Investment Rating - The report maintains a "Buy" rating for the company Guoshengtang (02273) [1] Core Views - The company has shown strong operational data, with a focus on shareholder returns through share buybacks and increased earnings per share [4][5] - Guoshengtang is recognized as a leading player in traditional Chinese medicine services, demonstrating robust growth potential and strong cross-regional chain operation capabilities [5] Summary by Sections Recent Performance - In the third quarter of 2024, the company achieved an outpatient volume of 1.485 million visits, a year-on-year increase of approximately 25.0% [4] - The outpatient volumes for the first three quarters of 2024 were 1.074 million, 1.309 million, and 1.485 million, reflecting year-on-year growth rates of 42.1%, 24.7%, and 25.0% respectively [4] Shareholder Returns - As of October 31, 2024, the company repurchased 4.4677 million shares for a total amount of HKD 161 million, and has canceled a total of 2.5906 million shares in April and September 2024, enhancing earnings per share for long-term investors [4] Financial Forecast - The projected revenues for 2024, 2025, and 2026 are expected to be RMB 3.109 billion, RMB 4.054 billion, and RMB 5.287 billion, representing year-on-year growth rates of 34%, 30%, and 30% respectively [5][6] - The forecasted net profits for the same years are RMB 341 million, RMB 477 million, and RMB 665 million, with growth rates of 35%, 40%, and 40% respectively [5][6] - The company is expected to maintain a strong return on equity (ROE) increasing from 11% in 2023 to 20% by 2026 [6][9]
固生堂（02273）点评报告：经营数据强劲，重视股东回报