Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's performance in 2024 met expectations, with total revenue of 4.027 billion yuan, a year-on-year increase of 0.35%. However, the net profit attributable to the parent company decreased by 35.63% to 429 million yuan [6][12]. - The revenue breakdown for 2024 shows a decline in cataract project revenue by 11.56% to 873 million yuan, while the revenue from refractive projects increased by 7.44% to 1.296 billion yuan. The overall growth slowdown is attributed to changes in the industry environment, a temporary slowdown in demand, and intensified competition [2][12]. - The company is advancing its strategic acquisitions to expand its ophthalmology service network, having established 62 specialized hospitals and 66 optical centers across 48 cities in China by 2024 [12]. - The company emphasizes clinical discipline development and quality improvement in medical services, with two top-tier ophthalmology hospitals supporting clinical diagnosis, research innovation, and talent cultivation [12]. - The company has formed a three-tiered research innovation platform system and has received approval for five new research innovation platforms in 2024, along with 60 new medical research projects [12]. - Profit forecasts for the company indicate net profits of 540 million, 640 million, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 29, 25, and 22 times [12]. Financial Summary - In 2024, the total revenue is projected at 4.027 billion yuan, with a gross profit of 1.780 billion yuan, resulting in a gross margin of 44% [17]. - The company expects to see a gradual increase in revenue and net profit over the next three years, with total revenue projected to reach 5.235 billion yuan by 2027 [17].
华厦眼科（301267）：业绩符合预期，稳步夯实眼科服务网络根基