Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 45 yuan [1]. Core Insights - The company's mid-year report for 2024 met expectations, showing a revenue of 1.42 billion yuan (+3.08%) and a net profit attributable to shareholders of 43 million yuan (-81.56%) [1]. - The company is experiencing a strategic shift towards expanding its cataract and comprehensive eye disease services, with significant growth in cataract revenue [2]. - The company has established over 30 specialized eye hospitals and clinics, with strong performance from core self-built hospitals and robust growth from acquisitions [2]. - Revenue forecasts for 2024-2026 have been adjusted to 3.136 billion, 3.667 billion, and 4.289 billion yuan, reflecting a year-on-year growth of 15.4%, 16.9%, and 17.0% respectively [2]. Financial Performance Summary - Total revenue for 2023 was 2.718 billion yuan, with a projected revenue of 3.136 billion yuan for 2024, reflecting a growth rate of 15.4% [3]. - The net profit attributable to shareholders for 2023 was 268 million yuan, with a forecasted decline to 169 million yuan in 2024, followed by a recovery to 217 million yuan in 2025 and 261 million yuan in 2026 [3]. - Earnings per share (EPS) is projected to be 1.13 yuan in 2024, with a price-to-earnings (P/E) ratio of 28 [3].
普瑞眼科：2024年中报点评：中报符合预期，逆势扩张布局长远