Investment Rating - The report maintains a rating of "Buy" for the company [2][5]. Core Insights - The company has shown strong performance with a revenue of 1.365 billion yuan in H1 2024, representing a growth of 38.4%, and a net profit of 107 million yuan, up by 15.1% [5]. - The adjusted net profit reached 148 million yuan, marking a significant increase of 45.3% [5]. - The gross margin improved to 29.4%, an increase of 0.7 percentage points, while the adjusted profit margin rose to 10.8%, up by 0.5 percentage points [5]. - The company forecasts adjusted net profits of 399 million, 519 million, and 670 million yuan for 2024, 2025, and 2026, respectively, indicating year-on-year growth rates of 31%, 30%, and 29% [5]. - The target market capitalization is set at 12 billion yuan, with a target price of 48.97 yuan (53.52 HKD) based on a PE ratio of 30X for 2024 [5]. Summary by Sections Performance Overview - The company added 420,000 new customers in H1 2024, a growth of 21.1%, bringing the total customer base to 3.957 million [5]. - The number of customer visits reached 2.383 million, an increase of 31.9%, with a customer retention rate of 69.5%, up by 2.2 percentage points [5]. - Average spending per visit increased to 573 yuan, reflecting a growth of 4.9% [5]. - Membership numbers grew by 49.3% to 261,000, with member visits increasing by 51.1% to 938,000 [5]. Expansion and Market Share - The company is expanding its market presence through both self-built and acquired branches, adding 16 new locations (4 self-built and 12 acquired) [5]. - The company has entered new cities including Singapore, Changsha, Xuzhou, and Changshu, operating a total of 74 stores across 20 cities [5]. - The company has established partnerships with 26 medical alliances, enhancing its doctor resources with over 39,000 practicing physicians [5]. Financial Projections - Revenue projections for the next three years are as follows: 3.029 billion yuan for 2024, 3.925 billion yuan for 2025, and 5.033 billion yuan for 2026, with respective growth rates of 30.2%, 29.6%, and 28.2% [7]. - The adjusted net profit is expected to grow significantly, with projections of 399 million yuan for 2024, 519 million yuan for 2025, and 670 million yuan for 2026 [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Insights - The company reported a revenue of 1.37 billion RMB for the first half of 2024, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of 107 million RMB, up 15.1% [2][3]. - The offline medical institutions generated 1.23 billion RMB in revenue, reflecting a 43.7% increase, driven by new acquisitions and growth in existing institutions [3]. - The company has expanded its operational footprint, owning and operating 71 medical institutions as of June 30, 2024, an increase of 15 from the end of 2023 [5]. Financial Analysis - The company achieved a gross margin of 29.4%, a year-on-year increase of 0.7 percentage points, and a net profit margin of 7.8% [4]. - The sales expense ratio, management expense ratio, and financial expense ratio were 11.7%, 8.1%, and 0.6%, respectively, with minor changes compared to the previous year [4]. - The adjusted net profit margin improved to 10.8%, an increase of 0.51 percentage points [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 2.99 billion RMB, 3.89 billion RMB, and 4.97 billion RMB for the years 2024, 2025, and 2026, respectively [6]. - The forecast for net profit attributable to shareholders is adjusted to 329 million RMB, 447 million RMB, and 585 million RMB for the same years [6]. Market Position and Growth Potential - The company is positioned as a leading player in the Chinese traditional Chinese medicine (TCM) healthcare service industry, benefiting from strong demand and supportive policies [6]. - The company's business model demonstrates significant replicability, with advantages in brand, talent, and resources, indicating substantial long-term growth potential [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 67.87, indicating a potential upside of 74.9% from the current price of HKD 38.80 [3][16]. Core Insights - The company reported a revenue increase of 38.4% year-on-year to RMB 1.37 billion, with adjusted net profit rising 45.3% to RMB 150 million for the first half of 2024 [1]. - The management has raised the annual store expansion target from 10-15 to 18-25 new stores, reflecting a faster-than-expected pace of growth [1]. - The company continues to strengthen its competitive advantage in doctor resources, with a total of 26 medical alliance units established, enhancing its reputation and quality of service [1]. Financial Performance - Revenue for FY24E is projected at RMB 3.112 billion, with a year-on-year growth of 33.9%, and adjusted net profit expected to reach RMB 417 million, reflecting a growth of 36.9% [2][11]. - The adjusted earnings per share for FY24E is forecasted to be RMB 1.70, with a decreasing adjusted P/E ratio from 27.8 in FY23A to 21.0 in FY24E [2][14]. Store Expansion and Market Position - As of July 2024, the company has added 16 new stores, bringing the total to 74, with a focus on high-potential regions such as the Yangtze River Delta and major cities [1]. - The management aims to increase store density in cities where it already operates, leveraging economies of scale [1]. Shareholder Returns - The company plans to increase the proportion of dividends and buybacks to 30-50% of net profit over the next 3-5 years, with an interim dividend of approximately HKD 31.54 million announced [1].

证券研究报告 | 公司动态点评 2024 年 08 月 21 日 固生堂（02273.HK） 24H1 业绩增长强劲，线下门店布局加速 | --- | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------|-------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | | | | | | | 增长率 yoy（%） | 18.4 | 43.0 | 31.5 | 30.6 | 30.1 | | 归母净利润（百万元） | | | | | 491.2 682.8 | | 增长率 yoy（%） | 136.1 | 37.6 | 34.6 | 44.6 | 39.0 | | 经调整净利润（百万元） | 198 | 305 | 400 | 536 | 713 | | 增长率 yoy（%） | 26.6 | 53.6 | 31.0 | 34.2 | 33.0 | | ROE（%） | 10.7 | 10.9 | 1 ...

证券研究报告 港股公司|公司点评|固生堂（02273） 业绩快速增长，门店扩张加速 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 公司发布 2024 年半年报，2024 年上半年公司实现营业收入 13.65 亿元，同比增长 38.4%；净 利润 1.07 亿元，同比增长 15.1%；经调整净利润 1.48 亿元，同比增长 45.3%。公司门诊人次、 回头率和次均消费均实现增长，其中门诊人次达 238.33 万人次，同比增长 31.9%；服务人数 达 77.07 万人，同比增长 26.4%；回头率从 2023 年上半年的 67.3%进一步提升至 69.5%。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 2 港股公司|公司点评 glzqdatemark2 2024年08月22日 固生堂(02273) 业绩快速增长，门店扩张加速 | --- | --- | --- | |-------|------------|-------------------| | 行 | 业： | 医药生物/医疗服务 | ...

[Table_StockNameRptType] 固生堂（02273） 公司点评 稳扎稳打，持续增长，未来可期 | --- | --- | |--------------------------------|-------------| | [Table_Rank] | | | 报告日期： | 2024-08-21 | | [Table_BaseData]收盘价（港元） | 38.80 | | 近 12 个月最高/ | 52.40/32.70 | | 总股本（百万股） | 245 | | 流通股本（百万股） | 245 | | 流通股比例（% | 100.00 | | 总市值（亿港元） | 95 | | 流通市值（亿港元） | 95 | [公司价格与 Table_Chart]恒生指数走势比较 -50.00% 0.00% 50.00% 0 500 23-0823-1023-1224-0224-0424-0624-08 成交金额 固生堂 恒生指数 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：陈珈蔚 执业证书号：S0010524030001 邮箱：chenj ...

固生堂(02273) / 医疗服务 / 公司点评 / 2024.08.21 业绩持续超预期，外延并购拓展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(港元) | 38.80 | | 流通股本(亿股) | 2.45 | | 每股净资产(港元) | 9.51 | | 总股本(亿股) | 2.45 | 最近 12 月市场表现 -15% -5% 4% 14% 23% 33% 固生堂 恒生指数 分析师 张文录 SAC 证书编号：S0160517100001 zhangwenlu@ctsec.com 分析师 赵则芬 SAC 证书编号：S0160524040003 zhaozf@ctsec.com 相关报告 1. 《门店扩张加快，自有医生持续贡献 收入》 2023-08-22 2. 《民营中医服务龙头，标准化复制能 力凸显》 2022-12-08 证券研究报告 事件：2024 年上半年公司实现营收 13.65 亿元，同比增长 38.4%；实现经调 整净利润 1.48 亿元，同比增 ...

[Table_StockNameRptType] 固生堂（02273） 公司点评 稳扎稳打，持续增长，未来可期 | --- | --- | |--------------------------------|-------------| | [Table_Rank] | | | 报告日期： | 2024-08-21 | | [Table_BaseData]收盘价（港元） | 38.80 | | 近 12 个月最高/ | 52.40/32.70 | | 总股本（百万股） | 245 | | 流通股本（百万股） | 245 | | 流通股比例（% | 100.00 | | 总市值（亿港元） | 95 | | 流通市值（亿港元） | 95 | [公司价格与 Table_Chart]恒生指数走势比较 -50.00% 0.00% 50.00% 0 500 23-0823-1023-1224-0224-0424-0624-08 成交金额 固生堂 恒生指数 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：陈珈蔚 执业证书号：S0010524030001 邮箱：chenj ...

证券研究报告·海外公司点评·医疗保健设备和服务(HS) 固生堂（02273.HK） 2024 半年报点评：内生增长强劲，门店扩张 加速，业绩持续高增可期 2024 年 08 月 21 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1627 | 2327 | 3072 | 4013 | 5206 | | 同比(%) | 18.31 | 43.05 | 32.05 | 30.63 | 29.72 | | 归母净利润（百万元） | 183.29 | 252.20 | 330.91 | 487.72 | 642.50 | | 同比(%) | 136.15 | 37.59 | 31.21 | 47.39 | 31.74 | | Non-GAAP 净利润 | 200.8 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 21 日 固生堂(02273.HK) 业绩表现亮眼，自建+并购加速扩张 事件： 2024 年 8 月 20 日，公司发布 2024 年中期报告。2024 年上半年公 司实现营业收入 13.65 亿元，同比增长 38.4%；实现毛利润 4.01 亿 元，同比增长 41.8%；实现净利润（溢利净额）1.07 亿元，同比增长 15.1%；实现经调整净利润（溢利净额）1.48 亿元，同比增长 45.3%。 董事会通过中期派息方案，计划每股派息 0.13 港元，预计中期股息 总额达到 3,154 万港元。 主营业务收入高速增长，经调整净利润表现亮眼。 从收入端来看，公司主营业务收入延续高速增长。 按照业务类型划分，2024年H1医疗健康解决方案实现营业收入13.45 亿元，同比增长 39.3%；销售医疗健康产品实现营业收入 0.20 亿元， 同比下滑 2.0%。按照线上线下划分，2024 年 H1 线下医疗机构实现营 业收入 12.31 亿元，同比增长 43.7%；线上平台实现营业收入 1.34 亿元，同比增长 3.6%。按照区域划 ...