Guangfa Securities' research report on December 26 states that Jointown Pharmaceutical Group (600998.SH) is the leader in out-of-hospital commerce, with a compound annual growth rate in both revenue and profit of over 15% in the past decade. The approval of public REITs and the smooth progress of PRE-REITs projects will achieve a win-win synergy between Jointown and the public REITs "dual listing" platform. Based on comparable company valuations and considering Jointown's leadership in out-of-hospital pharmaceutical commerce, the company is expected to accelerate its development after the issuance of REITs, likely entering a new phase of light asset development. It is considered reasonable to assign a 15 times PE valuation for the company in 2024, corresponding to a reasonable value of 6.48 yuan per share, with an initial coverage and a "Buy" rating.