Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has reported stable revenue growth, with a revenue of 2.051 billion yuan for the first half of 2024, reflecting a year-on-year increase of 2.85%. However, the net profit attributable to shareholders decreased by 25.15% to 265 million yuan [1] - The company is expected to achieve revenue of 4.238 billion yuan in 2024, with a year-on-year growth of 5.6%, and a net profit of 661 million yuan, showing a slight decline of 0.7% [2] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.051 billion yuan, with a net profit of 265 million yuan, and a non-recurring net profit of approximately 271 million yuan [1] - The revenue from cataract treatments was 465 million yuan, down 6.53%, while refractive surgery revenue increased by 6.56% to 694 million yuan [1] - The company’s total market capitalization is 14.4 billion yuan, with a circulating market capitalization of 5.6 billion yuan [1] Business Operations - The company operates 61 specialized eye hospitals and 65 optical centers across 18 provinces and 49 cities, demonstrating a strong regional presence [1] - Key hospitals under the company have shown robust performance, with notable revenue and net profit margins reported from various centers [1] Future Outlook - The company is expected to continue its stable growth trajectory, with projected revenues of 4.238 billion yuan in 2024, 4.787 billion yuan in 2025, and 5.341 billion yuan in 2026 [2] - The net profit is forecasted to reach 661 million yuan in 2024, with subsequent increases to 787 million yuan in 2025 and 928 million yuan in 2026 [2]
华厦眼科：业绩整体平稳，外部环境依旧承压