Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in patient visits, with a total of 1.485 million visits in Q3 2024, representing a year-on-year increase of approximately 25% [3][4] - The company is expanding its business both organically and through acquisitions, having opened 74 traditional Chinese medicine clinics across 20 cities, including Singapore [5] - Revenue and profit forecasts for 2024-2026 indicate significant growth, with expected revenues of 3.118 billion, 3.923 billion, and 4.898 billion RMB, reflecting year-on-year growth rates of 34%, 26%, and 25% respectively [6][12] Summary by Sections Financial Performance - For 2024, the company is projected to achieve a net profit of 349 million RMB, with a year-on-year growth of 38% [6][12] - The company’s revenue for 2023 was 2.323 billion RMB, with a growth rate of 43% [12] - The projected return on equity (ROE) is expected to increase from 10.94% in 2023 to 16.31% by 2026 [12] Market Position - The company is recognized as a leading brand in the traditional Chinese medicine service sector, with a strong brand recognition and market influence [6] - The company’s operational resilience is highlighted by the robust growth in patient visits, particularly in established clinics [4][5] Future Outlook - The company is expected to continue its growth trajectory, with a focus on expanding its operational footprint both domestically and internationally [5][6] - The forecasted earnings per share (EPS) are projected to rise from 1.06 RMB in 2024 to 2.50 RMB by 2026 [12]
固生堂：诊疗量高增，业务韧性足，长期成长可期