Group 1 - Morgan Stanley expects Guosheng Tang (02273.HK) to achieve a mid-term revenue growth of approximately 17% and an adjusted net profit increase of over 20% [1] - The rapid offline growth is partially offset by slower online expansion [1] - For the full year 2025, Morgan Stanley has raised the earnings per share estimate for Guosheng Tang by 4%, anticipating that AI revenue contributions will offset related investment impacts, leading to an adjusted net profit of 480 million RMB [1] Group 2 - Due to macroeconomic downturns and reimbursement pressures in certain regions, Morgan Stanley has lowered the earnings per share estimates for 2026 and 2027 by 9% and 11% respectively [1] - The expected revenue and profit growth rates for 2026 and 2027 are projected to be high double-digit percentages and around 20% [1] - The target price for Guosheng Tang has been reduced by 13%, from 55 HKD to 48 HKD, while maintaining an "overweight" rating [1]
摩根士丹利降固生堂目标价至48港元 维持增持评级