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 within the next six months [3][11]. Core Insights - The company is positioned as a leading player in the traditional Chinese medicine healthcare service sector, with a dual strategy of organic growth and external expansion. Revenue projections for 2024-2026 are estimated at 3.056 billion, 3.990 billion, and 5.189 billion CNY, respectively, with adjusted net profits of 400 million, 536 million, and 713 million CNY [3][4]. - The company has established six strategic directions for sustainable high-quality development, including prioritizing physician supply in major medical cities, expanding in provincial capitals, developing a self-pay business system, and pursuing systematic overseas expansion [2][3]. Financial Summary - Revenue growth rates are projected at 31.5% for 2024, 30.6% for 2025, and 30.1% for 2026, with adjusted net profit growth rates of 34.6%, 44.6%, and 39.0% for the same years [1][3]. - The company's return on equity (ROE) is expected to increase from 10.9% in 2023 to 18.8% by 2026, reflecting improved profitability [1][3]. - The price-to-earnings (P/E) ratio is projected to decrease from 33.2 in 2023 to 12.3 by 2026, indicating a potentially attractive valuation as earnings grow [1][3].
固生堂：内生+外延促业绩增长，六大战略方向支撑高质量可持续发展