Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.25 CNY, compared to the current price of 25.27 CNY [2][8]. Core Insights - The company reported a significant revenue increase of 24.12% in 2023, reaching 4.013 billion CNY, and a net profit growth of 29.6%, totaling 666 million CNY. The Q1 2024 results also met expectations with a revenue of 978 million CNY, up 5.09%, and a net profit of 156 million CNY, up 3.75% [4][5]. - The company continues to show strong growth in its core business segments, particularly in cataract and comprehensive eye disease treatments, which have seen accelerated demand post-pandemic [5][6]. - The acquisition of 100% equity in Xiamen Huaxia Juxin No.1 Investment Consulting Co., Ltd. for 503 million CNY is expected to enhance the company's long-term growth potential through both organic growth and external acquisitions [4][7]. - The company’s financial metrics indicate robust operational resilience, with a gross margin of 48.97% and a net profit margin of 15.94% in Q1 2024, despite a high base effect from the previous year [6][8]. Financial Summary - The company’s revenue and net profit projections for 2024 and beyond are as follows: - 2024E Revenue: 4.590 billion CNY, Net Profit: 791 million CNY - 2025E Revenue: 5.469 billion CNY, Net Profit: 968 million CNY - 2026E Revenue: 6.377 billion CNY, Net Profit: 1.168 billion CNY - The projected growth rates for net profit are 18.8% for 2024, 22.4% for 2025, and 20.7% for 2026 [9][14]. Valuation Metrics - The report suggests a price-to-earnings (P/E) ratio of 30x for 2024, leading to a market capitalization estimate of 23.7 billion CNY [8][9]. - The company’s asset-liability ratio is projected to decrease from 23.19% in 2023 to 19.6% by 2026, indicating improved financial stability [10][14]. Conclusion - The report highlights the company's strong growth trajectory, strategic acquisitions, and solid financial performance, supporting the "Buy" rating and positive outlook for future earnings growth [2][8][9].
23年业绩高增长，Q1业绩符合预期