Investment Rating - The report maintains a "Recommendation" rating for the company [3][6] Core Views - The company demonstrated operational resilience with a rapid growth in performance in Q1 2025, driven by consumer-oriented projects [6] - The 2024 revenue reached 20.983 billion yuan, a year-on-year increase of 3.02%, while the net profit attributable to shareholders was 3.556 billion yuan, up 5.87% year-on-year [3][6] - The report anticipates continued recovery in performance, supported by stable pricing in refractive surgery and an increase in the proportion of high-end procedures [6] Financial Summary - For 2024, the company expects revenue of 20.983 billion yuan, with a projected growth of 15.3% in 2025, reaching 24.199 billion yuan [6][9] - The net profit for 2024 is projected at 4.139 billion yuan, with a growth rate of 16.4% in 2025 [6][9] - The gross margin for the medical services segment is expected to be 48.1% in 2024, slightly declining from previous years [6][9] - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares to all shareholders [3][6] Performance Metrics - The report outlines key performance metrics, including an expected EPS of 0.38 yuan for 2024, increasing to 0.44 yuan in 2025 [6][9] - The projected return on equity (ROE) is 17.2% for 2024, with a gradual increase to 18.5% by 2027 [6][9] - The company's asset-liability ratio is forecasted to decrease from 34.4% in 2024 to 22.5% in 2027, indicating improved financial stability [9]