Investment Rating - The report maintains a "Buy" rating for the company, with a focus on its expansion strategy and profitability potential [21][30][33]. Core Insights - The company has shown strong revenue growth, achieving 2.718 billion yuan in 2023, a year-on-year increase of 57.5%, and a net profit of 268 million yuan, reflecting a significant year-on-year growth of 1202.6% [10][11]. - The business structure is continuously adjusting, with a notable increase in revenue from cataract and comprehensive eye disease services, driven by an aging population and strategic market positioning [16][21]. - The company is expanding its hospital network, with 27 hospitals and 3 optical clinics operational by the end of 2023, and several more in the pipeline, which is expected to enhance its market presence and revenue streams [7][31]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.718 billion yuan, with a net profit of 268 million yuan, and a significant increase in net profit margin to 10.23% [10][11][12]. - The first quarter of 2024 saw a revenue of 676 million yuan, but net profit dropped by 89.58% year-on-year, primarily due to high base effects and increased costs from new hospital openings [34][15]. Business Segments - The refractive surgery segment generated 1.296 billion yuan in revenue, accounting for 47.69% of total revenue, with a gross margin of 51.58% [19][16]. - The cataract segment experienced a remarkable growth of 137.96%, reaching 594 million yuan, driven by demographic trends and market penetration strategies [19][16]. - The comprehensive eye disease segment also showed strong performance, with a revenue increase of 78.65% to 417 million yuan [19][16]. Market Strategy - The company is focusing on high-quality markets in provincial capitals and municipalities, implementing a "national chain + local integration" strategy to enhance its network [21][30]. - The establishment of a hospital hierarchy is underway, with new hospitals expected to contribute significantly to future revenue growth [7][21].
2023年年报及2024年一季报点评：业绩短期承压，在建医院开业在即