Investment Rating - The report maintains a "Buy" rating for Gushengtang (2273 HK) with a target price of HK$61.84, indicating a potential upside of +117% from the current price of HK$28.55 [3][9][19]. Core Insights - Gushengtang has shown robust growth in its healthcare solutions, with total revenue for 2024 reaching RMB 3.022 billion, a year-on-year increase of 30.1%, and net profit of RMB 307 million, up 21.4% [7][13]. - The company is expanding its international presence, having entered the Singapore market, which contributed RMB 31.52 million to its revenue [8]. - The report projects revenue and net profit growth rates for 2025E-2027E at 26%/23%/19% and 26%/24%/18%, respectively [7][15]. Financial Summary - Revenue for 2025E is projected at RMB 3.819 billion, with a gross profit of RMB 1.150 billion and a net profit of RMB 386 million [13][24]. - The earnings per share (EPS) for 2025E is estimated at RMB 1.61, with a P/E ratio of 16.1, which is lower than the industry average of 27x [3][19][21]. - The company’s gross margin is expected to remain stable at around 30% to 31% through 2027E [8][19]. Adjustments and Forecasts - The target price has been adjusted down from HK$73.95 to HK$61.84, reflecting a 16% decrease due to revised earnings forecasts [3][19]. - The report has lowered the 2025E and 2026E EPS estimates by 19% and 24%, respectively, due to anticipated costs associated with digital transformation and expansion efforts [15][17]. Valuation - The DCF valuation method indicates a target price of HK$61.84, corresponding to a P/E of 35x for 2025, suggesting a premium valuation due to the company's unique position in the TCM service market [19][20].

Group 1 - The core viewpoint of the report indicates steady revenue growth in the main business of the company, with a focus on flexible sensors to create a second growth curve [4][5][6] - The company achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4][5] - The company is transitioning from a single coating material provider to an integrated solution provider, enhancing revenue across various business segments [5][6] Group 2 - The report highlights that Lululemon's North American market growth is weak, with a revenue of 3.6 billion USD in FY2024Q4, a year-on-year increase of 13% [9][10] - The company expects a low to mid-single-digit revenue growth in North America for FY2025, with challenges from economic concerns affecting consumer traffic [11][12] - In contrast, the Chinese market showed strong growth, with a revenue increase of 48% year-on-year, indicating a robust performance in that region [11][12] Group 3 - The report on Tongyi Zhong indicates that the company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.4%, but net profit decreased by 15.2% [15][16] - The company reported a significant increase in production and sales volumes, with historical highs in major product categories [17][18] - The company is expanding into the aramid fiber sector, aiming to create dual growth drivers [15][21] Group 4 - Xiamen International Trade's report emphasizes its focus on supply chain management, with a strategy to navigate through commodity cycles [28][29] - The company has divested from real estate and financial services to concentrate on its core supply chain business, which includes metals, energy, and agriculture [29][30] - The report projects revenue for 2024 to 2026 at 389.05 billion yuan, 404.61 billion yuan, and 418.84 billion yuan, respectively, with a focus on maintaining a high dividend yield [32] Group 5 - The report on Bawang Tea indicates that it leads the high-end tea beverage market with 6,440 stores, achieving a GMV of 10.8 billion yuan in 2023 [33][34] - The company is benefiting from a growing market for high-end tea beverages, with a projected market size increase from 4.748 trillion yuan in 2019 to 8.189 trillion yuan in 2024 [34][35] - Bawang Tea's strategy focuses on a limited number of new products while optimizing supply chain efficiency, resulting in a gross margin of 51.5% [35] Group 6 - Aikodi's report shows a revenue of 6.746 billion yuan in 2024, a year-on-year increase of 13.24%, with a net profit of 940 million yuan [36][37] - The company is expanding its global footprint with new production bases in Malaysia and Mexico, enhancing its supply chain stability [39][40] - The report anticipates continued revenue growth driven by new product lines and market expansion, projecting revenues of 7.9 billion yuan in 2025 [40] Group 7 - Longxing Technology's report indicates a revenue of 4.355 billion yuan in 2024, with a net profit increase of 28.7% [41][42] - The company is expanding its production capacity with new projects and acquisitions, aiming to increase its market share in the carbon black industry [46] - The report highlights a significant improvement in gross margin, reaching 13.01% in Q4 2024, driven by operational efficiencies [45][46]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.022 billion RMB in 2024, representing a year-on-year growth of 29.90%. The adjusted net profit reached 400 million RMB, up 31.4% from the previous year [7] - The company is expanding its store network and advancing its AI initiatives, which are expected to drive future growth [7] - The report forecasts a continued increase in revenue and profits over the next few years, with projected revenues of 3.784 billion RMB in 2025 and 4.725 billion RMB in 2026 [1][7] Financial Performance - Total revenue for 2023 was 2.327 billion RMB, with a projected increase to 3.022 billion RMB in 2024, reflecting a growth rate of 43.05% [1] - The adjusted net profit for 2023 was 252.20 million RMB, expected to rise to 306.78 million RMB in 2024, indicating a growth of 21.64% [1] - The company plans to distribute a total dividend of 119 million RMB for the year, which constitutes 38.7% of the net profit [7] Revenue Breakdown - Offline revenue accounted for 2.74 billion RMB, growing by 34.5%, while online revenue was 280 million RMB, showing a decline of 1.5% [7] - The company has expanded its presence in China, increasing the number of medical institutions from 56 to 78, with significant growth in both new and existing stores [7] Customer Metrics - The company reported a 26% increase in customer traffic and a 3% rise in average spending per visit in 2024 [7] - The total number of new customers reached 889,000, a 10.6% increase year-on-year, with a total of 4.511 million patient visits, up 25.9% [7] AI Initiatives - The company is set to launch an AI doctor assistant and smart hardware to enhance diagnostic capabilities and improve service efficiency [7] Valuation Metrics - The report adjusts the projected adjusted net profit for 2025 and 2026 down to 490 million RMB and 600 million RMB respectively, with a forecast for 2027 at 750 million RMB [7] - The current price-to-earnings (P/E) ratio is projected to be 22.93 for 2024, decreasing to 9.51 by 2027 [1][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 42.00, indicating a potential upside of 26.3% from the current price of HKD 33.25 [2][3]. Core Insights - The company is expected to continue its strong performance in 2024, driven by steady growth in patient visits, member user engagement, and doctor supply. The integration of Traditional Chinese Medicine (TCM) with AI is anticipated to contribute significantly to long-term revenue growth [3][7]. - The company plans to expand its operations into overseas markets such as Indonesia and Malaysia, focusing on both TCM and AI applications [7]. - The management has indicated that despite investments in AI, adjusted net profit is projected to grow by over 20% in 2025 [7]. Financial Performance Summary - Revenue for 2024 is projected to reach RMB 3.022 billion, with a year-on-year growth of 30%. Adjusted net profit is expected to be RMB 426 million, also reflecting a 31% increase [7][13]. - The company has shown a significant increase in its doctor supply, with a 44% growth in its own doctor team, totaling 782 doctors [7]. - The report highlights a shift in revenue sources, with membership income increasing to 42% of total revenue, showcasing enhanced customer loyalty and spending [7]. Earnings Forecast Adjustments - The earnings forecast for 2025 has been slightly adjusted, with expected revenue of RMB 3.96 billion and adjusted net profit of RMB 501 million, reflecting a 1% decrease from previous estimates [6][13]. - The gross profit margin is projected to be 30.1% for 2025, slightly down from previous estimates [6]. Valuation Metrics - The report utilizes a DCF valuation model, estimating the equity value at approximately RMB 9.219 billion, translating to a per-share value of HKD 42.00 [8]. - The target price corresponds to a price-to-earnings ratio of 22 times for 2025 and a PEG ratio of 0.8 [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 42.00, indicating a potential upside of 26.3% from the current price of HKD 33.25 [2][3]. Core Insights - The company is expected to continue its strong performance in 2024, driven by steady growth in patient visits, member user engagement, and doctor supply. The integration of Traditional Chinese Medicine (TCM) with AI is anticipated to contribute significantly to long-term revenue growth [3][7]. - The company plans to expand its operations into overseas markets such as Indonesia and Malaysia, focusing on both TCM and AI applications [7]. - The management has indicated that despite investments in AI, adjusted net profit is projected to grow by over 20% in 2025 [7]. Financial Performance Summary - Revenue for 2024 is projected to reach RMB 3.022 billion, with a year-on-year growth of 30%. Adjusted net profit is expected to be RMB 426 million, also reflecting a 31% increase [7][13]. - The company has shown a significant increase in its doctor supply, with a 44% growth in its own doctor team, totaling 782 doctors [7]. - The report highlights a shift towards a membership model, with member revenue contributing 42% of total income, showcasing higher annual spending and visit frequency compared to non-members [7]. Earnings Forecast Adjustments - The earnings forecast for 2025 has been slightly adjusted, with expected revenue of RMB 3.96 billion and adjusted net profit of RMB 501 million, reflecting a 1% decrease from previous estimates [6][13]. - The gross profit margin is projected to be 30.1% for 2025, slightly down from previous forecasts [6]. Valuation Metrics - The report utilizes a DCF valuation model, estimating the company's equity value at approximately HKD 42.00 per share, based on a 22x P/E ratio for 2025 and a PEG ratio of 0.8 [8].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HK$67.35, indicating an expected upside from the current price of HK$33.25 [2][5]. Core Insights - The company achieved rapid revenue growth in 2024, with revenue reaching RMB 3.02 billion, a year-on-year increase of 30.1%. The net profit was RMB 310 million, reflecting a 21.4% increase, while the adjusted net profit was RMB 400 million, up 31.4% [3][10]. - The company is focusing on overseas expansion through mergers and acquisitions, particularly in regions with significant Chinese populations, such as Singapore, Hong Kong, Malaysia, and Indonesia [4][11]. - The integration of AI technology is expected to enhance operational efficiency and service quality, with plans to launch applications like "Famous Doctor Avatar" and "Health Assistant" in 2025 [12][13]. Financial Performance - Revenue projections for 2025 and 2026 are RMB 3.79 billion and RMB 4.63 billion, respectively, with year-on-year growth rates of 25.3% and 22.2% [5][13]. - The adjusted net profit for 2025 and 2026 is expected to be RMB 480 million and RMB 580 million, with growth rates of 20.6% and 21.0% [5][13]. - The gross profit margin is projected to remain stable at 30.1% over the forecast period [5][13]. Operational Expansion - By the end of 2024, the company operated 79 stores across 20 cities in China and Singapore, with a total of 21 new institutions added during the year [4][11]. - The average selling price (ASP) increased by 3.4% to RMB 559, while the number of patient visits rose by 25.9% to 5.41 million [4][11]. Management and Strategy - The company has developed a standardized operational model that supports its rapid expansion and enhances brand recognition [4][11]. - The management team is leveraging a large dataset of high-quality diagnostic information to develop AI applications, which is expected to replicate high-quality physician resources and improve service delivery [12][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [20]. Core Insights - The company reported a strong performance in its 2024 annual report, achieving revenue of 3.02 billion RMB (+30.1%) and a net profit attributable to shareholders of 307 million RMB (+21.6%), which aligns with expectations [2][8]. - The offline business continues to grow rapidly, with revenue reaching 2.74 billion RMB (+34.5%), driven by contributions from newly acquired institutions and growth in existing operations [4][3]. - The company has expanded its network significantly, operating 79 medical institutions by the end of 2024, an increase of 21 from the previous year, covering 20 cities [6]. Financial Performance - The company achieved a gross margin of 30.1%, maintaining year-on-year stability, while the net profit margin was 10.2% (-0.7 percentage points) [5]. - The adjusted net profit for the year was 400 million RMB (+31.4%), reflecting effective cost control with sales, management, and financial expense ratios at 12.2%, 6.1%, and 0.6%, respectively [5]. Business Expansion and Innovation - The company is actively investing in AI technology to enhance its traditional Chinese medicine services, aiming to improve diagnostic capabilities and customer service [7]. - The forecast for revenue growth is optimistic, with projections of 3.81 billion RMB, 4.84 billion RMB, and 6.09 billion RMB for 2025, 2026, and 2027, respectively [8]. Market Position - The company is positioned as a leading player in the traditional Chinese medicine service industry, benefiting from strong demand and supportive policies, with significant long-term growth potential [8].

智通财经APP获悉，3月31日，固生堂(02273)正式发布2024年度业绩公告。报告显示，公司全年营业收 入突破30.2亿元，同比增长30.1%;经调整净利润达4.0亿元，同比增长31.4%。不考虑汇兑损益的经调整 利润为4.07亿元，较2023年的2.91亿元增长39.8%。 以广州为例，2024年会员人数近12万人，同比增长超25%，会员收入占比超65%(同比提升近5%)。在业 务结构上，自费护士治疗收入同比增长超50%，其中25岁以下用户贡献业绩占比近25%。年轻人悦己消 费高景气，为区域收入利润增长带来额外动能。 2024年末期拟新增每股派息0.41港元，此前中期分红派息每股0.13港元，全年累计分红预计1.19亿元人 民币。系列举措体现了公司对股东利益的高度重视。 医疗资源与创新驱动固壁垒 本土加密与海外破局双驱动 2024年，新增医联体合作单位8家(如黑龙江中医药大学、山东中医药大学、江阴市中医院等)，累计合 作单位达28家。合作医生数量达40,242人，新增3,018人;线下合作医生达6,052人，其中高级职称医生增 加502人，占比47%。 2024年，固生堂持续推进"同城加密+新城拓展+海 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company reported a revenue growth of 30.1% year-on-year to 3.02 billion RMB and an adjusted net profit growth of 31.4% to 400 million RMB, exceeding profit expectations by 3.1% [1][2]. - The company is expanding its offline store network, adding 21 new stores in 2024, significantly up from 9 in 2023, and now operates 78 stores across 20 cities in China and Singapore [1][7]. - The management expects a revenue growth of 25% year-on-year in 2025, with adjusted profit growth of no less than 20% [1][7]. Financial Performance - For FY23A, the company achieved a sales revenue of 2,323 million RMB, with a projected increase to 3,022 million RMB in FY24A [2]. - The adjusted net profit for FY23A was 305 million RMB, expected to rise to 400 million RMB in FY24A [2]. - The adjusted earnings per share (EPS) for FY24A is projected at 1.64 RMB, with a market average estimate of 1.93 RMB for FY25E [2]. Valuation - The target price is set at 52.38 HKD, representing a potential upside of 57.5% from the current price of 33.25 HKD [3][7]. - The report adjusts the DCF-based target price, reflecting a WACC of 10.2% and a perpetual growth rate of 3.0% [10][7]. Growth Strategy - The company is leveraging AI technology to enhance service efficiency and patient care, with plans to launch AI-powered services to improve the productivity of scarce medical resources [7][8]. - The management aims to increase overseas revenue to 150-200 million RMB by 2025, focusing on expanding in first-tier cities in China and entering new markets [7][8]. Shareholder Returns - The company returned 420 million RMB to shareholders in 2024 through dividends and buybacks, amounting to 137% of its net profit for the year [7][8]. - The management anticipates maintaining a dividend payout ratio of over 30% in the future [7].

证券研究报告 | 2025年04月02日 固生堂（02273.HK） 优于大市 2024 年业绩维持高增速，AI 赋能有望拓展全新增长空间 2024 年公司收入维持高增速，AI 赋能有望带来业务能力提升。2024 年公司 实现营收 30.22 亿元（+30.1%），溢利净额 3.07 亿元（+21.6%），经调整 溢利净额 4.00 亿元（+31.4%）。2024 年公司旗下医疗机构延续 2023 年高 速增长的态势，彰显了公司业务的发展韧性；公司保持外延迅速扩张的节奏， 拓展国内的覆盖范围及市场份额，同时于上半年进军新加坡市场，迈出国际 化第一步。凭借内生增长和外延并购的双轮驱动，以及线下医疗机构和线上 健康平台相结合的业务模式，公司民营中医连锁服务机构龙头地位日渐稳 固。此外，叠加公司将推出的名医"AI 分身"为公司的诊疗质量和水平带来 的提升，公司未来增长势头依然强劲。 客户群持续增长，诊疗量与会员人数同比提升。按营收拆分来看，医疗健康 解决方案 2024 年实现收入 29.88 亿元（+30.6%），占总收入的 98.9%。2024 年全年，公司新增客户 88.9 万人，总就诊人次达到 541.1 万 ...