Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in the first half of 2024 was below expectations, with a steady expansion of its national service network. The company achieved operating revenue of 2.051 billion yuan, a year-on-year increase of 2.85%, while net profit attributable to the parent company was 265 million yuan, a year-on-year decrease of 25.15% [9][10] - The company's profitability has declined, with increased sales investment. The gross margin and net margin for the first half of 2024 were 45.84% and 13.33%, respectively, both down year-on-year [9] - The consumer ophthalmology business showed stable growth, with revenue from refractive services reaching 694 million yuan, up 6.56% year-on-year, and revenue from vision care services at 497 million yuan, up 4.56% year-on-year [10] - The company is actively upgrading its ophthalmic diagnosis and treatment technology, introducing new products and enhancing its service capabilities [10] - The investment recommendation has been adjusted to reflect the lower-than-expected performance, with projected net profits for 2024-2026 at 628 million, 755 million, and 875 million yuan, respectively [10] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 2.051 billion yuan, a 2.85% increase year-on-year, and a net profit of 265 million yuan, down 25.15% year-on-year. The cash flow from operating activities was 431 million yuan, a decrease of 1.40% year-on-year [9] - The gross margin and net margin for H1 2024 were 45.84% and 13.33%, respectively, both showing a decline compared to the previous year [9] Business Expansion - The company added 4 ophthalmology specialty hospitals and 5 vision centers during the reporting period, bringing the total to 61 specialty hospitals and 65 vision centers nationwide [9] Sales and Marketing - The company increased its sales investment, with significant growth in business promotion expenses. The sales expense ratio rose to 13.70% [9] Technology and Services - The company is enhancing its ophthalmic treatment capabilities by introducing advanced technologies and products, including new types of intraocular lenses and innovative surgical equipment [10] Future Outlook - The long-term growth trend for the company remains clear, with a maintained "Buy" rating despite the short-term performance challenges [10]
华厦眼科：公司简评报告：消费眼科平稳增长，业绩短期承压