新股预览：卓正医疗

Investment Rating - The investment rating for the company is set at ★★★★☆ for fundamental factors and valuation, and ★★★★☆ for performance growth potential [4]. Core Insights - The company is the third largest private mid-to-high-end comprehensive medical service provider in mainland China, with a market share of 2.0% as of 2024 [1]. - The company has established a strong brand reputation over more than a decade, with high patient satisfaction reflected in its net promoter scores of 81.1, 86.4, 85.9, and 87.6 for the years ending in 2022, 2023, 2024, and the first eight months of 2025, respectively [2]. - The company employs a family medicine model that focuses on holistic healthcare, addressing the physical, mental, and social health of patients [2]. - The company has a large and professional team of 387 full-time doctors, with an average of about 15 years of practice experience, and approximately 79% of them have previously worked in top-tier hospitals [3]. Financial Data Summary - Revenue for the years ending December 31 is projected to grow from 4.73 billion RMB in 2022 to 9.59 billion RMB in 2024 [4]. - The company is expected to turn a profit of 0.84 billion RMB in 2024, following losses of 2.15 billion RMB in 2022 and 3.51 billion RMB in 2023 [4]. Offering Details - The company plans to issue 0.0475 billion shares, with a price range of HKD 57.70 to 66.60, aiming for a maximum fundraising amount of HKD 3.16 billion [5].