Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in 2024 is robust, with revenue and adjusted profit both increasing by over 30% [1] - The company is actively expanding its operations both domestically and internationally, with a focus on enhancing its medical resources and integrating AI into its services [2][7] - The company has a strong growth outlook, with projected revenue growth of 29% in 2025 and 26% in 2026 [7] Financial Performance - In 2024, the company reported revenue of 3.022 billion RMB, a year-on-year increase of 30.2%, and adjusted profit of 400 million RMB, up 31% [1][8] - The company maintained a gross margin of 30.1% and an adjusted net profit margin of 13.2% in 2024 [6][8] - The company plans to distribute a total dividend of 1.19 million RMB for the year, representing 38.7% of its net profit [1] User Engagement and Expansion - In 2024, the number of treatment visits increased by 26%, with an average spending per visit rising by 3% [2] - The company expanded its domestic presence to 78 institutions, with plans to add 15-20 more locations in 2025 [2][3] - The company has established partnerships with over 20 universities and hospitals, enhancing its medical expertise [2] AI Integration and Future Outlook - The company is leveraging AI to enhance its medical services, aiming to digitize the experience of traditional Chinese medicine [7] - Revenue projections for 2025-2027 are optimistic, with expected revenues of 38.89 billion RMB in 2025, 49.50 billion RMB in 2026, and 62.17 billion RMB in 2027 [7][8] - The company is focusing on optimizing its revenue structure by increasing self-paid services and expanding its product offerings [2][7]
固生堂（02273）：2024年年报点评报告：业绩同增30%稳健兑现，AI赋能长期发展