Core Viewpoint - UBS initiates coverage on Guosheng Tang (02273) with a "Buy" rating and a target price of HKD 48.30, corresponding to 20x/17x projected P/E ratios for 2025/2026 and a PEG of 0.9 for 2026 [1] Company Summary - Guosheng Tang is positioned as a leading player in the healthcare services sector due to its strong growth prospects and low valuation [1] - The company has established a sustainable and rewarding career development platform for traditional Chinese medicine practitioners, presenting significant opportunities for increasing practitioner coverage and productivity [1] - Guosheng Tang is expanding its self-paid value-added services to mitigate policy risks, leveraging its advantages in the Chinese medicine supply chain, talent resources, and technology [1] Industry Summary - The report highlights potential catalysts for Guosheng Tang, including sustained strong profit growth, rapid clinic expansion, and advancements in in-hospital formulations, artificial intelligence technology, and overseas expansion [1] - The company is well-positioned to benefit from the long-term opportunities arising from the reform of payment methods such as DRG/DIP, which may incentivize higher-tier public hospitals to refer chronic disease patients downwards [1] - Guosheng Tang is expected to maintain a 20% adjusted profit CAGR from 2024 to 2027, with strong visibility in growth, compared to the Visible Alpha consensus expectation of 19% [1]
瑞银：首予固生堂“买入”评级 列为医疗服务首选 目标价48.30港元