美丽田园医疗健康 (2373 HK) 基本面有强韧性

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.36 [1] Core Insights - The company achieved a revenue of CNY 3.001 billion in 2025, representing a year-on-year increase of 16.7%, and a net profit attributable to shareholders of CNY 318 million, up 39.0%, which aligns with expectations [6] - The company continues to show strong fundamentals with a same-store sales growth of 6.9% and a robust cash flow of CNY 2.59 billion, reflecting a year-on-year increase of 41.6% [6] - The company is positioned as a leader in the beauty and health chain service sector, benefiting from a dual growth strategy of organic growth and acquisitions [6] Financial Performance - Revenue projections for 2026 and 2027 have been revised upwards to CNY 3.915 billion and CNY 4.315 billion, respectively, reflecting increases of 30.49% and 10.21% [10] - The net profit forecast for 2026 and 2027 has also been adjusted to CNY 415.26 million and CNY 533.94 million, indicating growth rates of 30.76% and 28.58% [10] - The company’s gross margin improved to 49.1% in 2025, up 2.8 percentage points year-on-year, driven by cost optimization and acquisitions [8] Business Segments - The beauty and wellness services segment generated revenue of CNY 1.658 billion in 2025, with a year-on-year growth of 14.9% [7] - The medical beauty services segment reported revenue of CNY 1.017 billion, reflecting a year-on-year increase of 9.6% [7] - The sub-health medical services segment saw significant growth, achieving revenue of CNY 326 million, up 62.2% year-on-year [7] Valuation Metrics - The company is projected to have a PE ratio of 19 times for 2026, reflecting its leading position in the beauty chain sector [10] - The expected dividend yield for 2026 is 4.41%, indicating a commitment to returning value to shareholders [5]