Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 38.10 HKD [3]. Core Insights - The company has shown strong internal growth, with a 25.0% year-over-year increase in patient visits in Q3 2024, totaling 1.485 million visits. New medical institutions contributed 6.5% to this growth, while existing facilities accounted for 18.5% [1]. - The company continues to expand its operations, adding 3 new stores in Q3 2024, bringing the total to 74 medical institutions. A total of 19 new stores are expected to be added throughout the year [1]. - The company has demonstrated effective acquisition and integration capabilities, which, combined with a mature model for replicating its business in new locations, supports its nationwide expansion strategy [1]. - The acquisition of Singapore's Baozhong Hall marks the beginning of the company's overseas expansion, leveraging domestic resources to enhance international operations [1]. - Revenue forecasts for 2024-2026 are projected at 3.020 billion, 3.911 billion, and 5.046 billion RMB, with year-over-year growth rates of 30.0%, 29.5%, and 29.0% respectively. Net profit is expected to reach 345 million, 474 million, and 637 million RMB during the same period [2][6]. Financial Summary - The company's total revenue for 2023 is reported at 2.323 billion RMB, with a growth rate of 43.0%. Adjusted net profit for the same year is 305 million RMB [2][6]. - The adjusted net profit is projected to grow significantly, with estimates of 412 million RMB in 2024, 551 million RMB in 2025, and 717 million RMB in 2026, reflecting growth rates of 35.1%, 33.8%, and 30.0% respectively [2][6]. - The company's P/E ratio is expected to decrease from 28 in 2023 to 12 by 2026, indicating an improving valuation as earnings grow [2][6].
固生堂：内生增长推动公司三季度就诊人次持续高增