爱尔眼科：服务网络持续扩张，24Q1利润增长稳健

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a revenue of 20.37 billion yuan for 2023, a year-on-year increase of 26.4%, and a net profit attributable to shareholders of 3.36 billion yuan, up 33.1% year-on-year [1] - In Q1 2024, the company achieved a revenue of 5.20 billion yuan, representing a 3.5% year-on-year growth, and a net profit of 900 million yuan, which is a 15.2% increase year-on-year [1] - The company has expanded its service network, operating 256 hospitals and 183 outpatient departments domestically, along with 131 overseas eye centers and clinics [2] - The cataract segment showed significant growth, with revenue reaching 3.33 billion yuan in 2023, a 55.2% increase year-on-year [1] Financial Performance Summary - For 2023, the company achieved a total revenue of 20.37 billion yuan, with a net profit of 3.36 billion yuan [4] - The company’s revenue growth is projected to be adjusted to 15-20% for 2024, with net profit growth adjusted to 20-25% [2] - The forecasted net profits for 2024, 2025, and 2026 are 4.09 billion yuan, 5.06 billion yuan, and 6.35 billion yuan respectively, indicating growth rates of 21.9%, 23.7%, and 25.3% [2][5][6]