华厦眼科：业绩符合预期，静待消费改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company's performance is in line with expectations but is under short-term pressure due to consumer constraints. For the first three quarters of 2024, the company reported revenue of 3.182 billion yuan, a year-on-year increase of 2.55%. However, the net profit attributable to the parent company decreased by 24.49% to 421 million yuan [4][5]. - The company is optimistic about a recovery in consumer spending, which is expected to accelerate performance in the future. The gross margin has shown continuous improvement, with a gross margin of 46.39% in Q3 2024 [4][5]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.131 billion yuan, a year-on-year increase of 2.00%. The net profit attributable to the parent company for this quarter was 155 million yuan, down 23.35% year-on-year [4]. - The company has projected revenues of 4.194 billion, 4.823 billion, and 5.643 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 635 million, 745 million, and 909 million yuan for the same years [6]. Strategic Initiatives - The company is deepening its "medical education and research collaborative development" strategy and optimizing its talent cultivation mechanism. It has established a comprehensive medical education research system and formed partnerships with over 30 universities, training more than 1,500 students and creating a dual-teacher expert team of 110 members [5]. - The company is expanding its service network through strategic acquisitions, including hospitals in Chengdu and other locations, enhancing its diagnostic and treatment capabilities [5]. Industry Positioning - The company is enhancing its service level by introducing advanced medical equipment, such as the first 3D digital navigation surgical microscope in China, which improves the precision of ophthalmic surgeries [6]. - The current stock price is 22.60 yuan, with a total share capital of 84 million shares. The price-to-earnings ratio for the projected years is 30, 25, and 21 times for 2024, 2025, and 2026 respectively [8].