【券商聚焦】国金证券维持固生堂(02273)“买入”评级看好公司AI产品赋能提质增效

金吾财讯

Jul 29

金吾财讯 | 国金证券研报指出，中医诊疗行业展现显著需求韧性，行业受政策红利与需求变迁双重驱动。当前行业仍由公立机构主导，民营市场呈现高度分散格局，潜在整合空间可观。依托国家政策支持，固生堂(02273)开发“国医AI分身”与“AI健康助理”两大产品。国医AI分身通过复刻名医辨证逻辑，突破号源限制放大稀缺医生资源，据公司测算，满号医生产能每提升10%可创收近亿元。AI健康助理优化全流程服务，据公司测算，患者年均就诊次数每增加0.1次可带来8千万收入弹性。该机构指，公司已经累计完成13个院内制剂备案，预计随互联网医院体系对院内制剂推广上的助力，院内制剂有望贡献更多增量。中长期看，政策豁免机制赋予制剂转型中药新药的潜力，有望摆脱院内使用限制，打开市场空间。该机构续指，并购扩张双轨并进：国内通过高效并购实现规模化，门店网络覆盖20城78家；海外以新加坡宝中堂为支点，切入东南亚华人高认同度市场，布局增量空间。该机构看好公司AI产品赋能提质增效，并购扩张双轨并进，后续增长可期。该机构预计公司2025-2027年归母净利润4.07/5.28/6.76亿元，对应PE为22/17/13倍。采用市盈率对公司进行估值，给予公司23倍PE，维持“买入”评级。

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