医药生物行业 买入（维持） 短期业绩承压 中长期仍可期 公 爱尔眼科（300015）2025 年三季报点评 分析师：魏红梅 SAC 执业证书编号： 点评： | 资料来源：东莞证券研究所，iFind | 日 证 券 研 究 报 告 | | --- | --- | | 主要数据 2025 年 10 收盘价(元) 总市值（亿元） 总股本(百万股) 流通股本(百万股) ROE（TTM） 12 月最高价(元) 12 月最低价(元) 股价走势 | 月 27 12.32 1,148.89 9,325.40 7,930.96 14.35% 17.14 11.65 | 股价走势 究 报 告 资料来源：东莞证券研究所，iFind 2025 年 10 月 28 日 投资要点： 司 点 事件：公司发布了2025年三季报。2025年前三季度，公司实现营业总收入 174.84亿元，同比增长7.25%；实现归母净利润31.15亿元，同比下降9.76%； 实现扣非后归母净利润31.19亿元，同比增长0.2%，业绩基本符合预期。 评 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此 ...

3Q25 业绩略低于市场预期 爱尔眼科公布1-3Q25 业绩：实现营业收入174.84 亿元，同比增长7.25%；归母净利润31.15 亿元，同比 下降9.76%。业绩略低于市场预期，原因系公司战略布局拖累利润。 盈利预测与估值 考虑到受未来医院开业影响，我们预计新增折旧摊销增加，故分别下调25-26 年归母净利润预测14.4% 和14.7%到35.0、40.10亿元，当前股价对应2025-26 年32.8/28.7x P/E。维持跑赢行业评级，考虑到板块 估值有所回暖，维持目标价16.0 元，对应2025-26 年42.60/37.27x P/E，较当前有29.9%上升空间。 风险 新建医院业绩爬坡不及预期；行业竞争加剧；突发医疗事件。 3Q25 总体收入稳健，屈光、视光业务表现亮眼。单季度来看，3Q25实现收入59.77 亿元，同比上涨 3.8%；归母净利润10.64 亿元，同比降24.1%；扣非归母净利润10.80 亿元，同比降18.7%。分项目来 看：1）屈光、视光项目：我们估计公司单三季度屈光、视光项目收入同比上涨，新术式占比增加带动 屈光客单价上升，同时视光价量稳中有进；2）白内障项目：我们估计单 ...

河南大学附属爱尔眼科医院白内障与老视专科主任冯珂为老兵做眼部检查 为更好解决退役军人的眼健康问题，守护他们的光明视界，2023年4月7日，在退役军人事务部的指导 下，爱尔眼科医院集团联合中国老龄事业发展基金会、爱眼公益基金会共同启动"情暖老兵·守护光 明"公益行动。卢行进正是第一批活动郑州站受益老兵之一。 中新网北京10月28日电(记者张尼)"经过手术，长期视力模糊的我终于又重见光明，我再一次感受到了 党和政府给予我们老兵的关怀和温暖，也感谢爱尔眼科医院医生和护士的悉心照料，真好！" 近日，来自河南省新密市来集镇的退伍老兵卢行进收到一份特别的礼物。在河南大学附属爱尔眼科医院 接受白内障手术治疗的他，术后揭开纱布时，难掩激动之情。卢行进的康复，不仅是"情暖老兵·守护光 明"公益活动的温暖成果，也提示公众要高度重视白内障科学防治。 以公益为炬，为老兵送上"看得见"的温暖 今年81岁的卢行进是河南密县人(今新密市)，1960年刚满17岁就参加解放军，进入工程兵某部。从军经 历至今令老人满是骄傲和自豪，记忆中的那一抹绿是他永远割舍不掉的情怀。 然而，随着老兵们步入花甲之年，不少人开始饱受白内障的困扰，随着病情发展，他 ...

公司1-3Q25 实现收入/归母净利/扣非归母净利174.84/31.15/31.19 亿元（yoy+7.3%/-9.8%/+0.2%），其中 3Q25 实现收入/归母净利/扣非归母净利59.77/10.64/10.80 亿元（yoy+3.8%/-24.1%/-18.7%），公司3Q25 收入延续增长势头。考虑公司诊疗技术及品牌影响力行业领先，叠加服务网络稳步拓展，看好公司中长 期具备广阔发展空间。维持"买入"。 公司持续强化境内外业务能力，包括：1）境内：公司积极推进分级连锁网络建设，"1+8+N"战略取得 实质性进展，区域内资源配置效率及共享程度进一步提高，患者就诊便利化水平持续提升，看好公司25 年境内业务保持向好势头。2）境外：根据《公司投资者关系活动记录表》（2025-005），公司针对已 布局的欧洲、东南亚等市场，积极依靠技术实力和品牌影响力持续提升市场份额，公司同时亦持续关注 境外市场的优质并购机会；考虑公司境外业务能力持续提升，看好公司25 年境外业务收入保持稳健增 长。 盈利预测与估值 考虑行业需求恢复仍待一定周期，我们调整公司收入增速及毛利率预测，预计25-27 年归母净利为 32.92/ ...

中证报中证网讯（王珞）10月27日晚间，爱尔眼科发布2025年三季度报告。1-9月，公司实现营收 174.84亿元，同比增长7.25%；扣非归母净利润31.19亿元，同比增长0.2%。其中三季度，在上年高基数 的基础上，公司实现营收59.77亿元，同比增长3.83%。 值得关注的是，目前，包括湖北爱尔、辽宁爱尔、南宁爱尔、深圳滨海爱尔在内的多家大型眼科中心已 陆续投入运营。这些新项目的顺利运营，表明公司"1+8+N"战略取得关键进展，有助于强化公司长期竞 争力。虽然新项目集中投入相应造成折旧、摊销、人力等成本费用增加，但其医教研领头羊的带动效益 将在未来逐步释放。 前三季度公司业务结构优化明显。在屈光业务层面，公司持续将技术升级作为"突围"重点。以"全飞秒 Pro""全光塑""全飞秒4.0"等为代表的新术式被更广泛地应用于临床。据了解，公司业务端数据显示新术 式占比显著提升，传统术式占比相应下降，推动了屈光业务平均单价的稳步回升，平均客单价提升超 5%。此外，有市场信息表明，ICL V5新型晶体有望在年底前获批引入，爱尔眼科作为眼科龙头将率先 获益，这将进一步优化公司业务结构。 白内障业务层面，公司积极顺应医 ...

October 27, 2025 02:58 PM GMT Aier Eye Hospital Group | Asia Pacific M Update 3Q Revenue In Line; Net Profit Below as New Hospitals Ramp Up Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research 3Q revenue of Rmb5.98bn (+3.8% YoY) was in line with estimate. By segment, we estimate that refractory and optometric growth were up in mid-single digits (%), ...

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

证券研究报告 | 2025年10月28日 医药生物周报（25 年第 41 周） 优于大市 Grail 发布 Pathfinder 2 首批数据，多癌早筛迎来重要里程碑 本周医药板块表现弱于整体市场，医疗服务板块领涨。本周全部 A 股上涨 3.26%（总市值加权平均），沪深 300 上涨 3.24%，中小板指上涨 4.15%， 创业板指上涨 8.05%，生物医药板块整体上涨 0.58%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药下跌 0.31%，生物制品下跌 0.69%，医疗服务上涨 3.94%，医疗器械上涨 0.89%，医药商业上涨 2.27%，中药下跌 0.85%。医药生物市盈率（TTM）38.35x，处于近 5 年历史估值的 80.28%分位数。 Grail 发布Pathfinder 2 首批数据，多癌早筛迎来重要里程碑。Grail 在 2025 ESMO 年会上公布了多癌早筛（MCED）产品 Galleri 的注册性临床 Pathfinder 2 的首批临床结果：在 216 名检测出癌症信号的参与者中， 最终 133 人确诊，阳性预测值达到 61.6%，较 Pathfinder 1 阶段的 ...

Economic Information - The People's Bank of China emphasizes a cautious approach towards the development of stablecoins and will continue to combat domestic virtual currency operations to maintain financial order [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the protection of small investors in the capital market, enhancing monitoring of abnormal trading behaviors and ensuring transparency regarding delisting risks [2][6] - October's polysilicon production is expected to reach approximately 134,000 tons, exceeding market expectations, while some leading companies plan to reduce production in November [3] Company Updates - Victory Technology reported a net profit of 1.102 billion yuan for Q3, a year-on-year increase of 260.52%, but a quarter-on-quarter decrease of 9.88% [5] - Taicheng Light's Q3 revenue was 386 million yuan, a year-on-year decrease of 4.98%, while net profit was 86.9765 million yuan, a year-on-year increase of 31.20% but a quarter-on-quarter decrease of 7.5% [5] - Several companies, including Tongrun Equipment and Jingji Agriculture, announced plans to reduce their shareholdings by up to 3% [7] Overseas Market Updates - International precious metal futures saw a significant decline of over 3%, with COMEX gold futures dropping 3.4% to $3,997 per ounce and silver futures falling 3.61% to $46.83 per ounce [5] - The UK government has cut the support scale for offshore wind farms by 18% to £900 million, while providing an £1.1 billion budget for renewable energy support auctions [5]

Market Performance - Major US stock indices reached historical highs, with the Dow Jones up 337.47 points (0.71%) closing at 47,544.59, Nasdaq up 1.86% at 23,637.46, and S&P 500 up 1.23% at 6,875.16, marking its first close above 6,800 points [1] - The Philadelphia Semiconductor Index hit a record high, driven by trade negotiation news, with Nvidia rising 2.8%, Intel up 3.3%, and Qualcomm surging over 11% after launching two AI chips for data centers expected to be commercially available next year [1] - Chinese tech stocks also performed well, with the Nasdaq Golden Dragon China Index up 1.6%, Baidu rising 4.8%, JD up 3.0%, Pinduoduo up 2.8%, Alibaba up 2.7%, while NetEase fell 0.4% [1] Commodity Prices - International oil prices slightly declined, with WTI crude oil down 0.31% at $61.31 per barrel and Brent crude oil down 0.49% at $65.62 per barrel [1] - Gold prices fell significantly, with COMEX gold futures for October delivery dropping 2.83% to $4,001.90 per ounce, marking the first time spot gold fell below the $4,000 mark since the beginning of the month [2] Regulatory Developments - The People's Bank of China announced the resumption of open market government bond trading and a supportive monetary policy stance, while also planning to optimize the positioning of the digital RMB [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Growth Enterprise Market and has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, enhancing access and operational efficiency for foreign investors [4][5] Corporate Earnings - Notable corporate earnings include: - Xinyi Technology reported a net profit of 4.01 billion yuan for Q3, up 1,143.72% year-on-year - Shenxin Technology reported a net profit of 1.47 billion yuan for Q3, up 1,097.40% year-on-year - Shenghong Technology reported a net profit of 11.02 billion yuan for Q3, up 260.52% year-on-year - Other companies like Henglian Petrochemical and Northern Rare Earth also reported significant year-on-year profit increases [5]