Investment Rating - The report maintains a rating of "Accumulate" for Huaxia Eye Hospital (301267) [4][10]. Core Views - Short-term performance is under pressure, but expansion is progressing steadily. The company is expected to recover as external conditions improve and scale effects enhance [5][10]. Financial Summary - For H1 2024, the company achieved revenue of 2.051 billion yuan, a growth of 2.85%, while net profit attributable to shareholders was 265 million yuan, a decrease of 25.15%. The operating cash flow was 431 million yuan, down by 1.40% [10]. - The gross margin for H1 was 45.84%, down by 4.46 percentage points, and the net margin was 13.33%, down by 4.99 percentage points [10]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.65, 0.75, and 0.82 yuan respectively, down from previous estimates of 0.94, 1.07, and 1.23 yuan [10]. Business Performance - The consumer medical segment showed stable growth, with refractive income at 694 million yuan, up by 6.56%, and a gross margin of 54.98%. However, the eye disease diagnosis segment saw a slight decline, with cataract revenue at 465 million yuan, down by 6.53% [10]. - The company has opened 61 specialized eye hospitals and 65 vision centers across 49 cities in 18 provinces and municipalities as of H1 2024, indicating ongoing expansion efforts [10]. Market Data - The current stock price is 17.16 yuan, with a target price adjusted to 22.75 yuan, down from 38.33 yuan [4][10]. - The total market capitalization is 14.414 billion yuan, with a total share capital of 840 million shares [6].
华厦眼科：2024年半年报点评：短期业绩承压，扩张稳步推进