消费短期承压，经营效率提升，全球化布局可期

Investment Rating - The report maintains a "Buy" rating for the company [2][3][8] Core Views - The company reported strong financial performance in 2023, with revenue of 20.367 billion yuan (YOY +26.43%) and net profit of 3.359 billion yuan (YOY +33.07%) [4][5] - The growth in 2023 was driven by the release of accumulated demand for ophthalmic surgeries, continuous expansion of the company's scale, advancements in diagnostic technology, and increased awareness of eye health [5][6] - In Q1 2024, the company experienced a temporary slowdown in growth due to high base effects from the previous year, weak consumer spending, and extreme weather [4][5] - The company is expected to maintain a flexible pricing strategy for refractive surgeries and enhance its high-end cataract business through national procurement of artificial lenses [5][6] Financial Summary - In 2023, the company achieved a gross margin of 50.79% and a net profit margin of 17.95% [6][8] - For 2024, the company is projected to generate revenue of 23.697 billion yuan, with a net profit of 4.131 billion yuan, reflecting a growth rate of 16.35% and 23.00% respectively [2][3] - The company's earnings per share (EPS) for 2024 is estimated at 0.44 yuan, with a price-to-earnings (PE) ratio of 29.2 [2][3] Business Segmentation - In 2023, the refractive surgery segment generated revenue of 7.431 billion yuan (YOY +17.27%), while the cataract segment saw revenue of 3.327 billion yuan (YOY +55.24%) [5][6] - The optical services segment achieved revenue of 4.960 billion yuan (YOY +31.25%), indicating strong growth in this area [5][6] Shareholder Returns - The company has increased its dividend payout ratio, with annual dividends per share of 0.12 yuan, 0.10 yuan, and 0.15 yuan from 2021 to 2023, respectively [7][8] - Cash dividends amounted to 649 million yuan, 718 million yuan, and 1.395 billion yuan over the same period, with a payout ratio increasing from 28% to 42% [7][8] Global Expansion - The company has been expanding its international presence since 2016, with operations in Hong Kong, Europe, Southeast Asia, and the United States [8] - In 2023, revenue from Hong Kong, Macau, Taiwan, and overseas regions accounted for 11.35% of total revenue, with expectations for further growth [8]