Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 54.62 HKD per share, compared to the current price of 43.60 HKD [4]. Core Views - The company reported a significant increase in revenue and net profit for 2023, achieving 2.323 billion RMB in revenue (up 43.0% year-on-year) and a net profit of 253 million RMB (up 39.6% year-on-year) [2][3]. - The offline business has shown rapid recovery and growth, with revenue from offline medical institutions reaching 2.037 billion RMB, a 49.2% increase year-on-year, driven by post-pandemic recovery and business expansion [2][3]. - The company is expanding its national footprint and has entered the Singapore market, adding 9 new stores in 2023 and acquiring a Singapore-based company [2][3]. - Profitability is expected to continue improving, with projected Non-GAAP net profits of 413 million RMB, 541 million RMB, and 716 million RMB for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - The company achieved a Non-GAAP net profit of 305 million RMB in 2023, reflecting a 53.6% increase [3]. - Revenue growth rates are projected at 30.9% for 2024, 31.0% for 2025, and 31.3% for 2026 [3][10]. - The company's EBITDA for 2023 was 384 million RMB, with expectations of 543 million RMB in 2024 [3][10]. - The company's return on equity (ROE) is projected to increase from 13.2% in 2023 to 20.3% by 2026 [3][10].
业务规模高速扩张，经营质量持续提升