Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.17 CNY per share, compared to the current price of 26.12 CNY [4]. Core Views - The company reported a revenue of 4.013 billion CNY in 2023, representing a year-on-year increase of 24.12%, and a net profit attributable to shareholders of 666 million CNY, up 29.60% year-on-year [2][3]. - In Q1 2024, the company achieved a revenue of 978 million CNY, a growth of 5.09% year-on-year, and a net profit of 156 million CNY, reflecting a 3.75% increase year-on-year [2]. - The company experienced robust growth in 2023, driven by the release of pent-up demand for elective surgeries, particularly cataract surgeries, which generated 987 million CNY in revenue, up 31.38% year-on-year [2]. - The company is set to complete an acquisition of Xiamen Huaxia Juxin No. 1 Investment Consulting Co., Ltd. for approximately 500 million CNY, which is expected to enhance its overall performance [2]. - Despite short-term pressures from the macro environment affecting growth rates, the long-term outlook for the ophthalmology industry remains positive, supported by the company's differentiated brand strategy [2][3]. Financial Summary - The company’s revenue is projected to grow from 4.804 billion CNY in 2024 to 6.826 billion CNY by 2026, with annual growth rates of 19.7%, 19.1%, and 19.3% respectively [3][8]. - The net profit attributable to shareholders is expected to increase from 892 million CNY in 2024 to 1.333 billion CNY by 2026, with growth rates of 33.9%, 22.1%, and 22.4% respectively [3][8]. - The company’s earnings per share (EPS) is forecasted to rise from 1.06 CNY in 2024 to 1.59 CNY by 2026 [3][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.60 in 2024 to 16.46 by 2026, indicating an improving valuation [3][8].
24Q1业绩增速有所放缓，并购落地有望增厚全年业绩