 billion, a year-on-year increase of 43.0%, and a net profit of HKD 252.2 million, up 39.6% year-on-year [2][6]. - The growth is primarily driven by the offline medical institutions, which generated HKD 2.037 billion in revenue, reflecting a 49.2% increase year-on-year [2][3]. - The company plans to continue its expansion, aiming to add 10-15 new medical institutions in 2024 and enter 3-5 new cities, including potential overseas markets [3][6]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit of HKD 700 million, a 40.1% increase year-on-year, and an adjusted net profit of HKD 305 million, up 53.6% year-on-year [1][2]. - The number of patient visits reached 4.297 million, a 45.9% increase, while the average revenue per visit decreased by 2.0% to HKD 541 [2][6]. Business Expansion - The company added 9 new medical institutions in 2023, including 7 through acquisitions and 2 through self-construction, bringing the total to 56 institutions across major cities [3][6]. - The expansion strategy includes a focus on deepening presence in existing provinces and exploring new provinces, as well as international markets like Singapore [3][6]. Competitive Strengths - The company's core competencies in "doctor aggregation" and "customer acquisition" have significantly improved, with the number of cooperating doctors increasing by 26% to 37,224 [6]. - Membership engagement has also risen, with member spending increasing by 79% to HKD 961 million, accounting for 47% of offline medical institution revenue [6]. Future Projections - Revenue projections for 2024-2026 are HKD 3.006 billion, HKD 3.890 billion, and HKD 5.035 billion, respectively, with net profits expected to reach HKD 348.8 million, HKD 464.5 million, and HKD 616.9 million [7][8]. - The company is valued at a PE ratio of 40 times for 2024, reflecting its strong growth potential [7].

Investment Rating - Buy rating is maintained for the company with a target price of HKD 57.88, representing a 35x PE multiple for 2024 and a market cap of RMB 12.8 billion [6][8][10] Core Views - The company achieved rapid growth in 2023 with revenue of RMB 2.323 billion (+43% YoY), net profit of RMB 253 million (+39.6% YoY), and adjusted net profit of RMB 305 million (+53.6% YoY) [2] - The company is a leading player in the TCM medical services industry with strong cross-regional operation capabilities, replicable business model, and significant advantages in brand, talent, and resources [6] - The TCM medical services industry is expected to experience high growth driven by strong demand and policy support [6] Financial Performance - Offline medical institutions generated revenue of RMB 2.037 billion (+49.2% YoY) driven by newly acquired and existing institutions, while online institutions contributed RMB 286 million (+10.2% YoY) [3] - The company served 4.297 million patient visits (+45.91% YoY) with an average spending per customer of RMB 541 (-2% YoY) and a customer retention rate of 65.2% (vs 64% in 2022) [3] - Gross margin was 30.13% (-0.62pct YoY), net margin was 10.86% (-0.42pct YoY), and adjusted net margin was 13.13% (+0.09pct YoY) [4] - Sales, management, and financial expense ratios were 12.11% (-0.65pct YoY), 6.66% (-0.49pct YoY), and 1.10% (+0.02pct YoY) respectively [4] Business Expansion - As of Dec 31, 2023, the company operated 56 medical institutions across 16 cities, having acquired 7 and self-built 2 offline institutions during the year [5] - The company has established partnerships with multiple third-party online platforms [5] Financial Projections - Revenue is forecasted to grow to RMB 3.002 billion (+29% YoY), RMB 3.746 billion (+25% YoY), and RMB 4.443 billion (+19% YoY) in 2024E-2026E [7] - Net profit is projected to reach RMB 367 million (+45.5% YoY), RMB 479 million (+30.6% YoY), and RMB 593 million (+23.7% YoY) in 2024E-2026E [7][15] - EPS is expected to be RMB 1.49, RMB 1.94, and RMB 2.40 in 2024E-2026E [7][12][13][14] Valuation - The company is trading at 41x PE and 4.5x PB for 2023A, with projected PE multiples of 28x, 22x, and 17x for 2024E-2026E [7][15] - EV/EBITDA is forecasted to decline from 16x in 2023A to 5x in 2026E [15]