Investment Rating - The investment rating for Huaxia Eye Hospital is maintained as "Buy" [1] Core Views - The company is focusing on a dual strategy of "internal growth + external mergers" to drive development, with a target of managing 200 eye hospitals and optical clinics nationwide and expanding into overseas markets [8] - The company reported a steady growth in revenue and net profit for the first half of 2025, with total revenue reaching 2.14 billion yuan, a year-on-year increase of 4.31%, and net profit of 282 million yuan, up 6.20% [8] - The company aims to enhance its performance through the development of consumer eye care projects alongside its strong capabilities in eye disease treatment [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 4.41 billion yuan, with a year-on-year growth rate of 9.4% [7] - The forecasted net profit for 2025 is 495 million yuan, reflecting a growth rate of 15.4% compared to the previous year [7] - The company’s gross margin is expected to remain stable, with a projected gross margin of 44.4% for 2025 [7]
华厦眼科（301267）：持续发展消费眼科，推进“内生+外延”战略