Core Viewpoint - The company, Guoshengtang (02273), shows strong certainty in profit growth, with projected net profits for 2025-2027 expected to increase by 30.5%, 29.4%, and 28.2% respectively, leading to a target stock price of HKD 49.09 based on a 20x PE ratio for 2026 [1][2] Group 1: Financial Projections - The projected net profits for Guoshengtang are estimated at 400 million, 518 million, and 664 million yuan for 2025, 2026, and 2027 respectively [1] - The corresponding PE ratios for 2025-2027 are 15.8, 12.2, and 9.5 times [1] Group 2: Strategic Acquisitions - Guoshengtang has acquired four new branches since July 2025, increasing the total to 87 branches, enhancing regional service capabilities [2] - The acquisition of Shenzhen Tianyuan Hospital is significant for integrating with medical insurance, enhancing competitive advantage in the Shenzhen market [2] - The acquisition of Tianjin Ping An Clinic allows entry into the fourth largest traditional Chinese medicine market in China, expanding growth opportunities in the Beijing-Tianjin-Hebei region [2] Group 3: International Expansion - A strategic partnership with Singapore's 1doc will establish a joint venture, with Guoshengtang holding 70% ownership, facilitating rapid scaling and patient conversion in Singapore [2] Group 4: Share Buyback Program - The company has actively engaged in share buybacks, with 42 buyback instances totaling 8.14 million shares and an investment of approximately 247 million HKD since September 1, 2025 [3] - The board has approved an additional buyback authorization of up to 300 million HKD, bringing the total buyback plan to a record 600 million HKD [3]
华创证券：固生堂(02273)股份回购加码彰显信心 维持“强推”评级