Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met expectations, and the ramp-up of new hospitals is expected to lead to improved performance [1] - The company experienced a decline in total revenue in 2024, but a recovery in profits is anticipated in 2025 as new hospitals begin to contribute positively [8] - The company has opened 8 new hospitals in 2024, which has put pressure on profits, but as these new facilities stabilize, overall performance is expected to improve [8] Financial Summary - Total revenue for 2023 was 2,718 million, with a projected decline to 2,678 million in 2024, followed by growth to 2,989 million in 2025 [1] - The net profit attributable to the parent company was 267.91 million in 2023, with a significant drop to -101.86 million in 2024, but a recovery to 104.09 million is expected in 2025 [1] - The latest diluted EPS is projected to be -0.68 in 2024, with a recovery to 0.70 in 2025 and further growth to 1.30 in 2026 [1] - The company’s P/E ratio is expected to be 61.64 in 2025 and decrease to 25.42 by 2027 [1] Operational Metrics - The company achieved an outpatient volume of over 1.53 million visits in 2024, a growth of 1.63%, and performed over 181,200 surgeries, an increase of 3.13% [8] - Revenue from refractive surgery was 1,227 million in 2024, down 5.31%, while comprehensive eye disease revenue grew by 12.81% to 470 million [8] - The gross profit margin for 2024 is projected to be 36.98%, down from previous years, with a net profit margin of -3.47% [8] Future Projections - The company’s net profit is projected to recover to 1.04 billion in 2025 and 1.95 billion in 2026, with an expected net profit of 2.52 billion by 2027 [8] - The company is expected to maintain a strong growth trajectory in the ophthalmology sector, driven by increasing consumer demand [8]
普瑞眼科：2024年年报及2025年一季报点评：Q1业绩符合预期，新院爬坡有望带来业绩改善-20250430