Aier(SZ:300015) Guohai Securities·2024-08-26 12:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company demonstrates strong operational resilience amid a challenging macroeconomic environment, with steady progress in both domestic and international development strategies [1][4] - In the first half of 2024, the company achieved revenue of 10.5 billion (up 2.86% year-on-year) and a net profit attributable to shareholders of 2.05 billion (up 19.71%) [3][4] - The company is expanding its network of eye care centers and has completed the acquisition of 52 medical institutions in the first half of 2024, enhancing its service capacity [4][5] Financial Performance - The company reported an outpatient volume of 7.94 million (up 9.2%) and a surgical volume of 650,000 (up 6.9%) in the first half of 2024 [4] - Revenue breakdown includes: - Refractive income: 4.155 billion (up 3.2%), gross margin 57.19% (down 0.53 percentage points) - Vision service income: 2.371 billion (up 3.1%), gross margin 55.95% (up 0.71 percentage points) - Cataract project income: 1.735 billion (up 3.6%), gross margin 37.50% (up 0.02 percentage points) - Other project income: 622 million (down 7.5%), gross margin 39.63% (down 0.04 percentage points) [4][5] Future Earnings Forecast - The company’s revenue is projected to reach 22.1 billion, 25.1 billion, and 28.4 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9%, 13%, and 13% [5][7] - Net profit attributable to shareholders is expected to be 3.98 billion, 4.78 billion, and 5.75 billion for the same years, with growth rates of 19%, 20%, and 20% respectively [5][7] International Expansion - The company is steadily implementing its international strategy, with European revenue reaching 1.017 billion (up 16%), accounting for 9.6% of total revenue in the first half of 2024 [5][6] - The number of medical institutions in Europe has expanded from over 70 in 2017 to 108 by the end of 2023, with the acquisition of Optimax Group marking entry into the UK ophthalmology market [5][6]