lottoamericajackpot|爱尔眼科(300015)：2024Q1业绩略低于预期 持续回购提振市场信心

An overview of events the company recently released its annual report of 2023 & quarterly report of 2024.Lottoamericajackpot2023 revenue 203Lottoamericajackpot.6.7 billion yuan (+ 26.4%), net profit 3.359 billion yuan (+ 33.1%), non-return net profit 3.514 billion yuan (+ 20.4%). Among them, 23Q4's single-quarter income is 4.32 billion yuan (+ 41.3%), and the return net profit is 178 million yuan (+ 6.3%), which is in line with our expectations; 2024Q1 realized revenue of 5.196 billion yuan (+ 3.5%), return net profit of 899 million yuan (+ 15.2%), deducted non-return net profit of 843 million yuan (+ 12.0%), the revenue side is slightly lower than we expected. Refractive growth is slightly under pressure, optometry business growth is steady, basic ophthalmopathy does not change the long-term development trend. In 2023, the business income of refraction, optometry, cataract, anterior segment and posterior segment is 74.3,49.6,33.3,17.9 and 1.39 billion yuan respectively, compared with yoy+17.3%, + 31.3%, + 55.2%, + 33.7% and + 31.3% respectively. The gross profit margin was 57.4%, 57.1%, 38.0%, 45.7% and 34.7%, respectively, compared with the same period last year + 0.58/+0.61/+2.63/+1.22/+1.06pct. Expense rate: in 2023, the sales / management / R & D / financial expense rates are 9.7%, 13.1%, 1.6%, 0.4%, respectively, compared with the same period last year + 0.00/-1.13/-0.05/+0.32pcts. With the continuous improvement of the layering of the medical network, the advantages of hierarchical chain and scale effect reflect that the company achieved 15.1064 million outpatients (yoy+34.26%) and 118.37 million operations (yoy+35.95%) in 2023. According to the ESG report, by the end of 2023, the company had 881 branded hospitals, eye centers and clinics worldwide. Among them, there are 750 in mainland China (including 439 listed companies and 311 industrial M & A funds), 8 in Hong Kong, 1 in the United States, 108 in Europe and 14 in Southeast Asia. In 2023, the company's overseas income reached 2.31 billion yuan (yoy+19.5%), accounting for 11.4%, and has gradually formed a global medical service network. According to the ESG report, the Earl Ophthalmology International Clinical training Center officially launched in 2023 and is expected to train 5000 + medical students a year in the future. Investment suggestion due to the pressure of the current consumer environment, we adjust the company's profit forecast: the company's revenue from 2024 to 2025 is expected to be 231.7 yuan and 26.93 billion yuan respectively (the original value is 250.2 yuan and 30.69 billion yuan), with corresponding growth rates of 13.8% and 16.2%, respectively. The net profit of homing is 40.5 and 5.01 billion yuan (the original value is 44.9 yuan and 5.61 billion yuan), and the corresponding growth rate is 20.6% and 23.6% respectively. The new 2026 income is 31.21 billion yuan, the net profit is 6 billion yuan, and the EPS is 0.64 yuan, corresponding to the closing price of 13.12 yuan per share on April 29, 2024, and the PE is 30max, 24max, 20X, respectively, maintaining the "buy" rating. Risk indicates that the speed of expansion is lower than expected; the risk of medical malpractice or industry negative events; the risk of intensified competition in the industry; the risk of industry policy. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.