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研報掘金丨廣發證券:予固生堂“買入”評級 合理價值71.17港元
格隆匯8月8日丨廣發證券發佈研究報吿稱,給予固生堂“買入”評級,考慮到中醫醫療服務連鎖機構的稀缺性,給予公司2023年PE55X估值,按照公司經調整歸母淨利潤計算,對應合理價值為71.17港元。該行指出,公司業務擴張的順利進展,包括線上醫療健康平台的醫生數目增加、線下醫療機構數目增加及地域覆蓋擴大;公司自主開發的HIS系統將線下機構與向上平台整合,對供應鏈實行高效管理,實現從上游中藥採購到下游統一配送的全流程控制。該行預計公司2023-2025年歸母淨利潤分別為2.69、3.57、4.77億元;經調整歸母淨利潤分別為2.85、3.73、4.93億元。
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