Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's performance in 2023 met expectations, with a revenue of 2.323 billion RMB (+43.0%) and an adjusted net profit of 304.71 million RMB (+53.6%), indicating a robust improvement in profitability [1]. - The company is expected to continue its steady growth, with projected adjusted net profits of 399.11 million RMB, 519.43 million RMB, and 670.27 million RMB for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 31%, 30%, and 29% [1]. - The target market capitalization for 2024 is set at 12 billion RMB, corresponding to a target price of 48.66 RMB per share [1]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 2.323 billion RMB (+43.0%) and an adjusted net profit of 304.71 million RMB (+53.6%) [1]. - The gross margin was reported at 30.1% (-0.6 percentage points), while the adjusted profit margin improved to 13.1% (+0.9 percentage points) [1]. Customer Growth - The company added 804,000 new customers in 2023, bringing the total customer base to 3.537 million [1]. - The number of patient visits reached 4.297 million (+45.9%), with a customer retention rate of 65.2% (+1.2 percentage points) [1]. - Membership visits increased by 74.8% to 1.568 million, with a retention rate of 85.6% [1]. Expansion and Development - The company expanded its service network by adding 9 new stores in 2023, with a total of 56 medical institutions across 16 cities [1]. - Offline store revenue grew to 2.037 billion RMB (+49.2%), while online revenue reached 286 million RMB (+10.2%) [1]. - The company is set to acquire 100% of Baozhong Tang in Singapore, marking the beginning of its international expansion in traditional Chinese medicine [1].
2023年报点评：业绩符合预期，聚医获客能力持续验证