Aier(300015) 中泰证券·2024-09-09 13:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Views - The company reported a revenue of 10.545 billion yuan for the first half of 2024, a year-on-year increase of 2.86%, and a net profit attributable to shareholders of 2.050 billion yuan, up 19.71% year-on-year [4]. - The company's performance is in line with expectations, demonstrating resilience in operations despite a slight decline in cash flow [4]. - The company is actively expanding its network by acquiring outpatient clinics and establishing regional eye centers, with 52 medical institutions acquired in the first half of the year [4]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 23.049 billion yuan, 26.018 billion yuan, and 29.314 billion yuan, representing year-on-year growth rates of 13.2%, 12.9%, and 12.7% respectively [5]. - Net profit forecasts for the same period are 4.052 billion yuan, 4.865 billion yuan, and 5.734 billion yuan, with growth rates of 20.6%, 20.1%, and 17.9% respectively [5]. - The company maintains a strong market position in the ophthalmology sector, with expectations for further market share growth [5].