Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70.08 [1][5][8] Core Views - The company's 3Q24 performance was strong, with total patient visits reaching 1.485 million (+25% YoY, +13.5% QoQ), driven by organic growth and new medical institutions [1] - The company is expected to achieve a 35-40% adjusted net profit growth in 2024, supported by online and offline expansion, same-store growth, and accelerated external expansion [1][5] - The report highlights the company's potential for both organic growth and external expansion, with 19 new medical institutions already established [1][3] Existing Clinics - The company's offline medical business revenue is expected to grow by 35% in 2024, driven by increased doctor numbers in key regions like Shanghai, Beijing, and Guangzhou [2] - The company's self-owned doctor contribution reached 36-37% in 3Q24, with a long-term target of 50%, which is expected to further optimize profit margins [2] New Clinics - The company acquired three new clinics in Suzhou, Kunshan, and Hangzhou in 3Q24, with controllable acquisition costs [3] - New clinics are expected to contribute approximately 10% of the company's revenue in 2024, with a total of 19 new clinics added so far and a full-year guidance of 17-22 new clinics [3] - Overseas expansion is progressing, with Singapore operations gradually ramping up, and further expansion expected in Malaysia, Hong Kong, and Taiwan [3] Policy and Repurchase - The government has introduced frequent policies to encourage traditional Chinese medicine (TCM) development, which benefits the company [4] - The company has conducted continuous share repurchases from January to September 2024, repurchasing 4.36 million shares for HKD 173 million, demonstrating confidence in its long-term growth [4] Financial Forecasts and Valuation - The company's adjusted net profit is expected to grow by 35-40% in 2024, with adjusted EPS projected at RMB 1.74, 2.30, and 2.93 for 2024-2026 [5][9] - The report assigns a 28x PE multiple for 2025, in line with comparable companies, reflecting the scarcity of TCM service providers and policy tailwinds [5] - Revenue is forecasted to grow from RMB 3.138 billion in 2024E to RMB 5.038 billion in 2026E, with net profit increasing from RMB 334.77 million to RMB 665.20 million over the same period [6][12]

出现还没有出来但是我相信也会是一个两维数的增速应该是所以继续都很强劲第二个就来自于我们看医生的供给端那么供给端这里面你会发现是同样的增长是强劲的在过去的两三年医生人数的供给大概增长在每年的10%左右 那主要的意义就是说我们在中国的二级医院特别是社区医生服务区的区壳都要求设置中医科或者是叫中医馆这样来进入供给端这种情况就是那么第三个呢 这次挑战也是政策清洗所以来自于支付端就是而对于支付端我们可以发现从21年的年底国家医保局跟中央管理局联合发布关于医保支持中医药的传承创新的具体措施所以在医保支付端对中医有清洗的政策有专门政策 特别对中医的医师病毒以及这个不参与第二期DAP机会的人这一些那么来自于资务端的在资务端的同时呢也非常缺失的态度就是来自于这种资务端的压力和挑战收支的这种不平衡我们通过的理解就是医保在未来的三年吧我认为都仍然在一个收支的一个平衡当中特别是来自于第一线城市 就可能会有一个1到3的再评论当中就是那么在于一线城市经济发达的一线城市和省级城市 因为我们的监管部门或者是我们的政策制定部门对于政策的测算严谨性 审讯性以及本身在经济上的韧性在制度端的政策的确定性是不错的而郭台铭我们的主要的业务主要在一线城市 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 38.10 HKD [3]. Core Insights - The company has shown strong internal growth, with a 25.0% year-over-year increase in patient visits in Q3 2024, totaling 1.485 million visits. New medical institutions contributed 6.5% to this growth, while existing facilities accounted for 18.5% [1]. - The company continues to expand its operations, adding 3 new stores in Q3 2024, bringing the total to 74 medical institutions. A total of 19 new stores are expected to be added throughout the year [1]. - The company has demonstrated effective acquisition and integration capabilities, which, combined with a mature model for replicating its business in new locations, supports its nationwide expansion strategy [1]. - The acquisition of Singapore's Baozhong Hall marks the beginning of the company's overseas expansion, leveraging domestic resources to enhance international operations [1]. - Revenue forecasts for 2024-2026 are projected at 3.020 billion, 3.911 billion, and 5.046 billion RMB, with year-over-year growth rates of 30.0%, 29.5%, and 29.0% respectively. Net profit is expected to reach 345 million, 474 million, and 637 million RMB during the same period [2][6]. Financial Summary - The company's total revenue for 2023 is reported at 2.323 billion RMB, with a growth rate of 43.0%. Adjusted net profit for the same year is 305 million RMB [2][6]. - The adjusted net profit is projected to grow significantly, with estimates of 412 million RMB in 2024, 551 million RMB in 2025, and 717 million RMB in 2026, reflecting growth rates of 35.1%, 33.8%, and 30.0% respectively [2][6]. - The company's P/E ratio is expected to decrease from 28 in 2023 to 12 by 2026, indicating an improving valuation as earnings grow [2][6].

C国生堂 GUSHENGTANG HOLDINGS LIMITED 固生堂控股有限公司 (根據開曼群島法律註冊成立的有限公司) (Incorporated under the laws of the Cayman Islands with limited liability) 股份代號 Stock Code: 2273 Interim Report 2024 Contents 目錄 | --- | --- | --- | |--------------------------------------------------------------------------------------------|-----------------------------------|-------| | | | | | | | | | Corporate Information | 公司資料 | 2 | | Financial Highlights | 財務摘要 | 5 | | Management Discussion and Analysis | 管理層討論及分析 | 6 | | Corporate Gover ...

证券研究报告 | 公司动态点评 2024 年 09 月 11 日 固生堂（02273.HK） 与美团医疗达成战略合作，进一步提升中医服务数字化 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------|-----------------------------------------|-------------|-----------------------------------------------|-------------|--------------------------------------------|----------| | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 55.6, indicating a potential upside of 53.9% from the current price of HKD 36.1 [2][3]. Core Insights - The company, Gushengtang, is a leading chain of traditional Chinese medicine clinics, focusing on traditional Chinese diagnosis, integrated Chinese-Western medicine treatment, and the sale of Chinese medicinal products. Since its establishment in Guangzhou in 2010, it has expanded to 74 clinics across 15 cities in China and Singapore by July 2024 [2][5]. - In the first half of 2024, the company reported a 38.4% year-on-year revenue growth to HKD 1.36 billion, with an adjusted profit increase of 45.3% to HKD 150 million, excluding share-based payment impacts [2][5]. - The traditional Chinese medicine industry is experiencing rapid growth, driven by an aging population, increased health awareness, and strong government support. The number of traditional Chinese medical institutions in China reached 92,531 in 2023, a 13.2% increase year-on-year [2][19][20]. - Gushengtang's unique business model focuses on brand building, attracting quality physicians, and effective supply chain management for Chinese medicinal materials, positioning it as a top brand in the industry [2][5]. Summary by Sections Company Overview - Gushengtang is a leading provider of traditional Chinese medical health services, offering comprehensive solutions through both online and offline platforms. The company has established a network of 74 medical institutions across 19 cities and Singapore, with a focus on grassroots healthcare [5][13]. Financial Performance - For the first half of 2024, Gushengtang's revenue grew by 38.4% to HKD 1.36 billion, with an adjusted profit increase of 45.3% to HKD 150 million. The gross margin improved to 29.4%, while the effective tax rate rose to 14.2% [2][4]. Industry Analysis - The traditional Chinese medicine sector is projected to reach a market size of HKD 240-320 billion by 2030, with a compound annual growth rate (CAGR) of 15%. The industry is characterized by a fragmented market with significant consolidation potential [19][28]. Business Model - Gushengtang's business model leverages a combination of online and offline services, focusing on attracting renowned physicians and managing a robust supply chain for medicinal materials. The company aims to enhance its service capabilities through digitalization and the OMO (Online-Merge-Offline) model [15][30]. Growth Strategy - The company plans to continue expanding its clinic network and enhancing its service offerings, with a focus on integrating online and offline healthcare services. Gushengtang has also established partnerships with various hospitals and medical universities to strengthen its resource base [33][30].

研究报告 Research Report 25 Aug 2024 固生堂 Gushengtang (2273 HK) 中医诊疗维持高景气度，24H1 公司收入强劲增长，外延速度加快 TCM diagnosis and treatment continue to thrive, with strong revenue growth in the first half of the year, and the pace of expansion is accelerating [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | |-----------------------------------------------|---------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$39.15 | | 目标价 | HK$67.35 | | HTI ESG | 4.0-5.0-4.0 | E-S-G: 0-5, (Pl ...

业绩持续高增，外延扩张及医生储备保障后续增长 2024 年 08 月 23 日 ➢ 8 月 20 日，公司发布公告：截至 2024 年上半年，公司营业收入收入达到 13.65 亿元（yoy+38.4%），毛利润 4.01 亿元（yoy+41.8%)，净利润 1.07 亿元 （yoy+15.1%)，经调整净利润 1.48 亿元（yoy+45.3%）。 ➢ 业绩点评： ⚫ 客户就诊量提升带来线下收入端快速增长。公司营业收入提升主要系客户就 诊提升 31.95%（238.3 万人次），次均就诊费用提升 4.95%（次均费用 573 元)。线下业务收入 12.31 亿元（yoy+43.7%)，线上业务 1.34 亿元 （yoy+3.6%)。毛利率由 28.7%提升至 29.4%。 ⚫ 销售费用率以及财务费用率在规模效应下显著下降，管理费用率受股权激励 费用影响有所提升。销售费用率 11.73%（同期减少 0.46%），管理费用 8.09%（同期增加 1.01%，主要系股权激励费用的影响），财务费用 0.63% （同期减少 0.99%），净利润与经调整净利润差额主要为股权激励费用 4061.3 万元（前期 855.7 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 55 HKD, while the current price is 38.8 HKD [1]. Core Insights - The company's H1 2024 performance is strong, with revenue reaching 1.365 billion HKD (+38.4%) and net profit of 107 million HKD (+15.1%). Adjusted net profit is 148 million HKD (+45.3%) after accounting for equity-settled share-based payments [1][2]. - The core offline business shows robust growth, with healthcare solutions revenue at 1.345 billion HKD (+39.3%) and offline medical institutions generating 1.231 billion HKD (+43.7%). Online healthcare platform revenue increased to 134 million HKD (+3.6%) [2]. - Patient visits increased to 2.383 million (+31.9%), with a customer retention rate of 69.5% (+2.2 percentage points). The average spending per visit rose to 573 HKD, reflecting a higher proportion of self-paid outpatient income [2]. - The gross profit margin improved to 29.4% (+0.7 percentage points), attributed to a higher proportion of revenue from in-house doctors, which reduced the cost of sales [2]. - The company is expected to achieve adjusted net profits of 412 million, 558 million, and 753 million HKD for 2024-2026, representing year-on-year growth of 35.2%, 35.4%, and 35.0% respectively [2]. Financial Summary - Total revenue for 2024E is projected at 3.039 billion HKD, with a year-on-year growth rate of 30.6%. The net profit for 2024E is estimated at 334 million HKD (+32.5%) [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 35.0 in 2023A to 26.2 in 2024E, and further down to 12.0 by 2026E [3][7]. - The company’s total assets are projected to grow from 3.379 billion HKD in 2023A to 5.851 billion HKD in 2026E [7].

Investment Rating - The report assigns a "Buy" rating to Gushengtang (02273 HK) with a target price of HKD 48 11 per share based on a 25X PE multiple for its 2024 NonGaap net profit [2][4] Core Views - Gushengtang achieved rapid growth in H1 2024 with revenue of RMB 1 365 billion (+38 4% YoY) and adjusted net profit of RMB 148 million (+45 3% YoY) demonstrating strong operational capabilities and the vast potential of the TCM chain clinic model [2] - The company is expanding rapidly through both self-built and M&A strategies adding 4 new self-built clinics and acquiring dozens of offline medical institutions including Kunshan Laien and Beijing Asian Games Village TCM Hospital It has also entered new cities like Changsha and Xuzhou and expanded internationally with the acquisition of Singapore-based Baozhongtang [2] - Gushengtang announced its first interim dividend of HKD 0 13 per share to be distributed on September 25 2024 and repurchased approximately 860 000 shares for HKD 33 77 million in June 2024 to boost investor confidence [2] Financial Performance and Projections - Revenue is projected to grow from RMB 2 323 billion in 2023 to RMB 5 594 billion in 2026 with a CAGR of 32 7% [3][8] - NonGaap net profit is expected to increase from RMB 305 million in 2023 to RMB 763 million in 2026 with a CAGR of 32 4% [3][8] - The company's gross margin is forecasted to remain stable at around 30 6%-31 4% from 2024 to 2026 [9] Expansion and Strategy - Gushengtang's offline TCM clinics now cover 19 cities domestically and internationally with 72 branches as of June 2024 [2] - The company is accelerating its city-level penetration and new city expansion while also pursuing international growth through acquisitions [2] Valuation and Metrics - The report values Gushengtang at a 25X PE multiple for its 2024 NonGaap net profit resulting in a target price of HKD 48 11 per share [2] - Key valuation metrics include a projected NonGaap PE of 18 7X for 2024 and an EV/EBITDA of 11 5X for the same year [3][9]