Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved significant growth in 2023, with revenue reaching 2.323 billion RMB, a 43.0% increase year-on-year, and adjusted net profit of 305 million RMB, up 53.6% [2] - The company plans to expand its business further in 2024, with the addition of 10 to 15 new stores and entry into 3 to 5 new cities, alongside the development of 10 in-house formulations [2] - The company is taking steps towards internationalization by announcing the acquisition of 100% equity in Baozhong Tang in Singapore [2] - The company emphasizes shareholder returns through special dividends and share buybacks, spending approximately 42.92 million HKD to repurchase and cancel shares in 2023 [2] Financial Performance Summary - In 2023, the company reported a patient volume of 4.3 million, a 45.9% increase, with an average spending of 541 RMB per visit, down 2.0% [2] - The number of offline doctors increased to 4,841, with a net addition of 960 doctors, contributing significantly to revenue [2] - The company expects revenue growth of 34% in 2024, reaching 3.102 billion RMB, and net profit growth of 35%, reaching 341 million RMB [4][5] - The projected adjusted net profit for 2024 is 411 million RMB, reflecting a 35% increase [4][5] Valuation Metrics - The report provides a forecast for key financial metrics, including a projected P/E ratio of 28.6 for 2024 and a P/B ratio of 3.9 [4][5] - The expected return on equity (ROE) is projected to increase from 11% in 2023 to 13% in 2024 [5]
固生堂（02273）2023年度业绩点评：高增长、有内涵，中医馆龙头成长再加速