23年稳健增长，24Q1短期承压

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.83 CNY per share, compared to the current price of 12.90 CNY [4]. Core Insights - The company reported a robust growth in 2023, achieving a revenue of 20.367 billion CNY, a year-on-year increase of 26.43%, and a net profit attributable to shareholders of 3.359 billion CNY, up 33.07% year-on-year [2][3]. - The first quarter of 2024 showed a slowdown in growth, with revenue of 5.196 billion CNY, reflecting a year-on-year increase of only 3.50% [2]. - The cataract business demonstrated significant growth, with revenue reaching 3.327 billion CNY, a year-on-year increase of 55.24% [2]. Financial Performance Summary - 2023 Financials: - Revenue: 20.367 billion CNY, up 26.43% - Net Profit: 3.359 billion CNY, up 33.07% - Non-recurring Net Profit: 3.514 billion CNY, up 20.39% [2][3]. - 2024 Q1 Financials: - Revenue: 5.196 billion CNY, up 3.50% - Net Profit: 899 million CNY, up 15.16% - Non-recurring Net Profit: 843 million CNY, up 12.04% [2]. - Future Projections: - Expected net profits for 2024-2026 are projected at 4.219 billion CNY, 5.380 billion CNY, and 6.867 billion CNY respectively [2][3]. Business Segment Performance - The outpatient and surgical volumes increased by 34.26% and 35.95% respectively in 2023, with the cataract and eye disease segments performing particularly well [2]. - The optical business expanded significantly, generating revenue of 4.960 billion CNY, a year-on-year increase of 31.25% [2]. - Refractive surgery also maintained steady growth, with revenue of 7.431 billion CNY, up 17.27% year-on-year [2]. Market Conditions - The slowdown in growth for 2024 Q1 is attributed to a high base effect from 2023 Q1, extreme weather conditions in February 2024, and a general macroeconomic impact on consumer-related businesses [2]. Valuation Metrics - The report provides a 2024 PE ratio estimate of 35X, indicating a reasonable valuation for the company [2]. - The projected growth rates for revenue and net profit for the coming years are 16.3%, 21.3%, and 21.6% respectively [3]. Conclusion - Despite short-term pressures, the long-term outlook for the eye care industry remains positive, with the company positioned as a leading player [2].