Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Insights - The company's performance is stable, with a revenue of 2.051 billion yuan in the first half of 2024, representing a year-on-year growth of 2.85%. However, the net profit attributable to shareholders decreased by 25.15% to 265 million yuan [4][5]. - The company is focused on the integration of medical education and research, enhancing its talent cultivation system, and has introduced over 200 students in the first half of 2024, a historical high. It continues to expand through acquisitions, having acquired several hospitals to improve its service network [4][5]. - Future plans include the ongoing development of vision centers to establish a "1+N" medical service network layout [4][5]. Financial Performance Summary - In the second quarter of 2024, the company achieved a revenue of 1.072 billion yuan, a year-on-year increase of 0.89%, while the net profit attributable to shareholders fell by 46.40% to 110 million yuan [4][5]. - The revenue breakdown for the first half of 2024 includes: - Cataract revenue: 465 million yuan, down 6.53% - Posterior segment revenue: 262 million yuan, down 5.13% - Refractive revenue: 694 million yuan, up 6.56% - Vision optometry comprehensive project revenue: 497 million yuan, up 4.56% - Other projects revenue: 133 million yuan, up 41.76% [5][6]. Future Earnings Forecast - The company forecasts revenues of 4.615 billion yuan, 5.400 billion yuan, and 6.372 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 779 million yuan, 925 million yuan, and 1.109 billion yuan for the same years. The current stock price corresponds to a PE ratio of 19, 16, and 13 for the respective years [5][6].
华厦眼科：业绩符合预期，增长平稳