Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a robust growth in patient visits, achieving 1.21 million visits in Q1 2025, representing a year-on-year increase of 12.7%, which aligns with expectations [3] - The company continues to expand its store network, with the opening of its first branch in the Southwest region, the Chengdu Dayuan branch, and has established over 80 branches across more than 20 cities in China and Singapore [4][5] - The company is actively investing in Traditional Chinese Medicine (TCM) AI, planning to launch smart hardware and AI doctor assistants to enhance diagnostic capabilities and improve service efficiency, which is expected to increase customer retention and revenue per customer [6] Financial Forecast and Investment Recommendations - The TCM healthcare service industry is experiencing strong demand and is expected to enter a high growth phase supported by favorable policies. The company, as a leading chain in TCM healthcare services, has excellent cross-regional operational capabilities and significant long-term growth potential. Revenue projections for 2025-2027 are estimated at 3.81 billion, 4.84 billion, and 6.09 billion RMB, respectively, with net profits of 428 million, 569 million, and 742 million RMB for the same period. The "Buy" rating is maintained [7][10]
固生堂（02273）：2025一季度点评：诊疗量增长稳健，门店持续扩张