Investment Rating - The investment rating for the company is "Buy" [6][8]. Core Views - The company has demonstrated steady revenue growth, achieving an operating income of 4.013 billion yuan in 2023, a year-on-year increase of 24.12%, and a net profit attributable to shareholders of 666 million yuan, up 29.60% year-on-year [3]. - The growth momentum continues into 2024, with Q1 revenue reaching 978 million yuan, a 5.09% increase year-on-year, and a net profit of 156 million yuan, up 3.75% year-on-year [3]. - The company's expansion strategy is progressing steadily, with a focus on both organic growth and acquisitions, including the acquisition of 100% equity in Xiamen Huaxia Juxin No.1 Investment Consulting Co., Ltd. [3]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 40.13 billion yuan, with a net profit of 6.66 billion yuan and a non-recurring net profit of 6.62 billion yuan, reflecting growth rates of 24.12%, 29.60%, and 22.37% respectively [3]. - The first quarter of 2024 showed a revenue of 9.78 billion yuan and a net profit of 1.56 billion yuan, indicating continued growth [3]. - The overall gross margin slightly improved to 49.03% in 2023, with the main business gross margin at 49.04%, a minor increase of 0.88% from 2022 [3]. Business Segments - All business segments showed growth, with the cataract business experiencing the most significant increase, achieving revenue of 9.87 billion yuan, a year-on-year growth of 31.38% [3]. - The refractive project revenue reached 1.207 billion yuan, up 12.43%, while the optical project revenue was 1.017 billion yuan, growing by 14.94% [3]. - The company has established 60 optical centers by the end of 2023, with plans to increase this number significantly in the coming years [3]. Future Projections - The company expects revenues of 47.32 billion yuan, 56.74 billion yuan, and 68.76 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 7.07 billion yuan, 8.67 billion yuan, and 11.53 billion yuan [8][9]. - The earnings per share (EPS) are forecasted to be 0.84 yuan, 1.03 yuan, and 1.37 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 28.00, 22.85, and 17.17 [8][9].
华厦眼科：2023年报&2024年一季报点评：业绩增长态势延续，扩张战略稳步推进