《大行報告》大摩首予固生堂(02273.HK)「增持」評級 目標價43.5元
摩根士丹利發表研究報告,首次給予固生堂(02273.HK)「增持」評級,指出固生堂於中醫藥服務行業中表現出色,具有規模及影響力,而該行業目前擁有政策優勢,認爲其靈活的醫師業務模式被市場低估。因此目前風險回報具吸引力。
報告指出,固生堂在高度分散的中醫藥服務市場中市佔率達約0.3%,擁有全國佈局,是行業中少數跨區域的機構。該行認爲,中醫行業受政策所支持,而固生堂的醫師網絡超過2.3萬人,預期隨着經營規模擴大及進一步建立品牌知名度,來自內部中醫醫師的收入貢獻將上升,從而改善經營槓桿。
該行預計,2022至2024年收入年複合增長率將達26%,受同城滲透率和新市場進入的推動,調整後的利潤年複合增長率爲35%,給予目價價43.5元。
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