机构：华创证券 股份回购积极：彰显管理层对长期价值的信心。自2025 年9 月1 日启动本轮回购计划以来，公司已累计 实施42 次股份回购，总回购量达814 万股，总投入约2.47 亿港元。2025 年11 月6 日公司董事会再次决 议行使回购授权，拟新增最多不超过3 亿港元的回购额度，叠加此前已宣布的3 亿港元回购计划，本轮 回购总规模将达6 亿 港元，创下公司上市以来回购计划的最高纪录。 投资建议：我们认为公司业绩增长确定性较强，根据公司2025 年中报和最新经营情况，预计公司2025- 2027 年的归母净利润分别为4.00、5.18 和6.64 亿元，同比增加30.5%、29.4%和28.2%。当前股价对应 2025-2027 年PE 分别为15.8、12.2 和9.5 倍。参考医疗服务可比公司，给予公司2026 年20 倍目标PE，对 应目标股价49.09 港元。维持"强推"评级。 风险提示:自建或并购新店进展不及预期；核心专家资源流失等。 2025 年下半年，公司持续加快国内外业务拓展步伐，不仅在国内通过战略性并购新增4 家分院，更在海 外与新加坡综合数字医疗平台1doc 达成合作，形成"国内重点 ...

海外方面，10月22日，固生堂与新加坡综合数字医疗平台1doc达成战略合作，双方将共同成立合资公 司，由固生堂持股70%并全面负责运营管理。该合作模式将借助1doc在新加坡已运营的9家自有诊所及 21家附属诊所的成熟网络，帮助固生堂快速实现规模化布局，并通过在中西医结合的场景下实现高效的 患者转化。这是继公司在新加坡设立首家医疗机构后，推进中医服务出海的又一重要里程碑。 此外，公司股份回购积极，彰显管理层对长期价值的信心。自2025年9月1日启动本轮回购计划以来，公 司已累计实施42次股份回购，总回购量达814万股，总投入约2.47亿港元。2025年11月6日公司董事会再 次决议行使回购授权，拟新增最多不超过3亿港元的回购额度，叠加此前已宣布的3亿港元回购计划，本 轮回购总规模将达6亿港元，创下公司上市以来回购计划的最高纪录。 华创证券发布研报称，固生堂(02273)业绩增长确定性较强，根据2025年中报和最新经营情况，预计公 司2025-2027年的归母净利润分别为4.00、5.18和6.64亿元，同比增加30.5%、29.4%和28.2%。当前股价 对应2025-2027年PE分别为15.8、12.2和9 ...

Core Viewpoint - The company, Guoshengtang (02273), shows strong certainty in profit growth, with projected net profits for 2025-2027 expected to increase by 30.5%, 29.4%, and 28.2% respectively, leading to a target stock price of HKD 49.09 based on a 20x PE ratio for 2026 [1][2] Group 1: Financial Projections - The projected net profits for Guoshengtang are estimated at 400 million, 518 million, and 664 million yuan for 2025, 2026, and 2027 respectively [1] - The corresponding PE ratios for 2025-2027 are 15.8, 12.2, and 9.5 times [1] Group 2: Strategic Acquisitions - Guoshengtang has acquired four new branches since July 2025, increasing the total to 87 branches, enhancing regional service capabilities [2] - The acquisition of Shenzhen Tianyuan Hospital is significant for integrating with medical insurance, enhancing competitive advantage in the Shenzhen market [2] - The acquisition of Tianjin Ping An Clinic allows entry into the fourth largest traditional Chinese medicine market in China, expanding growth opportunities in the Beijing-Tianjin-Hebei region [2] Group 3: International Expansion - A strategic partnership with Singapore's 1doc will establish a joint venture, with Guoshengtang holding 70% ownership, facilitating rapid scaling and patient conversion in Singapore [2] Group 4: Share Buyback Program - The company has actively engaged in share buybacks, with 42 buyback instances totaling 8.14 million shares and an investment of approximately 247 million HKD since September 1, 2025 [3] - The board has approved an additional buyback authorization of up to 300 million HKD, bringing the total buyback plan to a record 600 million HKD [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 49.09, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][24]. Core Insights - The company is accelerating its global business expansion, having added four new branches through strategic acquisitions domestically and formed a partnership with Singapore's digital healthcare platform 1doc for overseas growth [2]. - The management's confidence in the company's future is demonstrated through a significant share buyback program, which has seen a total repurchase of 8.14 million shares for approximately HKD 247 million [2][8]. Financial Performance Summary - Total revenue is projected to grow from HKD 3,022 million in 2024 to HKD 4,845 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.1% [4]. - Net profit attributable to shareholders is expected to increase from HKD 307 million in 2024 to HKD 664 million in 2027, with a notable growth rate of 30.5% in 2025 [4]. - Earnings per share (EPS) is forecasted to rise from HKD 1.26 in 2024 to HKD 2.87 in 2027, indicating strong profitability growth [4]. Strategic Developments - The company has successfully entered key cities such as Tianjin, Chengdu, and Shantou, enhancing its regional service capabilities through strategic acquisitions [8]. - The partnership with 1doc aims to leverage existing healthcare networks in Singapore, facilitating the company's international expansion and patient conversion in integrated Chinese and Western medicine settings [8]. Share Buyback Program - Since initiating the buyback plan on September 1, 2025, the company has conducted 42 repurchase transactions, with a total buyback volume of 8.14 million shares and a total investment of approximately HKD 247 million [8]. - The board has approved an additional buyback authorization of up to HKD 300 million, bringing the total buyback scale to a record HKD 600 million since the company's listing [8].