Investment Rating - The report maintains an "Outperform" rating for Huaxia Eye Hospital Group, with a target price set at 21.08 RMB based on a 40x PE valuation of the 2025 net profit [8][9]. Core Insights - The report forecasts revenue for 2025-2027 at 4.21 billion, 4.63 billion, and 5.15 billion RMB, with growth rates of 4.6%, 9.8%, and 11.3% respectively. Net profit attributable to shareholders is projected at 443 million, 503 million, and 586 million RMB, growing by 3.3%, 13.6%, and 16.6% [8][9]. - The company is focusing on "organic growth + external M&A" strategy, having successfully acquired Chengdu Aidi Eye Hospital in 2024, enhancing its position as a large medical chain with two top-tier eye hospitals [9][10]. - Huaxia Eye Hospital is actively introducing cutting-edge technology and procedures, maintaining a leading position in ophthalmic innovation, particularly in refractive and cataract surgeries [10][11]. - The company is enhancing its medical quality management and research innovation, aiming to create a high-quality service system driven by innovation in eye disease treatment [11]. Financial Summary - The financial summary indicates total revenue for 2023 at 4,013 million RMB, with a projected increase to 4,212 million RMB in 2025, reflecting a growth of 4.6%. Net profit for 2023 is 666 million RMB, expected to decrease to 443 million RMB in 2024 before recovering to 586 million RMB by 2027 [3][5]. - The report highlights a decline in net profit margin from 16.9% in 2023 to 10.5% in 2025, with a gradual recovery to 11.4% by 2027 [5].
华厦眼科（301267）：聚焦高质量发展，静待业绩恢复增长