Investment Rating - The investment rating for the company is "Accumulate" with a target price of 38.54 CNY, down from a previous target of 51.30 CNY [1]. Core Views - The company's performance met expectations, and the upcoming external acquisitions are expected to enhance operational performance [1]. - The report maintains an "Accumulate" rating, considering the recovery in consumer healthcare and the pace of hospital acquisitions [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 40.13 billion CNY, representing a year-on-year increase of 24.12%. The net profit attributable to shareholders was 6.66 billion CNY, up 29.60% [1]. - For Q1 2024, the company reported a revenue of 9.78 billion CNY, a growth of 5.09%, and a net profit of 1.57 billion CNY, reflecting a 6.89% increase [1]. Operational Highlights - The company experienced a continuous recovery in eye disease treatments, with outpatient visits exceeding 186 million, a 21% increase year-on-year. Surgical procedures surpassed 370,000, marking a 23% growth [1]. - Revenue from cataract treatments reached 9.87 billion CNY, up 31.38%, while revenue from high-end refractive procedures also showed steady growth [1]. Acquisition Strategy - The company is expanding its network through acquisitions, planning to acquire a consulting company for 5.025 billion CNY and several eye hospitals, which is expected to enhance operational performance [1]. - As of the end of the year, the company had established 100 eye hospitals and 60 optical centers across 18 provinces and municipalities [1]. Financial Projections - The earnings per share (EPS) forecast for 2024 and 2025 has been adjusted to 0.94 CNY and 1.07 CNY, respectively, with a projected PE ratio of 41x for 2024 [1]. - The company anticipates continued revenue growth, with projected revenues of 4.785 billion CNY in 2024 and 5.295 billion CNY in 2025 [1].
2023年报&2024年一季报点评：业绩符合预期，外延并购落地在即