业绩符合预期，经营韧性凸显

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in 2023 was strong, with revenue increasing by 26.4% YoY and net profit growing by 33.1% YoY [2] - In Q1 2024, the company achieved revenue of 5.2 billion yuan (+3.5% YoY) and net profit of 900 million yuan (+15.2% YoY) [2] - The company's outpatient visits reached 15.106 million (+34.3% YoY) and surgeries reached 1.184 million (+36% YoY) in 2023 [2] - The company's cataract project revenue grew by 55.2% YoY, and the optometry project revenue increased by 31.3% YoY in 2023 [2] - The company's net profit margin improved to 18% in 2023 (+1.3pp YoY) and 18.7% in Q1 2024 (+0.8pp YoY) [2] Financial Performance - 2023 revenue: 20.367 billion yuan (+26.43% YoY) [4] - 2023 net profit attributable to parent company: 3.359 billion yuan (+33.07% YoY) [4] - 2024E revenue: 25.04 billion yuan (+22.94% YoY) [4] - 2024E net profit attributable to parent company: 4.648 billion yuan (+38.38% YoY) [4] - 2025E revenue: 29.213 billion yuan (+16.67% YoY) [4] - 2025E net profit attributable to parent company: 5.686 billion yuan (+22.34% YoY) [4] - 2026E revenue: 33.375 billion yuan (+14.25% YoY) [4] - 2026E net profit attributable to parent company: 6.782 billion yuan (+19.27% YoY) [4] Business Segments - Cataract project revenue in 2023: 3.33 billion yuan (+55.3% YoY) [3] - Optometry project revenue in 2023: 4.96 billion yuan (+31.3% YoY) [3] - The company introduced new functional intraocular lenses, such as the Vivity IOL, to promote the development of refractive cataract surgery [3] - The company focuses on the 5P myopia prevention and control model, utilizing products like orthokeratology lenses, atropine eye drops, and multifocal lenses for children and adolescents [3] Valuation Metrics - 2023 PE: 35.08x [10] - 2024E PE: 25.35x [10] - 2025E PE: 20.72x [10] - 2026E PE: 17.37x [10] - 2023 PB: 6.25x [10] - 2024E PB: 5.81x [10] - 2025E PB: 4.71x [10] - 2026E PB: 3.84x [10] Key Assumptions - Refractive surgery volume growth is expected to slow down due to weak consumption, with 2024-2026 growth rates of 17.1%/18.2%/16.8% [8] - Cataract surgery volume growth is expected to be 11.1% annually from 2024-2026, with average selling prices affected by national procurement policies [8] - Orthokeratology lens sales growth is expected to be 15% annually from 2024-2026, impacted by consumption downgrading [8]