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） 2023 年业绩点评：业绩表现亮眼，门店扩张 2024 年 03月 29日 与医生储备保障增长 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 冉胜男 执业证书：S0600522090008 营业总收入（百万元） 1,627 2,327 3,034 3,937 5,062 ranshn@dwzq.com.cn 同比 18.31% 43.05% 30.40% 29.77% 28.57% 归母净利润（百万元） 183.29 252.20 355.46 479.76 639.65 股价走势 同比 136.15% 37.59% 40.94% 34.97% 33.33% 固生堂 恒生指数 Non-GAAP净利润（百万元） 198.41 304.71 405.46 530.76 674.65 同比 53.60% 53.58% 33.07% 30.90% 2 ...

Investment Rating - Buy rating is maintained for the company with a target price of HKD 57.88, representing a 35x PE multiple for 2024 and a market cap of RMB 12.8 billion [6][8][10] Core Views - The company achieved rapid growth in 2023 with revenue of RMB 2.323 billion (+43% YoY), net profit of RMB 253 million (+39.6% YoY), and adjusted net profit of RMB 305 million (+53.6% YoY) [2] - The company is a leading player in the TCM medical services industry with strong cross-regional operation capabilities, replicable business model, and significant advantages in brand, talent, and resources [6] - The TCM medical services industry is expected to experience high growth driven by strong demand and policy support [6] Financial Performance - Offline medical institutions generated revenue of RMB 2.037 billion (+49.2% YoY) driven by newly acquired and existing institutions, while online institutions contributed RMB 286 million (+10.2% YoY) [3] - The company served 4.297 million patient visits (+45.91% YoY) with an average spending per customer of RMB 541 (-2% YoY) and a customer retention rate of 65.2% (vs 64% in 2022) [3] - Gross margin was 30.13% (-0.62pct YoY), net margin was 10.86% (-0.42pct YoY), and adjusted net margin was 13.13% (+0.09pct YoY) [4] - Sales, management, and financial expense ratios were 12.11% (-0.65pct YoY), 6.66% (-0.49pct YoY), and 1.10% (+0.02pct YoY) respectively [4] Business Expansion - As of Dec 31, 2023, the company operated 56 medical institutions across 16 cities, having acquired 7 and self-built 2 offline institutions during the year [5] - The company has established partnerships with multiple third-party online platforms [5] Financial Projections - Revenue is forecasted to grow to RMB 3.002 billion (+29% YoY), RMB 3.746 billion (+25% YoY), and RMB 4.443 billion (+19% YoY) in 2024E-2026E [7] - Net profit is projected to reach RMB 367 million (+45.5% YoY), RMB 479 million (+30.6% YoY), and RMB 593 million (+23.7% YoY) in 2024E-2026E [7][15] - EPS is expected to be RMB 1.49, RMB 1.94, and RMB 2.40 in 2024E-2026E [7][12][13][14] Valuation - The company is trading at 41x PE and 4.5x PB for 2023A, with projected PE multiples of 28x, 22x, and 17x for 2024E-2026E [7][15] - EV/EBITDA is forecasted to decline from 16x in 2023A to 5x in 2026E [15]

固生堂（2273.HK）2023年年报业绩点评 年度业绩贴前期预告上限，需求旺盛促持续高增 2024年03月29日 长 ➢ 事件：公司 2023 年实现收入 23.23 亿元（yoy+43%)，净利润 2.53 亿元 推荐 维持评级 (yoy+39.6%）；经调整净利润 3.05 亿元（yoy+53.6%)，整体业绩接近此前业 当前价格： 43.60港元 绩预告上限。净利润与经调整净利润差主要系股权激励费用导致，2023 年全年 股权激励费用5177.4万元。 ➢ 点评： [Table_Author] 1. 线上及线下业务拆分：公司线下业务收入达到 20.37 亿元（yoy+49.2%), 主要系需求端线下中医诊疗需求加速，供给端：公司自有医生成长、多点 医生不断开发带来线下业务加速成长；线上业务 2.86 亿元 （yoy+10.2%)，主要系2022年线上业务存在高基数效应影响； 2. 门店布局：2023年门店扩张符合年初指引。新进武汉、昆山2个新城，全 国新增门诊连锁9 家，截至2023年12月31日，公司在北京、上海、广 分析师 王班 州、深圳、佛山、中山、福州、南京、苏州、宁波、无锡、杭州、郑州、 执 ...

业绩简评 2024 年 3月 27 日，公司发布 23 年年度业绩公告。公司2023年实 现收入 23.23 亿元（同比+43%），经调整净利润 3.05 亿元（同比 +54%），归母净利润 2.52 亿元（同比+39%）； 拆分来看，2023H2 公司实现收入13.37 亿元（同比+45%），经调整 净利润2.03 亿元（+49%），归母净利润1.59 亿元（同比+25%）。 经营分析 线下收入高增，线上收入稳定。2023 年，公司线下医疗机构收入 20.37 亿元(同比+49%)，线上医疗健康平台收入 2.86 亿元(同比 +10%)。线下医疗机构收入高增，主要来自公司新收购及现有线下 业务的双重驱动。客户方面，2023 年公司客户就诊人次为 429.7 万人次(同比+46%)，就诊次均消费541 元(同比-2%)，客户回头率 港币(元) 成交金额(百万元) 为 65.2%（同比+1.2pct），新客户 80.4 万人(同比+46%)。公司客 63.00 500 450 户群稳定增长且客户回头率进一步提升，为业绩增长奠定基础。 59.00 400 55.00 350 门店数量持续扩张，业务区域不断拓展。截 ...

公 司 2024年03月 28日 报 固生堂(2273.HK) 告 公司稳步扩张，患者数量快速增长带来业绩高增速 强烈推荐（维持） 事项： 公司发布 2023年年报，2023年实现收入23.23亿元（+43.0%，2022年收入 股价：46.2 港元 经过追述调整为 16.25 亿元）；扣非净利润2.53 亿元（+39.6%，2022 年利润 经过追述调整为1.81亿元）；经调整净利润3.05亿元（+53.6%）。公司业绩略 公 主要数据 超预期。 司 董事会已决议不派发截至2023年12月31日止财政年度的末期股息。 行业 医药生物 平安观点： 年 公司网址 www.gstzy.cn 大股东/持股 11.14%  患者数量快速增长推动公司业绩增长：2023 年，公司就诊人次达到 430 报 实际控制人 涂志亮 万（+46%），新客户达80万（+45%），均实现稳定增长。公司就诊人次 点 总股本(百万股) 246.59 数的提升，除现有门店的增长外，新门店亦起到重要作用。公司患者体验 流通A股(百万股) 0 评 流通B/H股(百万股) 246.59 良好，回头率稳定提升至 65.2%，同比增长 1.22 个 ...

Financial Performance - The group's revenue increased by 43.0% from RMB 1,624.6 million for the year ended December 31, 2022, to RMB 2,323.4 million for the year ended December 31, 2023[2]. - Gross profit rose by 40.1% from RMB 499.5 million in 2022 to RMB 700.0 million in 2023[2]. - Net profit increased by 39.6% from RMB 181.2 million in 2022 to RMB 252.9 million in 2023[2]. - Adjusted net profit grew from RMB 198.4 million in 2022 to RMB 304.7 million in 2023[2]. - Total comprehensive income for the year was RMB 257.9 million, compared to RMB 172.9 million in the previous year[3]. - The company reported a basic earnings per share of RMB 1.06 for the year, up from RMB 0.79 in 2022[6]. - The net profit for the year 2023 was RMB 9,029 thousand, compared to a loss of RMB 2,398 thousand in 2022, indicating a significant turnaround[19]. - Basic earnings per share for 2023 were RMB 0.04, up from a loss of RMB 0.01 per share in 2022[20]. - The net profit attributable to equity holders of the parent company was RMB 252,202,000, compared to RMB 180,854,000 in 2022[40]. - Total revenue for 2023 was RMB 2,323,351 thousand, an increase from RMB 1,624,561 thousand in 2022, representing a growth of approximately 43%[24]. Assets and Liabilities - The company's cash and cash equivalents amounted to RMB 1,301.3 million as of December 31, 2023, up from RMB 994.3 million in 2022[7]. - Current assets increased to RMB 1,837.6 million in 2023 from RMB 1,359.6 million in 2022[7]. - Total assets less current liabilities reached RMB 2,671.1 million, compared to RMB 2,063.9 million in 2022[8]. - Non-current assets totaled RMB 1,541.7 million as of December 31, 2023, compared to RMB 1,258.6 million in 2022[7]. - The total liabilities decreased to RMB 1,506 thousand in 2023 from RMB 8,757 thousand in 2022, a reduction of approximately 83%[18]. - Deferred tax liabilities were RMB 1,506 thousand in 2023, down from RMB 8,757 thousand in 2022, reflecting a decrease of approximately 83%[18]. - The debt-to-equity ratio as of December 31, 2023, was 0.7%[89]. Revenue Sources - Revenue from medical health solutions and product sales was RMB 2,287,100 thousand and RMB 36,251 thousand respectively in 2023, compared to RMB 1,595,717 thousand and RMB 28,844 thousand in 2022[25]. - Revenue from offline medical institutions surged by 49.2% from RMB 1,364.9 million in 2022 to RMB 2,037.1 million in 2023, driven by business growth from newly acquired and existing institutions[71]. - Revenue from the online medical health platform grew by 10.2% from RMB 259.6 million in 2022 to RMB 286.2 million in 2023, due to an increase in patient visits[71]. - Revenue from the sale of medical health products increased by 25.7% from RMB 28.8 million in 2022 to RMB 36.3 million in 2023, mainly due to sales growth from new customers[69]. Customer Growth and Engagement - The company achieved a total of 803,973 new customers in the year ended December 31, 2023, compared to 551,999 in the previous year, reflecting a significant increase of 45.5%[60]. - Cumulative customers reached 3,536,797 by December 31, 2023, up from 2,732,824 in 2022, representing a growth of 29.4%[60]. - The total number of customer visits increased to 4,297,000 in 2023 from 2,945,000 in 2022, marking a rise of 46%[60]. - The customer retention rate improved to 65.2% in 2023 from 64.0% in 2022, indicating effective customer acquisition and retention strategies[60]. Operational Efficiency and Investments - The company has established a digital store system for offline medical institutions to enhance customer interaction and improve service efficiency[53]. - The integration of traditional Chinese medicine and Western medicine aims to provide comprehensive healthcare solutions, particularly in chronic disease management[52]. - The company has implemented a customer relationship management (CRM) system to enhance operational efficiency of the medical professional team[53]. - The establishment of an enterprise resource planning (ERP) system aims to enhance digital operations and management across supply chain, sales, inventory, and accounting[53]. - The company is increasing its investment in research and development to standardize and productize medical health solutions, with plans for more in-house preparations in the future[66]. Corporate Governance and Compliance - The company is committed to maintaining high levels of corporate governance and has complied with all applicable code provisions, except for the separation of the roles of Chairman and CEO[103]. - The company has established an audit committee to assist the board in reviewing compliance, accounting policies, and financial reporting procedures[110]. - The independent auditor has reviewed the preliminary performance announcement, but this does not constitute a certification under Hong Kong auditing standards[111]. - The company is committed to maintaining compliance with the listing rules as outlined in Appendix C3[117]. Future Plans and Strategies - The company plans to apply newly issued but not yet effective Hong Kong Financial Reporting Standards, which may lead to changes in accounting policies but are not expected to significantly impact operational performance[21]. - The company aims to enhance its R&D capabilities, including in-house formulations, with a budget of HKD 74.8 million, of which HKD 44.3 million has been utilized[98]. - The company plans to allocate 60% of the net proceeds (approximately HKD 323.77 million) to expand offline medical institutions by the end of 2027[101]. - The company aims to strengthen its OMO platform and brand value while addressing healthcare accessibility issues for customers[64]. - The company is actively exploring opportunities for mergers and acquisitions to drive growth[117].

证券研究报告 | 公司动态点评 2024 年 02月 21日 固生堂（02273.HK） 业绩增长势头强劲，持续回购彰显长期发展信心 财务指标 2021A 2022A 2023E 2024E 2025E 买入（维持评级） 营业收入（百万元） 1372 1625 2309 3025 3948 股票信息 增长率yoy（%） 48.3 18.4 42.1 31.0 30.5 归母净利润（百万元） -507.1 183.3 250.1 345.2 500.2 行业 医药 增长率yoy（%） -98.3 136.1 36.5 38.0 44.9 2024年2月21日收盘价（港元） 44.200 经调整净利润（百万元） 157 198 300 405 545 总市值（百万港元） 10,899.24 增长率yoy（%） 85.0 26.6 51.2 35.0 34.6 流通市值（百万港元） 10,899.24 ROE（%） -32.7 10.7 12.7 14.9 17.8 总股本（百万股） 246.59 EPS最新摊薄（元） -2.06 0.74 1.01 1.40 2.03 流通股本（百万股） 246.59 P/E（倍 ...

ai169474498614_Gusheungtang IR2023 Cover 5mm CHI OP.pdf 1 15/9/2023 上午10:29 2023 中期報 告 Interim Report GUSHENGTANG HOLDINGS LIMITED 固生堂控股有限公司 (Incorporated under the laws of the Cayman Islands with limited liability) （根據開曼群島法律註冊成立的有限公司） 股份代號 Stock Code: 2273 中期報告 2023 目錄 公司資料2 | --- | --- | |----------------------------------|-------| | | | | | | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 企業管治及其他資料 | 22 | | 中期簡明綜合損益及其他全面收益表 | 35 | | 中期簡明綜合財務狀況表 | 37 | | 中期簡明綜合權益變動表 | 39 | | 中期簡明綜合現金流量表 | 41 | | 中期簡明綜合財務報表附註 | 43 | | 釋義 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 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） （股份代號：2273） 截至2023年6月30日止六個月中期業績公告 | --- | --- | |--------|---------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | | 本集團的收入由截至 2022 年 6 月 30 日止六個月的人民幣 702.9 百萬元增加 40.3% 至截至 2023 年 6 月 30 日止六個月的人民幣 986.1 百萬元。 | | 74.0% | 溢利淨額由截至 2 ...

(Incorporated under the laws of the Cayman Islands with limited liability) （根據開曼群島法律註冊成立的有限公司） 股份代號 Stock Code: 2273 2022 年度報告 目錄 | 公司資料 | 2 | | --- | --- | | 主要財務及營運數據 | 4 | | 主席報告書 | 5 | | 管理層討論及分析 | 12 | | 董事及高級管理層 | 32 | | 董事會報告 | 41 | | 企業管治報告 | 75 | | 環境、社會及管治報告 | 98 | | 獨立核數師報告 | 171 | | 綜合損益及其他全面收益表 | 177 | | 綜合財務狀況表 | 179 | | 綜合權益變動表 | 181 | | 綜合現金流量表 | 183 | | 綜合財務報表附註 | 185 | | 五年財務概要 | 286 | | 釋義及詞彙 | 287 | 公司資料 董事 2022 年 度 報 告 C M Y CM MY CY CMY K ai168126348224_Gusheungtang AR2022 COV_chi_18.5 ...