Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance meets expectations with steady revenue growth. For the first three quarters of 2025, the operating revenue reached 3.272 billion yuan, a year-on-year increase of 2.83%. In the third quarter alone, the operating revenue was 1.133 billion yuan, growing by 0.13% year-on-year. The overall gross margin remains stable, with a gross margin of 44.71% in Q3 2025, slightly down from 45.44% in Q2 2025. Future growth in gross margin is anticipated as the company continues to focus on high-quality services, awaiting a return to higher revenue growth rates [5][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported an operating revenue of 3.272 billion yuan, up 2.83% year-on-year, and a net profit attributable to shareholders of 434 million yuan, an increase of 3.04%. In Q3 2025, the operating revenue was 1.133 billion yuan, with a net profit of 152 million yuan, down 2.37% year-on-year [5][11]. Strategic Initiatives - The company adheres to a dual-driven strategy of "internal growth + external mergers and acquisitions." It leverages the Xiamen Eye Center as a core, utilizing its leading diagnostic and treatment capabilities along with mature hospital management experience. The company has established a standardized high-quality medical service and management system across its chain of hospitals, expanding its ophthalmology network to 64 specialized hospitals and 67 optical centers across 19 provinces and municipalities by mid-2025 [11]. Research and Development - The company emphasizes the "coordinated development of medicine, education, and research," focusing on eye disease treatment. It has established a comprehensive medical education and research system, collaborating with over 40 universities, including Peking University and Xiamen University. This collaboration covers talent training, academic co-construction, and clinical research, with over 380 national and provincial research projects initiated and 1,641 academic papers published by mid-2025 [11]. Profit Forecast and Investment Advice - The company is projected to achieve net profits attributable to shareholders of 540 million yuan, 640 million yuan, and 730 million yuan for 2025, 2026, and 2027, respectively. The current stock price corresponds to price-to-earnings ratios of 30, 25, and 22 times for the respective years, maintaining a "Buy" rating [11].
华厦眼科（301267）：业绩符合预期，营收增长稳健