Investment Rating - The report maintains a "Recommended" rating for Huaxia Eye Hospital (301267) with a target price of 23.05 yuan [2][8]. Core Views - The company's revenue for the first three quarters of 2025 reached 3.272 billion yuan, a year-on-year increase of 2.83%. The net profit attributable to the parent company was 434 million yuan, up 3.04% year-on-year [2][8]. - The revenue growth has slowed down due to industry environment and policy impacts, particularly the ongoing effects of cataract centralized procurement policies. However, the long-term growth logic in the consumer medical field remains intact, and revenue growth is expected to gradually recover as consumer demand rebounds [8]. - The company's gross margin for the first three quarters of 2025 was 45.03%, a decrease of 1 percentage point year-on-year, primarily due to the impact of cataract centralized procurement policies and a slowdown in high-margin consumer medical business growth [8]. - The company is actively exploring the application of cutting-edge technologies, such as smart glasses in ophthalmic medical services, which may open new application scenarios and business models [8]. - The forecasted net profits for 2025-2027 are 442 million, 484 million, and 549 million yuan, representing year-on-year growth of 3.2%, 9.4%, and 13.5% respectively [8]. Financial Summary - Total revenue for 2024 is projected at 4.027 billion yuan, with a growth rate of 0.3%. For 2025, revenue is expected to reach 4.192 billion yuan, reflecting a growth rate of 4.1% [4]. - The net profit attributable to the parent company is forecasted to be 429 million yuan in 2024, with a significant decline of 35.6%, followed by a recovery in subsequent years [4]. - The earnings per share (EPS) is expected to be 0.51 yuan in 2024, increasing to 0.65 yuan by 2027 [4].
华厦眼科（301267）：2025年三季报点评：业绩短期承压，静待消费医疗复苏