Workflow
营收稳健增长,期待24年更进一步

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1,369.5 million RMB in 2023, representing a year-on-year growth of 38.3%, with a pre-tax net profit of 299.2 million RMB, up 25.1% year-on-year [1] - The company’s overall gross margin improved to 45.40%, an increase of 1.50 percentage points year-on-year, while the operating cash flow net amount reached 372 million RMB, reflecting a year-on-year growth of 36.26% [1] - The company operates 31 ophthalmology hospitals and 29 optical centers across 7 provinces, with a strong recovery in demand post-pandemic [1] Financial Summary - Revenue for 2023 was 1,370 million RMB, with projections of 1,642 million RMB for 2024, 1,961 million RMB for 2025, and 2,313 million RMB for 2026, indicating growth rates of 20%, 19%, and 18% respectively [3] - The net profit attributable to the parent company for 2023 was 229 million RMB, with forecasts of 269 million RMB for 2024, 308 million RMB for 2025, and 354 million RMB for 2026, showing year-on-year growth of 17%, 15%, and 15% respectively [3] - The company’s return on equity (ROE) is projected to improve from 9.70% in 2023 to 10.77% by 2026 [3] Operational Insights - The company’s ophthalmology services revenue reached 709 million RMB in 2023, growing by 30.64%, with core ophthalmology services revenue at 654 million RMB, up 39.54% [1] - The number of outpatient visits increased significantly to 11.287 million in 2023 from 9.445 million in the previous year, while inpatient visits rose to 67,258 from 44,600 [1] - The company has successfully acquired several hospitals, enhancing its operational capacity and revenue potential [1]