Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 27 yuan, while the current price is 22.60 yuan [1][3]. Core Insights - The company reported a slight increase in revenue of 2.55% year-on-year for the first three quarters of 2024, totaling 3.182 billion yuan, but a significant decline in net profit by 24.49% to 421 million yuan [1][2]. - The third quarter alone saw a revenue of 1.131 billion yuan, reflecting a 2% increase year-on-year, but net profit decreased by 23.35% to 155 million yuan [1][2]. - The revenue pressure is attributed to the implementation of DRG/DIP medical insurance settlement methods in some regions, which has affected the average price of cataract surgeries, and a general decline in consumer spending impacting refractive and optical services [2]. - The company has managed to keep its costs under control, achieving a gross margin of 46.39% in Q3 2024, although this represents a decline of 4.8 percentage points year-on-year due to expenses related to the establishment of new hospitals [2]. Financial Summary - For 2024, the company’s projected net profit is adjusted to 562 million yuan, a decrease of 15.6% year-on-year, with forecasts for 2025 and 2026 at 637 million yuan and 688 million yuan, respectively [3][4]. - The total revenue projections for 2024, 2025, and 2026 are 4.194 billion yuan, 4.516 billion yuan, and 4.893 billion yuan, with year-on-year growth rates of 4.5%, 7.7%, and 8.4% respectively [4][7]. - The earnings per share (EPS) are expected to be 0.67 yuan for 2024, 0.76 yuan for 2025, and 0.82 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 34, 30, and 28 [4][7].
华厦眼科：2024年三季报点评：三季度业绩承压，全国布局稳步推进