Investment Rating - The investment rating for the company is "Buy" with a target price of 70.41 HKD, maintaining the current price at 42.40 HKD [6]. Core Insights - The company reported a robust performance in 2023, achieving a revenue of 2.32 billion HKD, a year-on-year increase of 43.01%, and an adjusted net profit of 305 million HKD, up 53.58% year-on-year [1]. - The offline medical institutions contributed significantly to revenue, generating 2.04 billion HKD, a 49.2% increase year-on-year, while the online health platform revenue reached 286 million HKD, growing by 10.2% [1]. - The company expanded its physical presence, operating 56 medical institutions and 4 pharmacies as of 2023, an increase of 8 locations from the previous year [2]. - The gross profit margin for 2023 was 30.1%, a slight decline of 0.6 percentage points year-on-year, with sales and distribution expenses rising by 35.7% to 281 million HKD due to business expansion [3]. Financial Performance Summary - For 2023, the company achieved a revenue of 2,323.35 million HKD and a net profit of 252.20 million HKD, with projected revenues for 2024, 2025, and 2026 expected to be 3,090.06 million HKD, 4,029.43 million HKD, and 5,129.47 million HKD respectively, reflecting growth rates of 33.0%, 30.4%, and 27.3% [4][5]. - The earnings per share (EPS) for 2023 was 1.02 HKD, with forecasts of 1.36 HKD, 1.78 HKD, and 2.30 HKD for the following three years [4][5]. - The company maintained a net profit margin of 10.89% in 2023, with a return on equity (ROE) of 10.94% [5][10].
业绩增长稳健，门店有序扩张