Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance is under short-term pressure, but the cataract and eye disease segments are experiencing growth, supporting future expansion [2] - With improvements in the consumer environment and new hospitals moving past their cultivation period, revenue is expected to rebound [2] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 1.42 billion yuan, a 3.08% increase, but net profit attributable to shareholders dropped by 81.56% to 43 million yuan [3] - Q2 2024 revenue was 745 million yuan, up 2.24%, with net profit down 63.59% to 26 million yuan [3] - H1 gross margin was 41.29%, down 4.09 percentage points, and net margin was 3.37%, down 14.08 percentage points, primarily due to revenue pressure and costs associated with new hospital operations [3] Business Segments - The company is optimizing its business structure to avoid over-reliance on refractive surgery revenue, with refractive income at 692 million yuan, down 2.50% [3] - Cataract revenue increased by 13.22% to 311 million yuan, while comprehensive eye disease revenue rose by 14.87% to 226 million yuan [3] Expansion Strategy - The company is advancing its expansion strategy with a focus on "national chain + regional integration," having opened six new hospitals in H1 2024 [3] - As of H1 2024, the company has established 33 specialized eye hospitals across over 20 municipalities and provincial capitals, with more in the pipeline [3] Valuation - The target price is adjusted to 43.03 yuan, based on a 2024 price-to-sales ratio of 2.24x, reflecting a lower valuation compared to industry peers [3][12]
普瑞眼科：2024年半年报点评：业绩短期承压，扩张为后续增长蓄力