Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company achieved a revenue of 2.33 billion yuan in 2023, representing a year-on-year growth of 43.05%, with a net profit of 252.20 million yuan, up 37.59% [3][4] - Adjusted net profit for 2023 was 304.71 million yuan, reflecting a significant increase of 53.60% [3] - The company experienced rapid growth in the second half of 2023, with revenue reaching 1.34 billion yuan, a 45% increase, and adjusted net profit of 203 million yuan, up 49% [3] - The company expanded its customer base significantly, adding 804,000 new customers, resulting in a total of 2.81 million customers by year-end, a 29.4% increase [3] - The company opened 9 new outpatient chain locations in 2023, including 7 through acquisitions and 2 through self-construction, entering two new cities [3] Financial Performance Summary - Total revenue for 2022 was 1.63 billion yuan, which increased to 2.33 billion yuan in 2023, with projections of 3.03 billion yuan for 2024 and 3.94 billion yuan for 2025 [2][4] - The company's gross profit margin for 2023 was 30.1%, slightly down by 0.6 percentage points from the previous year [3] - The return on equity (ROE) for 2023 was 12.53%, an increase of 1.32 percentage points [3] - The earnings per share (EPS) for 2023 was 1.02 yuan, with projections of 1.44 yuan for 2024 and 1.95 yuan for 2025 [2][4] Market Data - The closing price of the company's stock was 43.60 HKD, with a market capitalization of approximately 10.75 billion HKD [6] - The price-to-earnings (P/E) ratio based on the latest diluted EPS is 38.66 for 2023, projected to decrease to 27.43 for 2024 and 20.32 for 2025 [2][4]
2023年业绩点评：业绩表现亮眼，门店扩张与医生储备保障增长