Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 report shows a revenue of 3.182 billion yuan (+2.55% year-on-year) and a net profit attributable to shareholders of 421 million yuan (-24.49% year-on-year) [2] - Profitability is slightly pressured due to consumer spending and the ramp-up of new hospitals, with Q3 gross margin at 46.39% (-4.80pp) and net margin at 14.93% (-3.48pp) [2] - The company has established a nationwide network of 61 ophthalmology specialty hospitals and 65 vision centers across 49 cities, indicating a strong expansion strategy [3] - Future growth is expected from ongoing acquisitions and a recovery in consumer demand, with adjusted net profit forecasts for 2024-2026 being 5.32 billion, 6.16 billion, and 7.10 billion yuan respectively [3] Financial Summary - Total revenue for 2023 is projected at 4.013 billion yuan, with a growth rate of 4.00% in 2024 and 11.37% in 2025 [9] - The net profit attributable to shareholders is expected to decline to 532.31 million yuan in 2024, followed by a recovery to 615.55 million yuan in 2025 and 709.55 million yuan in 2026 [9] - The company's P/E ratio is projected to be 32.43 in 2024, 28.04 in 2025, and 24.33 in 2026 [9]
华厦眼科：2024年三季报点评：利润受新院爬坡影响承压，外延扩张步伐稳健