Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 27 yuan, while the current price is 22.60 yuan [1][3]. Core Insights - The company reported a slight increase in revenue of 2.55% year-on-year for the first three quarters of 2024, totaling 3.182 billion yuan, but a significant decline in net profit by 24.49% to 421 million yuan [1][2]. - The third quarter alone saw a revenue of 1.131 billion yuan, reflecting a 2% increase year-on-year, but net profit decreased by 23.35% to 155 million yuan [1][2]. - The revenue pressure is attributed to the implementation of DRG/DIP medical insurance settlement methods in some regions, which has affected the average price of cataract surgeries, and a general decline in consumer spending impacting refractive and optical services [2]. - The company has managed to keep its costs under control, achieving a gross margin of 46.39% in Q3 2024, although this represents a decline of 4.8 percentage points year-on-year due to expenses related to the establishment of new hospitals [2]. Financial Summary - For 2024, the company’s projected net profit is adjusted to 562 million yuan, a decrease of 15.6% year-on-year, with forecasts for 2025 and 2026 at 637 million yuan and 688 million yuan, respectively [3][4]. - The total revenue projections for 2024, 2025, and 2026 are 4.194 billion yuan, 4.516 billion yuan, and 4.893 billion yuan, with year-on-year growth rates of 4.5%, 7.7%, and 8.4% respectively [4][7]. - The earnings per share (EPS) are expected to be 0.67 yuan for 2024, 0.76 yuan for 2025, and 0.82 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 34, 30, and 28 [4][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 report shows a revenue of 3.182 billion yuan (+2.55% year-on-year) and a net profit attributable to shareholders of 421 million yuan (-24.49% year-on-year) [2] - Profitability is slightly pressured due to consumer spending and the ramp-up of new hospitals, with Q3 gross margin at 46.39% (-4.80pp) and net margin at 14.93% (-3.48pp) [2] - The company has established a nationwide network of 61 ophthalmology specialty hospitals and 65 vision centers across 49 cities, indicating a strong expansion strategy [3] - Future growth is expected from ongoing acquisitions and a recovery in consumer demand, with adjusted net profit forecasts for 2024-2026 being 5.32 billion, 6.16 billion, and 7.10 billion yuan respectively [3] Financial Summary - Total revenue for 2023 is projected at 4.013 billion yuan, with a growth rate of 4.00% in 2024 and 11.37% in 2025 [9] - The net profit attributable to shareholders is expected to decline to 532.31 million yuan in 2024, followed by a recovery to 615.55 million yuan in 2025 and 709.55 million yuan in 2026 [9] - The company's P/E ratio is projected to be 32.43 in 2024, 28.04 in 2025, and 24.33 in 2026 [9]

华厦眼科医院集团股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：301267 证券简称：华厦眼科 公告编号：2024-048 华厦眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 1 月 8 日 召开了第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于 回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易的方式回购 部分公司股份，用于实施员工持股计划或股权激励。本次回购股份的资金总额不 低于 1.5 亿元且不超过 2.5 亿元（均含本数）；回购价格不超过 50.93 元/股（含 本数），回购股份实施期限自公司董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司分别于 2024 年 1 月 9 日、2024 年 1 月 15 日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公告编 号：2024-003）、《回购报告书》（公告编号：2024-005）。 公司 2023 年年度权益分派实施后，按照相关规定对回购股份价格上限 ...

Financial Performance - Revenue for the third quarter was 1.131 billion yuan, a 2.00% increase year-over-year[2] - Net profit attributable to shareholders was 155.37 million yuan, a decrease of 23.35% compared to the same period last year[2] - Operating revenue for the period reached 3,181,879,566.30 RMB, up from 3,102,868,888.04 RMB in the previous period[15] - Net profit attributable to the parent company's owners grew to 2,430,944,158.40 RMB from 2,101,788,440.78 RMB[14] - Net profit attributable to the parent company's shareholders was RMB 420.86 million, compared to RMB 557.39 million in the same period last year[16] - Basic earnings per share (EPS) for the quarter were RMB 0.50, down from RMB 0.66 in the previous year[17] Assets and Liabilities - Total assets as of the end of the reporting period were 8.059 billion yuan, an increase of 9.22% compared to the end of the previous year[2] - Total assets increased to 8,058,862,994.41 RMB from 7,378,705,827.93 RMB, reflecting growth in both current and non-current assets[13][14] - Total liabilities rose to 2,021,204,720.29 RMB from 1,661,173,884.62 RMB, driven by increases in both current and non-current liabilities[13][14] - Fixed assets expanded to 876,282,339.17 RMB from 788,618,814.08 RMB, indicating ongoing investments in infrastructure[13] - Construction in progress increased to 119,592,668.20 RMB from 89,578,414.52 RMB, signaling further expansion plans[13] Cash Flow and Financial Activities - The company's monetary funds decreased by 71.85% to 1.103 billion yuan, mainly due to the use of temporarily idle funds for cash management[6] - Transactional financial assets increased by 908.20% to 2.744 billion yuan, also due to cash management activities[6] - Cash flow from operating activities was RMB 673.76 million, a decrease from RMB 724.91 million year-over-year[18] - Cash flow from investing activities showed a net outflow of RMB 3.05 billion, compared to a net inflow of RMB 487.45 million in the same period last year[19] - Cash flow from financing activities had a net outflow of RMB 439.01 million, compared to a net outflow of RMB 257.66 million in the previous year[19] - The company's cash and cash equivalents at the end of the period were RMB 1.08 billion, down from RMB 2.29 billion at the end of the previous period[19] Expenses and Income - Financial expenses increased by 59.01% to 25.40 million yuan, mainly due to reduced interest income from cash management and increased interest expenses on lease liabilities[7] - Other income increased by 108.56% to 24.03 million yuan, mainly due to increased government subsidies[7] - Asset impairment losses increased by 611.58% to 1.15 million yuan, mainly due to increased inventory write-downs[7] - Operating costs increased to 2,626,338,758.90 RMB from 2,353,594,879.58 RMB, with a significant rise in sales and administrative expenses[15] - Research and development expenses decreased to 53,903,578.99 RMB from 62,346,901.73 RMB, reflecting a shift in resource allocation[15] - Financial expenses rose to 25,398,784.92 RMB from 15,972,633.98 RMB, primarily due to higher interest expenses[15] - Interest income for the quarter was RMB 14.03 million, compared to RMB 18.15 million in the same period last year[16] - Other income increased to RMB 24.03 million from RMB 11.52 million year-over-year[16] - Investment income for the quarter was RMB 45.03 million, slightly down from RMB 47.53 million in the previous year[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 17,406[8] - Huaxia Medical Investment (Xiamen) Co., Ltd. holds 30.45% of the shares, totaling 255,764,011 shares[8] - Su Qingcan, an individual shareholder, holds 30.41% of the shares, totaling 255,405,989 shares[8] - Xiamen Hanwei Equity Investment Partnership holds 5.44% of the shares, totaling 45,731,250 shares[8] - Xiamen Hongfu Equity Investment Partnership holds 3.90% of the shares, totaling 32,745,000 shares[8] - The company has repurchased 6,581,440 shares, accounting for 0.78% of the total shares, with a total transaction amount of 181.302 million yuan[11] - Minority shareholders' equity surged to 235,506,542.77 RMB from 62,259,298.64 RMB, indicating increased external investment[14] Accounting and Reporting - The company's third quarter report for 2024 is unaudited[20] - No new accounting standards were applied at the beginning of 2024[20] Specific Financial Items - The company's monetary funds amount to 1,102,631,961.33 yuan[12] - The company's trading financial assets amount to 2,743,817,939.79 yuan[12] - The company's accounts receivable amount to 348,887,555.03 yuan[12] - The company's prepayments amount to 100,038,264.10 yuan[12] - Prepayments increased by 53.20% to 100.04 million yuan, mainly due to increased prepayments for medical supplies and acquisitions of subsidiaries[6] - Goodwill increased by 222.91% to 558.89 million yuan due to the acquisition of subsidiaries[7]

证券代码：301267 证券简称：华厦眼科 公告编号：2024-047 华厦眼科医院集团股份有限公司 华厦眼科医院集团股份有限公司董事会 2024 年 10 月 29 日 办公地址：厦门市湖里区五通西路999号 联系电话：0592-2108975 传真号码：0592-2108895 电子邮箱：zhengquanbu@huaxiaeye.com 附件：房尚任先生简历 房尚任，男，1990 年出生，中国国籍，无境外永久居留权，硕士学历，曾 担任江苏弘盛新材料股份有限公司董事会秘书、恺英网络股份有限公司证券事 务经理，已取得深圳证券交易所颁发的董事会秘书资格证，并持有证券从业资 格证、全国股转公司董事会秘书资格证。 截至本公告日，房尚任先生未持有公司股票，与公司控股股东、实际控制 人不存在关联关系，与持有公司 5%以上股份的股东、公司董事、监事和高级管 理人员不存在关联关系；从未受过中国证监会及其他有关部门的处罚和证券交 易所惩戒，不存在作为失信被执行人的情形，不存在《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》第 3.2.3 条所规定的情形， 其任职资格符合《公司法》及《深圳证券交易 ...

证券代码：301267 证券简称：华厦眼科 公告编号：2024-044 华厦眼科医院集团股份有限公司 第三届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华厦眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日上午以通讯会议方式召开了第三届董事会第八次会议，会议通知于 2024 年 10 月 23 日以电子邮件和即时通讯的方式送达。本次会议应出席董事 7 名，实际出 席董事 7 名（其中：委托出席董事 1 名，董事苏庆灿先生因个人原因无法亲自 出席会议，委托董事陈凤国先生出席会议并代为行使表决权）；公司监事和高 管列席了本次会议。经全体参会董事一致推举，本次会议由董事陈凤国先生主 持，会议的召集、召开符合《中华人民共和国公司法》《公司章程》等有关规 定。 该议案已经公司董事会审计委员会审议通过。 上述具体内容详见公司同日发布于巨潮资讯网（www.cninfo.com.cn）的 《2024 年第三季度报告》（公告编号：2024-046）。 2、审议通过《关于聘任公司证券事务代表的议案 ...

证券代码：301267 证券简称：华厦眼科 公告编号：2024-045 华厦眼科医院集团股份有限公司 第三届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 华厦眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日 上午以通讯会议方式召开了第三届监事会第八次会议，会议通知于 2024 年 10 月 23 日以电子邮件和即时通讯的方式送达。本次会议应出席监事 3 名，实际出席监 事 3 名。本次会议由监事会主席黄妮娅女士主持，会议的召集、召开符合《中华 人民共和国公司法》《公司章程》等有关规定。 全体与会监事以投票表决方式审议通过以下决议： 1、审议通过《关于<2024 年第三季度报告>的议案》 经审议，与会监事认为：董事会编制和审核公司《2024年第三季度报告》的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司 2024 年第三季度经营的实际情况，不存在任何虚假记载、误导性陈述 或者重大遗漏。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 上述 ...

证券代码：301267 证券简称：华厦眼科 华厦眼科医院集团股份有限公司 投资者关系活动记录表 编号：2024-015 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Group 1: Hospital Overview and Development Goals - Huaxia Yuzhou Eye Hospital is built according to the standards of a tertiary eye hospital, integrating clinical medical services, research, teaching, health care, and myopia prevention [1] - The group aims for Huaxia Yuzhou to achieve breakeven within approximately two years, with significant investments in equipment, environment, and talent [1] - Since its opening in October 2023, the hospital has seen continuous rapid growth in business volume each quarter, receiving broad recognition from the public [1] Group 2: Revenue Structure and Strategic Focus - As of now, refractive income accounts for over 50% of Huaxia Yuzhou's revenue, with cataract income at approximately 25%, and pediatric ophthalmology and optometry at about 10% [2] - The hospital's strategy focuses on segmented operations in ophthalmology and the establishment of specialty departments, with significant initial investments in high-end equipment and authoritative experts [2] - The overall customer unit price remains stable, but there is an expectation for an increase in refractive unit prices as patient demand for higher visual quality grows [2] Group 3: Insurance and Future Projections - Currently, the proportion of income from medical insurance is low, as the hospital has only been operational for a year and has had medical insurance payment options for about six months [2] - Future medical insurance income will depend on the maturity of hospital operations and changes in insurance policies [2] Group 4: Market Position and Competitive Landscape - Chongqing Huaxia, established in 2017, has maintained steady growth despite challenges, attributed to good market reputation and effective cost control [3] - The competitive landscape in Chongqing includes public hospitals, large eye care chains, and other non-chain eye hospitals, with Chongqing Huaxia narrowing the gap with competitors in terms of business scale [3] - The new Huaxia Yuzhou hospital is positioned to serve a higher-end demographic, while the older Chongqing Huaxia focuses on cost-effective services for the general public [2]

证券代码：301267 证券简称：华厦眼科 公告编号：2024-043 华厦眼科医院集团股份有限公司 关于回购公司股份进展的公告 二、其他说明 公司回购股份的时间、回购的股份数量、回购股份价格及集中竞价交易的委 托时段均符合《自律监管指引第 9 号》的相关规定。具体如下： 1、公司未在下列期间回购公司股份： （1）自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者在 决策过程中，至依法披露之日内； 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 华厦眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 1 月 8 日 召开了第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于 回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易的方式回购 部分公司股份，用于实施员工持股计划或股权激励。本次回购股份的资金总额不 低于 1.5 亿元且不超过 2.5 亿元（均含本数）；回购价格不超过 50.93 元/股（含 本数），回购股份实施期限自公司董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司分别于 2024 年 1 ...