Investment Rating - The report maintains an "Accumulate-B" rating for the company, indicating an expected price increase of 5%-15% relative to the benchmark index [2][14]. Core Views - The company's performance in 2023 was driven by the release of pent-up demand post-pandemic, resulting in a revenue of 1.185 billion yuan, a year-on-year increase of 24.07%, and a net profit of 63.55 million yuan, up 94.99% year-on-year. However, the first quarter of 2024 showed a decline in revenue and net profit due to high base effects from the previous year [12][14]. - The company is expected to see revenue growth in the coming years, with projected revenues of 1.406 billion yuan in 2024, 1.704 billion yuan in 2025, and 2.049 billion yuan in 2026, reflecting growth rates of 18.7%, 21.2%, and 20.2% respectively [14]. Financial Summary - In 2023, the company achieved a net profit margin of 5.4%, with a projected increase to 6.0% in 2024 and 7.1% in 2026 [5][22]. - The earnings per share (EPS) for 2023 was 0.40 yuan, with forecasts of 0.53 yuan in 2024, 0.70 yuan in 2025, and 0.92 yuan in 2026, indicating a strong growth trajectory [14][21]. - The company's total assets were reported at 2.484 billion yuan in 2023, with a projected increase to 2.541 billion yuan in 2024 and 2.685 billion yuan in 2025 [6][21]. Market Performance - The company's stock closed at 26.15 yuan on May 7, 2024, with a year-to-date high of 48.99 yuan and a low of 19.97 yuan [12][14]. - The company has seen significant growth in its non-surgical treatment and optical services, with revenues from various segments showing substantial year-on-year increases [12][14]. Strategic Initiatives - The company is actively expanding its market presence outside of Liaoning province, achieving a 50.57% increase in sales revenue from outside the province in 2023 [12][14]. - The company has increased its R&D investment significantly, with R&D expenses rising by 904.12% in 2023, indicating a commitment to advancing its clinical applications and treatment technologies [12][14].
疫后需求释放驱动2023业绩增长，高基数拖累2024Q1同比增速