Aier(SZ:300015) Xiangcai Securities·2024-05-09 07:32Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [2] Core Views - The company achieved a revenue growth of 26.43% year-on-year in 2023, with a net profit growth of 33.07% [2] - The "1+8+N" strategic layout is steadily advancing, laying a solid foundation for the company's long-term development [8] Financial Performance Summary - In 2023, the company reported a total revenue of 20.367 billion yuan, a year-on-year increase of 26.43%, and a net profit attributable to shareholders of 3.359 billion yuan, up 33.07% [4] - The fourth quarter of 2023 saw a revenue of 4.320 billion yuan, a 41.25% increase year-on-year, while the net profit was 178 million yuan, a 6.25% increase [4] - For the first quarter of 2024, the company recorded a revenue of 5.196 billion yuan, a 3.50% increase year-on-year, and a net profit of 899 million yuan, up 15.16% [4] Operational Metrics - The total outpatient visits in 2023 reached 15.1064 million, representing a year-on-year growth of 34.26%, while the number of surgeries performed was 1.1837 million, up 35.95% [5] - The company's sales expense ratio was 9.65%, remaining stable compared to the previous year, while the management expense ratio increased by 1.18 percentage points to 14.74% [5] - The R&D investment for 2023 was 333 million yuan, reflecting a year-on-year growth of 22.43% [5] Segment Performance - The refractive surgery segment generated revenue of 7.431 billion yuan, with a year-on-year growth of 17.27% and a gross margin of 57.40% [6] - The cataract surgery segment saw revenue of 3.327 billion yuan, a significant increase of 55.24%, driven by demographic trends and improved service capabilities [6] - The vision care segment achieved revenue of 4.960 billion yuan, up 31.25%, supported by national initiatives for myopia prevention and the company's expanding brand influence [6] Strategic Developments - The company is actively implementing its "1+8+N" strategy, focusing on establishing regional eye care centers in major cities, with several centers already operational and others in development [7] - As of December 31, 2023, the company had established a network of 750 eye care facilities in mainland China, along with additional locations in Hong Kong, the United States, Europe, and Southeast Asia [8] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 24.374 billion yuan, 28.849 billion yuan, and 34.007 billion yuan, respectively, with corresponding net profits of 4.190 billion yuan, 5.115 billion yuan, and 6.201 billion yuan [9] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.45 yuan, 0.55 yuan, and 0.66 yuan, respectively [9]