Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company has demonstrated steady revenue growth, with 2023 revenue reaching 4.013 billion yuan, a year-on-year increase of approximately 24.12%. The outpatient volume exceeded 1.86 million visits, growing about 21%, and the number of surgeries surpassed 370,000, increasing by approximately 23% [4][5]. - The growth is attributed to the recovery of cataract and other eye disease treatments, steady growth in consumer demand for ophthalmology, and an increasing proportion of high-end surgical procedures. The company adheres to a "growth through internal development and external acquisitions" strategy to enhance its national ophthalmology service network [4][5]. - The company plans to acquire 100% of Xiamen Huaxia Juxin No. 1 Investment Consulting Co., Ltd. for 503 million yuan, which indirectly controls several hospitals, including Chengdu Aidi Eye Hospital and Weishan Medical University Eye Hospital [4]. Summary by Sections Financial Performance - In 2023, the company's operating revenue was 4.013 billion yuan, with a net profit attributable to the parent company of 666 million yuan, reflecting a year-on-year increase of 29.60%. For Q1 2024, revenue was 978 million yuan, up 5.09%, and net profit was 156 million yuan, up 3.75% [4][5]. Business Strategy - The company is deepening its "integrated medical education and research" approach, establishing a mature medical education and research system, and has approved 36 new medical research projects in 2023 [4]. - The company is enhancing its service capabilities by introducing new equipment, such as the first Zeiss 3D digital navigation surgical microscope in China, and is expanding its national chain of eye hospitals, having established 57 specialized eye hospitals and 60 vision centers across 47 cities in 18 provinces and municipalities [4][5]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 4.856 billion yuan, 5.851 billion yuan, and 7.022 billion yuan, respectively. The net profit attributable to the parent company is projected to be 822 million yuan, 1.007 billion yuan, and 1.227 billion yuan for the same years, with corresponding PE ratios of 26, 21, and 17 times [5].
业绩稳健增长，外延并购加速