Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index in the next six months [9]. Core Insights - The company has shown strong performance, exceeding market expectations with a revenue of 2.323 billion yuan in 2023, representing a year-on-year growth of 43.0%. The net profit attributable to shareholders reached 253 million yuan, a 39.6% increase compared to the previous year [1][2]. - The expansion of offline medical institutions continues, with the company adding 9 new outpatient chain stores in 2023, including 7 from acquisitions and 2 from self-construction, enhancing its presence in the East and Central China regions [2]. - The company has significantly increased its physician resources, with a total of 37,224 doctors, a 26.5% increase year-on-year. The number of self-owned doctors has also risen to 542, contributing 34.6% of the total revenue, which is a notable increase [2][4]. Financial Summary - Revenue is projected to grow from 3.056 billion yuan in 2024 to 5.189 billion yuan in 2026, with adjusted net profits expected to rise from 400 million yuan to 713 million yuan in the same period [1][4]. - The company's earnings per share (EPS) is forecasted to increase from 1.38 yuan in 2024 to 2.77 yuan in 2026, reflecting a strong growth trajectory [1][4]. - The price-to-earnings (P/E) ratio is expected to decrease from 31.7 in 2024 to 15.7 in 2026, indicating improving valuation metrics as earnings grow [1][4].
线下门店布局持续推进，业绩超市场预期