爱尔眼科：并购52家医疗机构，完善下沉市场布局

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company plans to acquire 52 ophthalmology medical institutions, enhancing its presence in lower-tier markets and improving overall profitability [3][4] - The target price remains at 15.91, corresponding to a PE ratio of 37x for 2024 [4] - The acquisition is expected to leverage the integrated advantages of medical, teaching, and research capabilities, thereby enhancing the operational status and market position of the acquired institutions [4] Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 0.43, 0.50, and 0.59 yuan respectively [4] - Revenue for 2022 was 16.11 billion yuan, with a projected increase to 20.37 billion yuan in 2023, representing a growth of 26.4% [5] - The net profit attributable to the parent company is expected to grow from 2.52 billion yuan in 2022 to 3.36 billion yuan in 2023, reflecting a growth rate of 33.1% [5] Acquisition Details - The 52 targeted medical institutions generated a total revenue of 753 million yuan in 2022 and are projected to achieve 954 million yuan in 2023, marking a year-on-year growth of 26.67% [4][12] - The acquisition price for the partial equity of these institutions is 1.344 billion yuan, with an overall valuation of 1.929 billion yuan, corresponding to a PS ratio of 2.02x for 2023 [4][12] Market Position - The company has established a global network of 881 hospitals, eye centers, and clinics, with 750 located in mainland China [4][5] - The acquisition will help solidify the company's leading position in the industry and enhance its market share in the ophthalmology sector [4][12]