Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company has demonstrated continuous high growth, with a revenue increase of 38.4% year-on-year, reaching 1.365 billion RMB in the first half of 2024 [2]. - The growth in revenue is primarily driven by a 31.95% increase in patient visits, totaling 2.383 million, and a 4.95% rise in average consultation fees [2]. - The company is expanding its operations both domestically and internationally, with 71 medical institutions now in operation and 16 new stores added in the first half of 2024 [2]. - The adjusted net profit for the first half of 2024 is reported at 148 million RMB, reflecting a 45.3% year-on-year increase [2]. Financial Performance Summary - Revenue for 2024 is projected to be 3.020 billion RMB, with a growth rate of 30% [3]. - Adjusted net profit is expected to reach 412 million RMB in 2024, with a growth rate of 35% [3]. - The company’s gross margin improved from 28.7% to 29.4% [2]. - The sales expense ratio decreased to 11.73%, while the management expense ratio increased to 8.09% due to stock incentive costs [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 3.020 billion RMB, 3.911 billion RMB, and 5.046 billion RMB, respectively, with year-on-year growth rates of 30%, 29.5%, and 29% [3]. - The adjusted net profit is projected to be 412 million RMB, 551 million RMB, and 717 million RMB for the same years, with growth rates of 35.08%, 33.79%, and 30% [3]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 21, 16, and 12 for the years 2024, 2025, and 2026, respectively [3].
固生堂：2024年中报点评：业绩持续高增，外延扩张及医生储备保障后续增长