Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 49.09, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][24]. Core Insights - The company is accelerating its global business expansion, having added four new branches through strategic acquisitions domestically and formed a partnership with Singapore's digital healthcare platform 1doc for overseas growth [2]. - The management's confidence in the company's future is demonstrated through a significant share buyback program, which has seen a total repurchase of 8.14 million shares for approximately HKD 247 million [2][8]. Financial Performance Summary - Total revenue is projected to grow from HKD 3,022 million in 2024 to HKD 4,845 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.1% [4]. - Net profit attributable to shareholders is expected to increase from HKD 307 million in 2024 to HKD 664 million in 2027, with a notable growth rate of 30.5% in 2025 [4]. - Earnings per share (EPS) is forecasted to rise from HKD 1.26 in 2024 to HKD 2.87 in 2027, indicating strong profitability growth [4]. Strategic Developments - The company has successfully entered key cities such as Tianjin, Chengdu, and Shantou, enhancing its regional service capabilities through strategic acquisitions [8]. - The partnership with 1doc aims to leverage existing healthcare networks in Singapore, facilitating the company's international expansion and patient conversion in integrated Chinese and Western medicine settings [8]. Share Buyback Program - Since initiating the buyback plan on September 1, 2025, the company has conducted 42 repurchase transactions, with a total buyback volume of 8.14 million shares and a total investment of approximately HKD 247 million [8]. - The board has approved an additional buyback authorization of up to HKD 300 million, bringing the total buyback scale to a record HKD 600 million since the company's listing [8].
固生堂（02273）：重大事项点评：全球业务扩张加速，回购加码彰显信心