M N 2024 年 4 月 29 日 招银国际环球市场 | 睿智投资 | 公司更新 固生堂 (2273 HK) 1Q24 保持业务快速增长势头 目标价 71.96港元 固生堂更新了 1Q24 经营数据， 1Q24 就诊人次约为 107 万，同比增长约 (此前目标价 71.96港元) 42.1%，其中在23年4月1日至24年3月31日期间新成立的门店1Q24就诊 潜在升幅 58.2% 人次约为 7.4 万，贡献总就诊人次增长率中的 9.8%。管理层表示老店就诊人次 当前股价 45.50港元 增长达 32.2%。门诊人次的强劲增长部分得益于 23 年 1-2 月疫情导致的低基 中国医药 数，然而23年3月出现积压需求的集中爆发，造成一定的高基数，但24年3月 武 煜, CFA 门诊人次的增长仍超过 30%。同时，管理层表示 1Q24 客单价同比增长超过 (852) 3900 0842 2%。基于公司良好的现金流表现，管理层计划在未来 3-5 年将每年的分红、回 jillwu@cmbi.com.hk 购的比例提高至净利润的30-50%，以更好的回馈股东。 黄本晨, CFA  线下门店扩张提速。23 年固生堂共收 ...

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 ...

[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 ...

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 ...

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].

[Table_Page] 公告点评|医疗保健设备与服务 证券研究报告 [【Table_Tit广le] 发 医 药 & 海 外 】 固 生 堂 [公Tab司le_I评nves级t] 买入 当前价格 43.60港元 （02273.HK） 合理价值 54.62港元 前次评级 买入 业务规模高速扩张，经营质量持续提升 报告日期 2024-03-29 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 *如无特殊说明，本报告货币单位为人民币（0.92人民币=1港元） ⚫ 固生堂发布2023全年业绩。公司2023年实现营业收入23.23亿元， 10% 2% 同比+43.0%；净利润2.53亿元，同比+39.6%；经调整净利润3.05亿 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -7% 元，同比+53.6%。调整项主要为股权激励费用。 -15% ⚫ 线下业绩恢复高速增长，自有医师成长迅速。根据公司年报披露，公司 -24% 2023年线下医疗机构收入为20.37亿元，同比提升49.2%，我们推测 -32% 固生堂 恒生指数 主要受益于疫 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 30 日 固 生堂(02273.HK) 证券研究报告 业绩符合预期，高景气度持续 医疗及医学美容服务(HS) 投资评级 买入-A 事件： 维持评级 2024 年 3 月 27 日，公司发布 2023 年年度业绩公告。2023 年公司 6个月目标价 61.12港元 实现营业收入 23.23 亿元，同比增长43.0%，实现毛利润 7.00 亿元， 股价 (2024-03-29) 43.60港元 同比增长 40.1%，实现归母净利润 2.53 亿元，同比增长 39.6%，实 现经调整净利润3.05亿元，同比增长 53.6%，归母净利润和经调整 交易数据 净利润之间的差异主要来自于股权激励费用。 总市值(百万港元) 10,751.28 流通市值(百万港元) 10,751.28 业绩符合预期，高景气度持续。 总股本(百万股) 246.59 业绩符合预期，参考 2024 年 2 月公告的业绩预告，2023 年预计实 流通股本(百万股) 246.59 现归母净利润区间为 2.45-2.55 亿，同比增长 35-41%，预计实现经 12个 ...