Investment Rating - The report initiates coverage on Saint Bella with a "Buy" rating and a target price of HKD 9.76, corresponding to a 27X PE for 2026E [1][5][7]. Core Insights - Saint Bella is the largest postpartum care and recovery brand group in Asia and China, with 96 centers in 30 cities globally as of June 2025. The company is expected to achieve a revenue and adjusted net profit CAGR of 28% and 94% from 2025 to 2027, respectively [1][19]. - The company is positioned in a growth phase characterized by stable same-store growth and rapid expansion, leveraging its unique high-end service brand and standardized operational capabilities [1][19]. - The report highlights the company's strategy of horizontal global expansion and vertical integration into family care and women's health food sectors, aiming to enhance its full-cycle family care platform [1][3]. Summary by Sections Company Overview - Saint Bella recorded a revenue of RMB 798.67 million in 2024, with a year-on-year growth of 42.64%. The adjusted net profit for the same year is projected at RMB 120.69 million, marking a significant recovery from previous losses [11][19]. Competitive Advantages - The company has established a "brand-scale" positive cycle through a unique high-end service model, innovative supply chain management, and effective customer retention strategies. It holds a 1.2% market share, leading the industry [2][3]. - The operational model includes a light-asset approach with flexible leasing and a proprietary nursing team, enhancing service quality and operational efficiency [2][21]. Growth Strategy - Short to medium-term focus on domestic and international expansion, with a target of 267-316 centers in China. The company plans to utilize its established brand and operational model to penetrate international markets [3][19]. - Long-term vision includes transforming into a comprehensive family health management platform, with new business segments expected to grow at over 30% annually [3][19]. Financial Projections - The report forecasts adjusted net profits of RMB 1.21 billion, RMB 2.05 billion, and RMB 3.06 billion for 2025, 2026, and 2027, respectively, with corresponding adjusted EPS of RMB 0.19, RMB 0.33, and RMB 0.49 [5][11].
圣贝拉（02508）：高端服务新典范，全周期护理平台迈步全球