Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [11]. Core Insights - The company has demonstrated strong performance with a revenue growth of 38.4% year-on-year in H1 2024, achieving a total revenue of 1.365 billion [1]. - The company has accelerated its offline store expansion, adding 16 new outpatient chain locations, including 12 from acquisitions and 4 from self-construction, thus extending its medical service network to 19 cities in China and Singapore [2]. - The number of doctors associated with the company has increased to 39,018, with significant growth in both offline and online medical personnel [2]. - The company has introduced new in-house formulations and plans to develop 10 new products annually, enhancing its product offerings in traditional Chinese medicine [5]. Financial Summary - The company's projected revenues for 2024-2026 are 3.056 billion, 3.990 billion, and 5.189 billion respectively, with adjusted net profits of 400 million, 536 million, and 713 million [5]. - The adjusted P/E ratios for the next three years are forecasted to be 21.8X, 16.2X, and 12.2X, indicating a favorable valuation trend [5]. - The company reported a net profit of 1.07 billion in H1 2024, reflecting a 15.1% increase year-on-year, while the adjusted net profit grew by 45.3% to 1.48 billion [1][5].
固生堂：24H1业绩增长强劲，线下门店布局加速