Aier(SZ:300015) SINOLINK SECURITIES·2024-10-31 06:58Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 16.302 billion RMB in the first three quarters of 2023, representing a year-on-year increase of 1.58%. The net profit attributable to shareholders was 3.452 billion RMB, up 8.50% year-on-year [1] - In Q3 2024, the company reported a revenue of 5.756 billion RMB, a decrease of 0.68% year-on-year, and a net profit of 1.402 billion RMB, down 4.56% year-on-year [1] - The company is expanding its medical service network, having approved the acquisition of stakes in 35 hospitals for a total of 0.898 billion RMB, which is expected to enhance its market position [2] - The company is establishing itself as a leader in pediatric dry eye treatment, having launched guidelines and opened nearly 50 specialized clinics [2] Summary by Sections Performance Overview - For the first three quarters of 2023, the company reported a revenue of 16.302 billion RMB, with a net profit of 3.452 billion RMB, and a non-recurring net profit of 3.113 billion RMB [1] - In Q3 2024, the revenue was 5.756 billion RMB, with a net profit of 1.402 billion RMB, and a non-recurring net profit of 1.328 billion RMB [1] Operational Analysis - The company maintained stable expense ratios in Q3 2024, with management expenses at 13.65%, sales expenses at 10.06%, and R&D expenses at 1.43% [2] - The financial expense ratio was 0.40%, and the net cash flow from operating activities was 4.299 billion RMB, down 22.88% year-on-year [2] Profit Forecast and Valuation - The company is expected to achieve net profits of 3.842 billion RMB, 4.541 billion RMB, and 5.259 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14%, 18%, and 16% [3] - The estimated EPS for the same years is projected to be 0.41 RMB, 0.49 RMB, and 0.56 RMB, with corresponding P/E ratios of 24, 20, and 18 times [3]