Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 1.365 billion RMB for H1 2024, representing a year-on-year growth of 38.4%, and a net profit of 107 million RMB, which is a 15.1% increase year-on-year. The adjusted net profit reached 148 million RMB, reflecting a 45.3% year-on-year growth [3] - Revenue growth is primarily driven by a significant increase in customer traffic, with new customer numbers rising by 21% to 420,000 and total patient visits increasing by 32% to 2.38 million. The average spending per visit was 573 RMB, up by 5%, and the customer retention rate improved by 2.2 percentage points to 69.5% [3] - The company accelerated its store expansion and initiated international operations, opening new locations in cities like Changshu, Xuzhou, and Changsha, and expanding its presence in the Yangtze River Delta region. By the end of June 2024, the number of domestic branches increased to 71, with operations in Singapore contributing 969,000 RMB in revenue [3] - The report adjusts the Non-GAAP net profit forecasts for 2024-2026 upwards due to the higher-than-expected number of new stores, projecting 415 million RMB for 2024, 540 million RMB for 2025, and 705 million RMB for 2026. The corresponding P/E ratios are estimated at 21x, 16x, and 12x respectively [3] Financial Summary - Total revenue for 2022 was 1.627 billion RMB, with a projected increase to 3.072 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 32.05% [2] - The company's net profit for 2022 was 183.29 million RMB, expected to grow to 330.91 million RMB by 2024, indicating a net profit growth rate of 31.21% [2] - The latest diluted EPS is projected to be 1.35 RMB for 2024, with a P/E ratio of 26.32 based on the current market price [2]
固生堂：2024半年报点评：内生增长强劲，门店扩张加速，业绩持续高增可期