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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [11]. Core Insights - The company has demonstrated strong performance with a revenue growth of 38.4% year-on-year in H1 2024, achieving a total revenue of 1.365 billion [1]. - The company has accelerated its offline store expansion, adding 16 new outpatient chain locations, including 12 from acquisitions and 4 from self-construction, thus extending its medical service network to 19 cities in China and Singapore [2]. - The number of doctors associated with the company has increased to 39,018, with significant growth in both offline and online medical personnel [2]. - The company has introduced new in-house formulations and plans to develop 10 new products annually, enhancing its product offerings in traditional Chinese medicine [5]. Financial Summary - The company's projected revenues for 2024-2026 are 3.056 billion, 3.990 billion, and 5.189 billion respectively, with adjusted net profits of 400 million, 536 million, and 713 million [5]. - The adjusted P/E ratios for the next three years are forecasted to be 21.8X, 16.2X, and 12.2X, indicating a favorable valuation trend [5]. - The company reported a net profit of 1.07 billion in H1 2024, reflecting a 15.1% increase year-on-year, while the adjusted net profit grew by 45.3% to 1.48 billion [1][5].

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has consistently exceeded performance expectations, with successful expansion through acquisitions [1] - In the first half of 2024, the company achieved revenue of 1.365 billion RMB, a year-on-year increase of 38.4%, and adjusted net profit of 148 million RMB, up 45.3% year-on-year [3] - The company continues to see high growth in offline revenue, with a 43.7% year-on-year increase to 1.231 billion RMB, and an increase in average spending per visit to 572 RMB from 546 RMB in the first half of 2023 [3] - The company has successfully advanced its acquisition strategy, establishing 4 new stores and acquiring 12 stores, entering 4 new cities [3] - The company is actively developing in-house formulations and expanding its medical alliance network, adding 6 new cooperative units in 2024, bringing the total to 26 [3] - The company is projected to achieve revenues of 3.103 billion RMB, 3.979 billion RMB, and 4.993 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 344 million RMB, 447 million RMB, and 567 million RMB [3] Financial Summary - As of August 21, 2024, the closing price is 38.80 HKD, with a circulating share capital of 245 million shares and a net asset value per share of 9.51 HKD [1] - The company’s revenue growth rates are projected at 33.57% for 2025 and 28.21% for 2026, with net profit growth rates of 36.30% and 29.92% for the same years [6][7] - The company’s PE ratios are expected to decrease from 47.55 in 2023 to 15.55 by 2026, indicating improving valuation metrics [6][7]

[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 ...

Investment Rating - Buy (Maintained Rating) [2] Core Views - The company reported strong 1H24 results with revenue of RMB 1.365 billion (+38% YoY) and adjusted net profit of RMB 148 million (+45% YoY) [2] - The company is a leader in traditional Chinese medicine (TCM) healthcare services, with significant growth potential driven by its expanding network and economies of scale [4] - The company's offline medical services saw rapid growth, with 2.383 million patient visits (+32% YoY) and stable average spending per visit at RMB 573 (+5% YoY) [3] - The company expanded its network to 71 medical institutions across 19 cities, up from 56 institutions in 16 cities in 2023 [3] - Gross margin improved slightly to 29.4% (+0.7pct YoY), with good cost control as the sales expense ratio decreased to 11.7% (-0.46pct YoY) [3] Financial Performance - Revenue for 1H24 reached RMB 1.365 billion (+38% YoY), driven by growth in healthcare solutions revenue of RMB 1.344 billion (+39.3% YoY) [3] - Net profit for 1H24 was RMB 107 million (+15% YoY), with adjusted net profit at RMB 148 million (+45% YoY) [2] - The company's gross margin for healthcare solutions was 29.4% (+0.6pct YoY), while gross margin for healthcare product sales improved to 27.8% (+2.6pct YoY) [3] - The company's revenue is expected to grow at a CAGR of 31% from 2024 to 2026, with net profit projected to reach RMB 603 million by 2026 [4] Expansion and Network Growth - The company added 15 new medical institutions in 1H24, including 11 acquisitions and 4 self-built facilities, bringing the total to 71 institutions [3] - The company's network now covers 19 cities, up from 16 cities in 2023 [3] - The expansion is expected to enhance the company's market share and geographic coverage [3] Valuation and Forecast - The company's EPS is projected to grow from RMB 1.35 in 2024 to RMB 2.28 in 2026, with a PE ratio of 26x in 2024, decreasing to 15x by 2026 [4] - The company's ROE is expected to improve from 12.97% in 2024 to 16.27% in 2026 [6] - The company's revenue is forecasted to reach RMB 5.23 billion by 2026, with a net profit of RMB 603 million [6] Market Sentiment - The company has consistently received "Buy" ratings from analysts, with 24 "Buy" recommendations in the past six months [8] - The market average investment recommendation score is 1.00, indicating a strong "Buy" consensus [9]