Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has consistently exceeded performance expectations, with successful expansion through acquisitions [1] - In the first half of 2024, the company achieved revenue of 1.365 billion RMB, a year-on-year increase of 38.4%, and adjusted net profit of 148 million RMB, up 45.3% year-on-year [3] - The company continues to see high growth in offline revenue, with a 43.7% year-on-year increase to 1.231 billion RMB, and an increase in average spending per visit to 572 RMB from 546 RMB in the first half of 2023 [3] - The company has successfully advanced its acquisition strategy, establishing 4 new stores and acquiring 12 stores, entering 4 new cities [3] - The company is actively developing in-house formulations and expanding its medical alliance network, adding 6 new cooperative units in 2024, bringing the total to 26 [3] - The company is projected to achieve revenues of 3.103 billion RMB, 3.979 billion RMB, and 4.993 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 344 million RMB, 447 million RMB, and 567 million RMB [3] Financial Summary - As of August 21, 2024, the closing price is 38.80 HKD, with a circulating share capital of 245 million shares and a net asset value per share of 9.51 HKD [1] - The company’s revenue growth rates are projected at 33.57% for 2025 and 28.21% for 2026, with net profit growth rates of 36.30% and 29.92% for the same years [6][7] - The company’s PE ratios are expected to decrease from 47.55 in 2023 to 15.55 by 2026, indicating improving valuation metrics [6][7]
固生堂：业绩持续超预期，外延并购拓展顺利