金吾财讯 | 华福证券研报指，固生堂(02273)公布2025年一季度经营数据，报告期内公司实现客户就诊人次121万，同比增长12.7%，业务量增长符合预期。该行指，在成都分院开业后，固生堂已在全国20余个城市及新加坡开设超过80家分院，业务版图持续拓展。另外，公司积极拥抱AI，持续加码中医AI研发，公司计划推出智能硬件设备及AI医生助手，提升中医医疗服务中辅助诊疗能力，实现更高效的诊疗服务流程，以及实现更多的优质医疗资源供给。同时，AI有望赋能公司实现更精细化的客户服务，持续提升客户留存率和单客户收入。该行续指，中医医疗服务行业需求旺盛，政策持续支持下将迎来高速发展期。公司作为国内连锁中医医疗服务龙头企业，跨区域经营能力优秀，业务模式复制性突出，在品牌、人才、资源等方面具备显着优势，长期增长潜力十足。考虑到公司股权激励费用、新门店爬坡、AI相关研发对利润端影响，该行预测公司25-27年收入为38.1/48.4/60.9亿元，25-27年归母净利为4.28/5.69/7.42亿元，维持“买入”评级。
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