爱尔眼科：业绩略承压，经营韧性依旧

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown resilience in operations despite slight pressure on performance, primarily due to weak consumer demand and slower-than-expected economic recovery [1] - The company reported a revenue of 57.56 billion yuan in Q3 2024, a year-on-year decrease of 0.68%, with a net profit attributable to shareholders of 14.02 billion yuan, down 4.56% year-on-year [1] - The gross profit margin for the first three quarters of 2024 was 51.02%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 22.50%, up 0.56 percentage points year-on-year [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 163.02 billion yuan, a year-on-year increase of 1.58%, and a net profit attributable to shareholders of 31.13 billion yuan, a year-on-year increase of 0.26% [1] - The company is projected to achieve revenues of 223.11 billion yuan, 247.64 billion yuan, and 279.71 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 9.5%, 11.0%, and 13.0% [2][3] - The net profit attributable to shareholders is expected to reach 38.08 billion yuan, 43.93 billion yuan, and 51.49 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.4%, 15.4%, and 17.2% [2][3] Key Financial Metrics - The company’s gross margin is projected to be around 50.5% in 2024, slightly decreasing to 50.6% in 2025 and stabilizing at 50.8% in 2026 [2][3] - The return on equity (ROE) is expected to decline from 17.8% in 2023 to 16.9% in 2024, further decreasing to 16.0% by 2026 [2][3] - The price-to-earnings (P/E) ratio is projected to decrease from 43.41 in 2024 to 27.44 in 2026, indicating a potential increase in valuation attractiveness over time [2][3]