Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.022 billion RMB in 2024, representing a year-on-year growth of 29.90%. The adjusted net profit reached 400 million RMB, up 31.4% from the previous year [7] - The company is expanding its store network and advancing its AI initiatives, which are expected to drive future growth [7] - The report forecasts a continued increase in revenue and profits over the next few years, with projected revenues of 3.784 billion RMB in 2025 and 4.725 billion RMB in 2026 [1][7] Financial Performance - Total revenue for 2023 was 2.327 billion RMB, with a projected increase to 3.022 billion RMB in 2024, reflecting a growth rate of 43.05% [1] - The adjusted net profit for 2023 was 252.20 million RMB, expected to rise to 306.78 million RMB in 2024, indicating a growth of 21.64% [1] - The company plans to distribute a total dividend of 119 million RMB for the year, which constitutes 38.7% of the net profit [7] Revenue Breakdown - Offline revenue accounted for 2.74 billion RMB, growing by 34.5%, while online revenue was 280 million RMB, showing a decline of 1.5% [7] - The company has expanded its presence in China, increasing the number of medical institutions from 56 to 78, with significant growth in both new and existing stores [7] Customer Metrics - The company reported a 26% increase in customer traffic and a 3% rise in average spending per visit in 2024 [7] - The total number of new customers reached 889,000, a 10.6% increase year-on-year, with a total of 4.511 million patient visits, up 25.9% [7] AI Initiatives - The company is set to launch an AI doctor assistant and smart hardware to enhance diagnostic capabilities and improve service efficiency [7] Valuation Metrics - The report adjusts the projected adjusted net profit for 2025 and 2026 down to 490 million RMB and 600 million RMB respectively, with a forecast for 2027 at 750 million RMB [7] - The current price-to-earnings (P/E) ratio is projected to be 22.93 for 2024, decreasing to 9.51 by 2027 [1][7]
固生堂（02273）：2024年业绩点评：收入、经调利润快速增长，门店扩张与AI布局快速推进