Core Viewpoint - The company forecasts a significant increase in adjusted net profit for 2025, driven by a dual strategy of organic growth and external acquisitions, leading to improved profitability and operational efficiency [1][2]. Group 1: Financial Performance Forecast - The company expects 2025 revenue to be no less than 3 billion yuan, representing a year-on-year growth of at least 16% [1]. - Adjusted net profit is projected to be no less than 380 million yuan, with a year-on-year increase of at least 40%, while net profit is expected to be no less than 340 million yuan, reflecting a growth of at least 34% [1]. - The performance forecast aligns with expectations due to the company's effective dual strategy and operational improvements [1]. Group 2: Growth Drivers - The company anticipates robust organic growth and contributions from acquisitions, with revenue growth expected to be driven by double-digit growth in beauty and health services, and high growth in sub-health medical services [1][2]. - The integration of the acquired company, Nai Rui Er, is expected to enhance operational efficiency and contribute to revenue growth in 2025 [1][2]. - The company reported strong performance during the year-end "Double Festival" period, with revenue from its main business segments showing positive year-on-year growth [1]. Group 3: Profitability Enhancement - The company forecasts an adjusted net profit margin of 12.7% for 2025, an increase of 2 percentage points year-on-year, driven by a higher proportion of high-margin medical services and operational efficiency improvements [2]. - The integration of Nai Rui Er is expected to further enhance profitability through effective resource integration and operational empowerment [2]. Group 4: Strategic Outlook - The company completed the acquisition of Si Yan Li on January 7, 2026, which will contribute to revenue growth and operational efficiency, leveraging the integration experience from Nai Rui Er [2]. - The company is optimistic about its growth potential under the "super brand, super chain, super digitalization" strategy, which is expected to enhance market bargaining power [2]. Group 5: Earnings Forecast and Valuation - The company maintains its profit forecast for 2025 and has increased the 2026 net profit estimate by 20% to 430 million yuan, with projections for 2027 at 540 million yuan [2]. - The current stock price corresponds to a price-to-earnings ratio of 13x for 2026 and 10x for 2027, with a target price of 42 HKD, indicating a potential upside of 57% [2].
美丽田园医疗健康(02373.HK)：预告25年经调净利同增超40% 提效整合顺利