金吾财讯 | 交银国际研报指，固生堂(02273)完成向博裕资本发行1.1亿美元的可转债，转股价37.77港元/股。若可转债全部转股，新发行股份将占扩大后已发行股本的8.91%。所得款项55%用于股份回购， 42.8%用于拓展线下医疗机构等业务发展需求。同时，博裕将促进公司与相关投资者探索潜在战略合作机会，并协助公司在中国内地主要城市探索业务发展机会。考虑到当前资产价格处于低位、消费型医疗需求强劲、医保控费影响逐步出清，该机构认为未来3-5年将是行业整合的关键窗口，与博裕的合作将有效助力公司横向整合、扩大市场份额。3月3日，公司宣布将收购济南新阳光中医医院、济南蕴生堂和济南历城蕴生堂各70%股权。海外方面，新收购的新加坡大中堂于2025年12月初完成交割整合。展望2026-27年，公司将进一步拓展中国内地经济水平较好的省会和二三线城市。海外将加大新加坡布局、同时探索中国香港和马来西亚市场的机会。该机构维持公司买入评级和42港元的目标价，继续看好其由海外扩张+技术升级驱动的长期成长逻辑、以及当前显著的投资性价比（当前股价对应仅0.4倍2026年PEG）。
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