Investment Rating - The report assigns an investment rating of "Buy" for the company Guo Shengtang (2273.HK) based on its strong growth prospects and market positioning [1]. Core Insights - The company has demonstrated robust revenue growth, achieving a total revenue of 3.022 billion yuan in 2024, representing a year-on-year increase of 30.1% [1]. - The core business, particularly the medical health solutions segment, is expected to maintain over 30% growth, driven by the performance of offline medical institutions [1][2]. - The company is actively expanding its network through a combination of self-built and acquired medical institutions, with plans to add 15-20 new branches in 2025 [3]. - The integration of AI technology into its operations is anticipated to enhance service delivery and address the uneven distribution of medical resources in China [4]. Financial Performance - In 2024, the company reported a gross profit of 909 million yuan, with a gross margin of 30.1% [1]. - The adjusted net profit attributable to the parent company for 2024 was 400 million yuan, reflecting a year-on-year growth of 31.4% [1]. - Forecasts for 2025-2027 indicate continued revenue growth, with projected revenues of 3.790 billion yuan in 2025 and 5.726 billion yuan by 2027 [5][6]. - The expected diluted EPS for 2025 is 1.76 yuan, with a corresponding P/E ratio of 16.42 [6]. Business Model and Strategy - The company emphasizes the importance of doctor and patient retention as core competitive advantages, with a significant increase in both doctor partnerships and patient visit frequency [2]. - The membership system has shown strong growth, with membership revenue reaching 1.269 billion yuan in 2024, up 32% year-on-year [1]. - The strategic focus on expanding both domestically and internationally, including a successful entry into Singapore, positions the company for long-term growth [3].
固生堂（02273）：高速成长的中医服务连锁，AI深度布局值得期待