Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 revenue reached 4.013 billion yuan, a year-on-year increase of 24.12%, with a net profit of 666 million yuan, up 29.60%. The Q1 2024 performance met expectations with revenue of 978 million yuan, a 5.09% increase, and a net profit of 156 million yuan, up 3.75% [3] - The acquisition of 100% equity in Juxin Yihua Consulting Company for 502.5 million yuan is expected to significantly enhance the company's performance, as the target company owns several hospitals [3] - The company has shown strong growth in its core ophthalmology business, with cataract project revenue increasing by 31.38% and a gross margin of 43.69% in 2023 [3] Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 3,233 to 6,627, with year-on-year growth rates of 5.51%, 24.12%, 19.16%, 18.28%, and 17.15% respectively [2] - The net profit attributable to the parent company is expected to rise from 513.82 million yuan in 2022A to 1,431.23 million yuan in 2026E, with growth rates of 12.95%, 29.60%, 29.70%, 28.92%, and 28.53% [2] - The latest diluted EPS is projected to increase from 0.61 yuan in 2022A to 1.70 yuan in 2026E, with corresponding P/E ratios decreasing from 41.31 to 14.83 [2] Operational Highlights - The company reported over 1.86 million outpatient visits and over 370,000 surgeries in 2023, reflecting a year-on-year increase of approximately 21% and 23% respectively [3] - The overall gross margin for 2023 was 49.03%, with a slight increase of 0.98 percentage points [3] - The company plans to gradually improve profitability through the integration of new hospitals and services [3]
2023年报&2024年一季报点评：24Q1业绩符合预期，收购医院落地将增厚业绩