营收稳健增长，24Q1利润增速亮眼

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company reported a revenue of 20.367 billion yuan in 2023, representing a year-on-year growth of 26.43%, and a net profit attributable to shareholders of 3.359 billion yuan, up 33.07% [1][2] - In Q1 2024, the company achieved a revenue of 5.196 billion yuan, an increase of 3.50%, and a net profit of 899 million yuan, which is a 15.16% growth [1][2] - The company continues to expand its global footprint, with 256 hospitals and 183 outpatient departments in China, and 131 overseas eye centers and clinics [2][3] Financial Performance - The company’s revenue for 2024 is projected to reach 23.946 billion yuan, with a year-on-year growth of 17.6%, and net profit is expected to be 4.178 billion yuan, reflecting a growth of 24.4% [5][6] - The gross profit margin for 2023 was 50.8%, with projections for 2024 to be 50.9% [5][6] - The company’s net profit margin improved to 18% in 2023 and further to 18.7% in Q1 2024 [3] Business Segments - The cataract business generated revenue of 3.327 billion yuan in 2023, marking a significant growth of 55.24%, primarily due to a low base in 2022 and the release of pent-up demand [2] - The refractive business achieved revenue of 7.431 billion yuan, up 17.27%, while the optical business reported revenue of 4.960 billion yuan, an increase of 31.25% [2] Operational Efficiency - The company’s operating efficiency is reflected in its sales, management, and R&D expense ratios, which were 9.7%, 13.1%, and 1.6% respectively in 2023 [3] - The company has maintained a strong cash flow from operating activities, amounting to 5.872 billion yuan in 2023 [6]