Investment Rating - The report maintains a "Recommendation" rating for Huaxia Eye Hospital (301267) with a target price of 25 yuan [1]. Core Views - The mid-year report meets expectations, showing steady growth in consumer ophthalmology services. The company’s revenue for the first half of 2024 reached 2.71 billion yuan, with a year-on-year increase of 2.85%. However, the net profit attributable to shareholders decreased by 46.40% to 1.14 billion yuan due to high base effects from the previous year [1][3]. - The company is expanding its market influence through strategic acquisitions, including new hospitals, which is expected to enhance operational performance [1][3]. Financial Summary - For the first half of 2024, the company reported total revenue of 2.71 billion yuan, a 2.85% increase year-on-year. The net profit attributable to shareholders was 1.14 billion yuan, reflecting a decrease of 46.40% [1]. - The company’s gross margin is projected to decline due to increased costs from new hospital openings, with a gross margin of 46.32% in the second quarter of 2024 [1][3]. - The forecast for total revenue is 4.374 billion yuan for 2024, with a year-on-year growth rate of 9.0% [3]. Business Segmentation - Revenue from refractive surgery, optometry, cataract, and posterior segment services showed varied growth rates, with refractive surgery growing by 6.56% and cataract services facing pressure due to high base effects from the previous year [1][3]. - The company is actively pursuing both organic growth and external expansion strategies to enhance its service network and market presence [1]. Valuation Metrics - The report provides a projected PE ratio of 21 for 2024, decreasing to 19 by 2026, indicating an expected improvement in profitability [1][3]. - The projected net profit for 2024 is 693 million yuan, with a growth rate of 4.1% compared to the previous year [3]. Market Performance - The report includes a market performance comparison over the past 12 months, indicating fluctuations in stock performance relative to the benchmark indices [1].
华厦眼科：2024半年报点评：中报符合预期，消费眼科类稳健增长