爱尔眼科2024半年报点评：核心业务稳健增长，医疗网络规模持续扩大

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 10.545 billion yuan in H1 2024, representing a year-on-year increase of 2.86%, and a net profit attributable to shareholders of 2.050 billion yuan, up 19.71% year-on-year. In Q2 alone, revenue was 5.349 billion yuan (+2.25% YoY) and net profit was 1.150 billion yuan (+23.53% YoY), aligning with expectations [3] - The refractive, optical, and cataract businesses showed steady growth. In H1 2024, the refractive business generated revenue of 4.155 billion yuan (+3.16% YoY) with a gross margin of 57.19%, the optical business brought in 2.371 billion yuan (+3.05% YoY) with a gross margin of 55.95%, and the cataract business earned 1.735 billion yuan (+3.64% YoY) with a gross margin of 37.50%. Other businesses saw revenue of 622 million yuan (-7.50% YoY) with a gross margin of 39.63% [3] - The company added 55 new hospitals in H1 2024, expanding its medical network to a total of 311 hospitals, which further demonstrates the advantages of its tiered chain and scale effects [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 40.4 billion yuan, 48.8 billion yuan, and 57.5 billion yuan respectively. The corresponding P/E ratios based on the current market value are 21, 18, and 15 times, maintaining a "Buy" rating [4] - The total revenue for 2024 is projected to be 21.666 billion yuan, with a year-on-year growth rate of 6.38% [9]