Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 61 yuan [1][3]. Core Insights - The company experienced profit pressure in the third quarter, with a revenue decline of 9.11% year-on-year, resulting in a net loss of 0.27 billion yuan [2][3]. - Despite short-term challenges, the company is focused on long-term expansion, managing costs effectively during its growth phase [2][3]. - Revenue forecasts for 2024-2026 have been adjusted to 28.51 billion, 32.52 billion, and 37.17 billion yuan, reflecting growth rates of 4.9%, 14.1%, and 14.3% respectively [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.137 billion yuan, a decrease of 1.36%, and a net profit of 0.16 billion yuan, down 95.01% [1][4]. - The gross profit margin for Q3 2024 was 35.96%, a decline of 9.88 percentage points year-on-year, primarily due to costs associated with new hospital openings [2][4]. - The company’s financial projections indicate a significant drop in net profit for 2024, with a forecast of 0.49 billion yuan, representing an 81.7% decrease compared to the previous year [3][4].
普瑞眼科：2024年三季报点评：三季度利润承压，逆势扩张布局长远