Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 62.1 HKD, compared to the current price of 36.55 HKD [1][3]. Core Insights - The company's operational trends remain strong with a year-on-year increase of approximately 25% in patient visits for Q3 2024, contributing to an expected overall revenue growth of around 30% [2][3]. - The company has been actively expanding, adding 19 new stores this year, including 4 self-built and 15 through acquisitions, marking a significant milestone with the acquisition of a Singapore-based medical service provider [2]. - The proportion of revenue from in-house doctors has increased to over 36%, which is expected to enhance the company's profitability [2][3]. Financial Summary - The company’s total revenue for 2023 is projected at 2,327 million HKD, with expected growth rates of 30.6%, 30.7%, and 30.7% for 2024, 2025, and 2026 respectively [4][7]. - Adjusted net profits are forecasted to be 334 million HKD in 2024, 510 million HKD in 2025, and 728 million HKD in 2026, reflecting year-on-year growth rates of 32.5%, 52.7%, and 42.7% respectively [4][7]. - The current price-to-earnings (PE) ratios based on adjusted net profits are 24.5 for 2024, 16.1 for 2025, and 11.3 for 2026, indicating a favorable valuation compared to peers in the medical services sector [3][4].
固生堂：三季度经营趋势维持高景气，扩张稳步推进