Aier(300015) 东吴证券·2024-11-03 12:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight pressure on performance in Q3 2024, with total revenue of 16.302 billion yuan (+1.58% year-on-year) and a net profit attributable to shareholders of 3.452 billion yuan (+8.50% year-on-year) for the first three quarters of 2024 [2] - The company's gross margin has slightly declined due to macroeconomic factors, while the expense ratio remains stable [2] - The "1+8+N" strategy is being continuously advanced, with the medical network expanding, including the establishment of flagship hospitals and regional eye centers [3] - Profit forecasts for 2024-2026 have been adjusted downwards due to the slow ramp-up of new hospitals and a slowdown in refractive business growth, with expected net profits of 3.699 billion yuan, 4.470 billion yuan, and 5.144 billion yuan for 2024, 2025, and 2026 respectively [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a sales gross margin of 51.02% (down 0.91 percentage points) and a net profit margin of 22.50% (up 0.56 percentage points) [2] - The company’s total revenue is projected to reach 20.779 billion yuan in 2024, with a year-on-year growth rate of 2.02% [9] - The net profit attributable to shareholders is expected to be 3.699 billion yuan in 2024, reflecting a growth rate of 10.12% [9] Strategic Developments - The company has expanded its hospital network to 311 hospitals as of H1 2024, with 55 new hospitals added in the first half of the year [3] - The flagship hospitals are nearing completion and operation, enhancing the company's competitive advantage through scale effects [3]