What happened: recently, the company released its three-quarter report of 2023, saying that in the first three quarters of 2023, the company achieved 16.047 billion yuan in revenue, an increase of 22.95% over the same period last year, and its net profit was 3.181 billion yuan, up 34.97% over the same period last year. It deducted 3.105 billion yuan in non-return net profit, an increase of 24.03% over the same period last year. 2023Q3 realized revenue of 5.795 billion yuan, an increase of 17.22% over the same period last year, and net profit of 1.469 billion yuan, an increase of 37.82% over the same period last year, deducting 1.346 billion yuan of non-return net profit, an increase of 20.07% over the same period last year.
Comments:
The results in the first three quarters of 2023 were in line with expectations, and profitability remained at a high level. In the first three quarters of 2023, the company's gross profit margin was 51.93%, an increase of 0.02pct over the same period last year, and a net profit margin of 21.94%, an increase of 2.23pct over the same period last year. In the first three quarters of 2023, the company's sales expense rate, management expense rate and financial expense rate were 10.01%, 12.99% and 0.4% respectively, compared with the same period last year + 0.37pct,-0.95pct and + 0.55pct.
Repurchase shares again for equity incentives and donate 100 million yuan to improve national eye health. The company once again announced the repurchase of shares, the repurchase amount is between 200 million yuan and 300 million yuan, and the repurchase price is not higher than 26.98 yuan per share. The repurchased shares are used to implement the equity incentive plan or employee stock ownership plan. The company donated 100 million yuan to Hunan Love Eye Public Welfare Foundation, which is mainly used to carry out vision health screening, eye health knowledge education, and establishment of eye health files in schools, communities, rural and other grass-roots areas. We will provide medical assistance to primary and secondary school students and people in difficulty who suffer from avoidable blindness and visual impairment, generally improve the level of national eye health, and consolidate the achievements of poverty alleviation to effectively link up with the rural revitalization strategy. Make positive contributions to the realization of "common prosperity".
Profit forecast and investment rating: we expect the company's revenue from 2023 to 2025 to be 208.09 yuan, 261.67 yuan and 32.416 billion yuan respectively, an increase of 29.2%, 25.8% and 23.9% over the same period last year, and its net profit is 33.85,43.43 and 5.315 billion yuan respectively, an increase of 34.1%, 28.3% and 22.4% over the same period last year, and the corresponding PE is 49.77,38.79,31.7 times respectively. Maintain a "buy" rating, taking into account the success of the company's hierarchical chain model and the growing market demand for ophthalmology diseases.
Risk factors: medical risk, human resources risk, goodwill impairment risk.