Aier(SZ:300015) Guolian Securities·2024-05-09 23:30Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8]. Core Insights - The company has shown steady growth in performance, with a significant recovery in rigid demand, as evidenced by a 26.43% year-on-year increase in revenue to 20.367 billion yuan in 2023 and a 33.07% increase in net profit to 3.359 billion yuan [2][3]. - The company's outpatient and surgical volumes have steadily increased, with outpatient visits reaching 15.0164 million, a 34.26% increase, and surgical procedures totaling 1.1837 million, up 35.95% year-on-year [3][4]. - The recovery in rigid demand has notably driven business growth, particularly in refractive surgery, which generated 7.431 billion yuan in revenue, a 17.27% increase, and cataract surgery, which saw a 55.24% increase in revenue to 3.327 billion yuan [4]. - The company's strategic "1+8+N" layout continues to advance the establishment of regional eye care centers, with significant revenue growth in Northeast and East China regions, achieving 1.794 billion yuan and 3.113 billion yuan respectively [5]. Financial Summary - The company forecasts revenue growth from 26.771 billion yuan in 2024 to 41.650 billion yuan in 2026, with corresponding net profits expected to rise from 4.424 billion yuan to 6.910 billion yuan during the same period [6][7]. - The earnings per share (EPS) is projected to increase from 0.47 yuan in 2024 to 0.74 yuan in 2026, reflecting a strong growth trajectory [6][7]. - The company’s financial metrics indicate a healthy outlook, with a projected P/E ratio decreasing from 27.4 in 2024 to 17.5 in 2026, suggesting improved valuation [7].