Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 61.12, maintaining the rating from previous assessments [1][7]. Core Views - The company reported a strong performance in 2023, achieving a revenue of HKD 2.323 billion, a year-on-year increase of 43.0%, and a net profit of HKD 252.2 million, up 39.6% year-on-year [2][6]. - The growth is primarily driven by the offline medical institutions, which generated HKD 2.037 billion in revenue, reflecting a 49.2% increase year-on-year [2][3]. - The company plans to continue its expansion, aiming to add 10-15 new medical institutions in 2024 and enter 3-5 new cities, including potential overseas markets [3][6]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit of HKD 700 million, a 40.1% increase year-on-year, and an adjusted net profit of HKD 305 million, up 53.6% year-on-year [1][2]. - The number of patient visits reached 4.297 million, a 45.9% increase, while the average revenue per visit decreased by 2.0% to HKD 541 [2][6]. Business Expansion - The company added 9 new medical institutions in 2023, including 7 through acquisitions and 2 through self-construction, bringing the total to 56 institutions across major cities [3][6]. - The expansion strategy includes a focus on deepening presence in existing provinces and exploring new provinces, as well as international markets like Singapore [3][6]. Competitive Strengths - The company's core competencies in "doctor aggregation" and "customer acquisition" have significantly improved, with the number of cooperating doctors increasing by 26% to 37,224 [6]. - Membership engagement has also risen, with member spending increasing by 79% to HKD 961 million, accounting for 47% of offline medical institution revenue [6]. Future Projections - Revenue projections for 2024-2026 are HKD 3.006 billion, HKD 3.890 billion, and HKD 5.035 billion, respectively, with net profits expected to reach HKD 348.8 million, HKD 464.5 million, and HKD 616.9 million [7][8]. - The company is valued at a PE ratio of 40 times for 2024, reflecting its strong growth potential [7].
业绩符合预期，高景气度持续