Core Viewpoint - UBS initiates coverage on Guoshengtang (2273.HK) with a "Buy" rating and a target price of HKD 48.3, corresponding to a 17x projected P/E ratio for 2026 [1] Group 1: Financial Projections - UBS forecasts a compound annual growth rate (CAGR) of 20% for adjusted earnings from 2024 to 2027, surpassing the market average expectation of 19% [1] - The firm highlights strong visibility in Guoshengtang's growth prospects, supported by favorable valuation and limited policy risks [1] Group 2: Competitive Advantages - Guoshengtang's ability to attract and retain doctors is emphasized as a significant advantage, along with its capacity to manage policy risks and long-term opportunities from public hospitals treating chronic disease patients [1] - The company is building a sustainable and rewarding career development platform for traditional Chinese medicine, which is expected to enhance doctor coverage and productivity [1] Group 3: Market Opportunities - UBS notes that Guoshengtang is actively expanding its self-paid value-added services to mitigate policy risks, leveraging its strengths in the traditional Chinese medicine supply chain, talent resources, and technology [1] - Long-term, Guoshengtang is positioned to benefit from the trend of public hospitals referring chronic disease patients downwards, aided by its focus on chronic diseases and proximity to urban communities [1]
大行评级｜瑞银：首予固生堂“买入”评级，并列为医疗服务领域的首选