Investment Rating - The report maintains a "Buy" rating for the company [1][4][9] Core Insights - The company is experiencing strong growth in patient visits, with a total of approximately 1.485 million visits in Q3 2024, representing a year-on-year increase of about 25% [6] - The company is expanding its physical presence, having opened 19 new stores in 2024, including 4 self-built and 15 acquired locations, primarily in key cities [6] - Revenue forecasts for 2024-2026 are projected at 30.74 billion, 39.52 billion, and 50.66 billion RMB, with adjusted net profits of 4.15 billion, 5.41 billion, and 7.06 billion RMB respectively [4][6] Financial Summary - For the fiscal year 2024, the company is expected to generate revenue of 3,074 million RMB, with a growth rate of 32.31% [3][7] - Adjusted net profit for 2024 is forecasted at 414.58 million RMB, reflecting a growth rate of 36.06% [3][7] - The adjusted net profit margin is projected to be 13.49% in 2024, with a return on equity (ROE) of 13.10% [3][7] Operational Highlights - The company has formed a strategic partnership with Meituan Medical to enhance online service coverage, allowing over 30,000 traditional Chinese medicine practitioners to provide services through the platform [4][6] - The company is focusing on scaling its operations in provincial capital cities and enhancing its online service capabilities [4][6]
固生堂：三季度经营趋势良好，内生稳健扩张加速