境内大部分地区收入实现正增长。2024 年上半年，公司在境内华中、华东、西南、华南、东北、华北和西北地区分别实现营收26.96 亿元、16.71亿元、13.9 亿元、12.83 亿元、9.11 亿元、8.34 亿元和4.58 亿元，分别同比增长-0.9%、4.4%、5.6%、3.6%、-3.7%、1.7%和2.9%。境外地区实现营收13.02 亿元，同比增长12%；其中在欧洲和东南亚营业收入分别同比增长16.5%和4.5%，在港澳台和美国营业收入分别同比下降11.6%和12%。Incident: The company published its 2024 interim report. In the first half of 2024, the company achieved total revenue of 10.545 billion yuan, an increase of 2.86% year on year; net profit to mother was 2.05 billion yuan, an increase of 19.71% year on year. Achieved net profit of 1.785 billion yuan after deduction, an increase of 1.48% over the previous year. The growth rate of the company's performance has slowed, and the first half of the year's results are basically in line with expectations.
Comment:
The core business has grown, and the growth rate has slowed. In the first half of 2024, the department achieved 7.9407 million outpatient visits, an increase of 9.23%; the number of surgeries was 0.6499 million, an increase of 6.92% over the previous year. By business, in the first half of 2024, the company achieved revenue of 4.155 billion yuan, 1.735 billion yuan, 0.912 billion yuan, 0.72 billion yuan, 2.371 billion yuan, and 2.371 billion yuan, respectively The billion yuan and 622 million yuan increased by 3.16%, 3.64%, 4.81%, 5.11%, 3.05% and -7.5%, respectively. The company's performance growth slowed in the first half of the year, mainly due to the phased impact of insufficient domestic consumer demand.
Revenue growth has been positive in most regions of the country. In the first half of 2024, the company achieved revenue of 2.696 billion yuan, 1.671 billion yuan, 1.39 billion yuan, 1.283 billion yuan, 0.911 billion yuan, 0.834 billion yuan, and 458 million yuan in central China, East China, Southwest China, South China, Northeast China, North China and Northwest China, respectively, with year-on-year growth of -0.9%, 4.4%, 5.6%, -3.7%, 1.7% and 2.9%, respectively. Overseas regions achieved revenue of 1.302 billion yuan, up 12% year on year; among them, revenue in Europe and Southeast Asia increased 16.5% year on year, respectively, and revenue in Hong Kong, Macau, Taiwan, and the US decreased by 11.6% and 12% year on year, respectively.
Gross margin was relatively stable, and net profit margin increased year over year. In the first half of 2024, the company's comprehensive gross margin fell 0.02 percentage points year on year to 49.44%. Among them, gross margin for cataract and optometry services increased 0.02 percentage points and 0.71 percentage points year on year, respectively, while gross margin for refraction, anterior eye, and posterior eye area decreased 0.53 percentage points, 0.28 percentage points, and 0.11 percentage points year on year, respectively. In the first half of the year, the company's net interest rate increased 2.74 percentage points year-on-year to 19.44%, mainly due to net income from changes in fair value and an increase in investment income.
Investment advice: The company is the world's largest ophthalmology medical chain. It continues to integrate global resources and further enhance its core competitiveness. The company's earnings per share for 2024-2025 are expected to be 0.46 yuan and 0.55 yuan, respectively. The current share price is 22 times and 18 times PE, respectively, maintaining the company's “buy” rating.
Risk warning: risks such as industry policy risks, medical accidents, brain loss, expansion falling short of expectations, impairment of goodwill, etc.
