Investment Rating - The investment rating for the company is "Buy" with a target price not specified in the report [2]. Core Views - The company reported steady growth in diagnostic and treatment demand, with a robust profitability maintained [3]. - In 2023, the company achieved a revenue of 4.013 billion yuan, a year-on-year increase of 24.12%, and a net profit of 666 million yuan, up 29.6% [3]. - The company’s outpatient visits exceeded 1.86 million, a growth of 21%, and surgical procedures surpassed 370,000, increasing by approximately 23% [4]. - The company’s main business gross margin reached 49.04%, an increase of 0.88 percentage points year-on-year, with significant improvements in cataract and posterior segment business margins [5]. - The company is expanding its global ophthalmic medical service network through both organic growth and acquisitions [6]. Financial Summary - The company’s projected revenues for 2024-2026 are 4.776 billion, 5.674 billion, and 6.679 billion yuan, with year-on-year growth rates of 19.0%, 18.8%, and 17.7% respectively [7]. - The net profit forecasts for the same period are 853 million, 1.084 billion, and 1.362 billion yuan, with growth rates of 28.1%, 27.1%, and 25.7% respectively [7]. - The company’s earnings per share (EPS) are expected to be 1.02, 1.29, and 1.62 yuan per share for 2024, 2025, and 2026 respectively [7]. - The company’s total share capital is 840 million shares, with a circulating market value of approximately 8.799 billion yuan [8].
诊疗需求稳步增长，盈利能力保持稳健