公司依托"眼科门诊部+医院"分级模式下沉基层，OK 镜、离焦镜增速显著，预计后续视光业务收入占 比仍有一定提升空间。 事件：公司发布2024年&2025Q1业绩报告。2024年公司实现营收209.8亿元，同比+3.0%，实现归母净利 润35.6 亿元，同比+5.9%，其中2024Q4 实现营收46.8 亿元，归母净利润1.0 亿元。2025Q1 实现营收60.3 亿元，同比+16.0%，实现归母净利润10.5 亿元，同比+16.7%。 医疗服务：2024 年医疗服务实现收入144.9 亿元，同比+4.0%，占整体营收比重为69%。其中屈光项目 收入76.0 亿元，同比+2.3%，占医疗服务比重为52.5%；白内障项目收入34.9 亿元，同比+4.9%，占医疗 服务比重为24.1%；眼前段收入19.0 亿元，同比+6.0%，占医疗服务比重为13.1%；眼后段收入15.0 亿 元，同比+8.0%，占医疗服务比重为10.3%。从毛利率情况来看，2024 年医疗服务毛利率为45.9%，较 2023 年下滑3.1pp，其中屈光/白内障/眼前段/眼后段分别下滑2.3pp/3.2pp/4.5pp/3.3pp。 视光：202 ...

门诊量手术量保持增长，加快"AI+眼科"应用布局。2024 年公司实现门诊量1,694.07 万人次，同比增长 12.14%；手术量129.47 万例，同比增长9.38%；公司基于深度学习和自然语言处理等数字技术，整合海 量眼科领域资源，自主研发的眼科垂直大模型 AierGPT 于 2024 年 9 月在世界近视眼大会上正式发布， 有效赋能眼健康科普、诊疗、培训及健康管理，助力打造"AI 数字眼科医生"。 公司持续分红，回购股份。公司拟向全体股东每 10 股派发现金红利1.6 元（含税）， 合计派发现金红 利14.87 亿元，占 2024 年度归属于上市公司股东净利润的 41.82%。同时，基于对公司未来发展前景的 预期，公司在 2023年至2024 年期间先后实施两期股份回购计划，通过二级市场累计回购31,363,178 股，占公司总股本的0.34%，成交总金额为 5.86 亿元。 事件：公司发布2024 年和2025Q1 业绩公告，2024 年公司实现营业总收入209.83 亿元，同比增长 3.02%；归母净利润35.56 亿元，同比增长5.87%，毛利率降低2.67pct 至48.12%。2025Q1 ...

Investment Rating - The report assigns a "Sell" rating to Aier Eye Hospital Group due to missed expectations and lack of growth visibility [16][5][12]. Core Insights - Aier reported FY24 revenue of Rmb21 billion, a 3% year-over-year increase, and a net profit of Rmb3.6 billion, reflecting a 5.9% year-over-year growth, which was below consensus estimates [1][5]. - The company experienced a significant contraction in gross profit margin in 4Q24, dropping to 38.0% from 47.0% in 4Q23, attributed to increased promotions and lower margins from newly consolidated hospitals [2][5]. - Management indicated that while there was strong growth in January and February 2025, the overall growth prospects for FY25 remain uncertain due to market conditions [1][4]. Financial Performance Summary - FY24 net profit was Rmb3.6 billion, with a diluted EPS of Rmb0.385, representing a 5.9% growth [6]. - The company expects revenue growth to be driven primarily by small hospitals in the domestic market, while overseas expansion lacks visibility [4][5]. - The target price is maintained at Rmb7, with the stock trading at a P/E ratio of 28x for FY25, indicating a stretched valuation given the limited growth visibility [5][17]. Revenue and Earnings Estimates - Revenue estimates for FY25E and FY26E have been fine-tuned, with projected revenues of Rmb23.1 billion and Rmb24.9 billion respectively [5][12]. - The report anticipates a core net profit of Rmb4.3 billion for FY25E, reflecting a 20.7% growth [6][12].

证券代码：300015 股票简称：爱尔眼科 公告编号：2025-035 补充流动资金的公告》（公告编号：2025-006）。 爱尔眼科医院集团股份有限公司 关于部分募集资金专户销户完成的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意爱尔眼科医院集团股份有限公司向特定 对象发行股票注册的批复》（证监许可[2022]1704号）同意注册，公司向特定对象 发行人民币普通股股票（A股）133,467,485股，每股面值人民币1.00元，发行价格 为26.49元/股，募集资金总额为人民币3,535,553,677.65元，扣除含税的发行费用 人民币24,311,497.54元，实际募集资金净额为人民币3,511,242,180.11元。本次发 行募集资金已于2022年9月20日全部到位，中审众环会计师事务所（特殊普通合伙） 于2022年9月21日对本次发行募集资金的到位情况进行了审验，并出具了《验资报告》 （众环验字（2022）0100003号）。 二、募集资金专户销户情况 2025 年 3 月 6 日，公司 ...

证券代码：300015 股票简称：爱尔眼科 公告编号：2025-034 爱尔眼科医院集团股份有限公司 关于使用部分闲置自有资金进行现金管理的实施公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 爱尔眼科医院集团股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开第六届董事会第三十二次会议和第六届监事会第二十次会议，审议通过了 《关于使用部分闲置自有资金进行现金管理的议案》，同意公司在保证日常经营 资金需求和资金安全的前提下，使用不超过人民币 15 亿元的闲置自有资金购买 安全性高、流动性好、风险性低的理财产品，期限为自公司第六届董事会第三十 二次会议决议之日起 12 个月。在上述额度及期限内，资金可循环滚动使用，由 公司财务中心负责具体购买事宜。上述内容详见公司 2025 年 3 月 24 日在巨潮资 讯网（www.cninfo.com.cn）披露的相关公告。 根据上述决议，公司于近期办理了投资理财业务。现就具体事项公告如下： 二、风险控制措施 一、本次使用部分暂时闲置自有资金进行现金管理的实施情况 产品名称：东兴证券周添利 2 号集合资产管理 ...

事件概述 近期公司发布2024 年年报&2025 年一季报，2024 年营收209.83 亿元（+3.0%），归母净利润35.6 亿元 （+5.9%），扣非归母净利润31.0 亿元（-11.8%）。 投资建议 由于当前消费环境承压，我们调整公司盈利预测：预计公司2025-2026 年营收分别为234.3、259.6 亿元 （原值为240.8、274.7 亿元），对应增速分别为11.7%、10.8%；归母净利润为40.7、46.5 亿元（原值为 43.2、50.7 亿元），对应增速分别为14.5%、14.2%，EPS 为0.44、0.50 元（原值为0.46、0.54元）；新 增2027 年收入为286.0 亿元，归母净利润为53.6 亿元，EPS 为0.57 元，对应2025 年4 月28 日13.13 元/股 收盘价，PE 分别为30/26/23X；维持"买入"评级。 风险提示 扩张速度低于预期；医疗事故或行业负面事件风险；行业竞争加剧风险；行业政策风险。 屈光、视光增长略承压，基础眼病不改长期发展趋势分业务看，2024 年屈光、视光、白内障、眼前 段、眼后段业务收入分别为76.0、52.8、34.9、19 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 20.983 billion yuan in 2024, reflecting a year-on-year growth of 3.0%, and a net profit attributable to shareholders of 3.556 billion yuan, up 5.9% [1] - The first quarter of 2025 saw a revenue of 6.026 billion yuan, representing a 16.0% increase, and a net profit of 1.050 billion yuan, which is a 16.7% rise [1] - The company is expected to achieve revenues of 23.430 billion yuan and 25.960 billion yuan in 2025 and 2026, respectively, with corresponding growth rates of 11.7% and 10.8% [4] Business Performance - In 2024, the revenue from various business segments was as follows: refractive (7.60 billion yuan, +2.3%), vision care (5.28 billion yuan, +6.4%), cataract (3.49 billion yuan, +4.9%), anterior segment (1.90 billion yuan, +6.0%), and posterior segment (1.50 billion yuan, +8.2%) [2] - The company achieved an outpatient volume of 16.94 million visits and performed 1.29 million surgeries in 2024, marking increases of 12.1% and 9.4%, respectively [3] Financial Projections - The projected earnings per share (EPS) for 2025 and 2026 are 0.44 yuan and 0.50 yuan, respectively, with a net profit forecast of 4.070 billion yuan and 4.649 billion yuan [4] - The company’s gross margin is expected to stabilize around 49.8% in 2025 and improve to 50.1% in 2026 [9] Market Position - The company has established a global medical service network with 974 facilities worldwide, including 811 in mainland China [3] - The overseas revenue reached 2.63 billion yuan in 2024, accounting for 12.5% of total revenue, indicating a growing international presence [3]

Core Viewpoint - The company reported a revenue of 20.98 billion yuan for 2024, with a year-on-year growth of 3.0%, and net profits meeting market expectations. The first quarter of 2025 showed a revenue of 6.03 billion yuan, a year-on-year increase of 16.0%, exceeding market expectations, primarily due to the recovery in consumer business [1]. Group 1: Business Performance - In 2024, the consumer business faced pressure, with refractive and optical revenues growing by 2.3% and 6.4% year-on-year, respectively. However, in Q1 2025, both segments are expected to outperform the overall company revenue growth due to the elimination of price base pressure and the application of new technologies [2]. - The serious medical segment maintained stable growth in 2024, with cataract, anterior segment, and posterior segment revenues increasing by 4.9%, 5.9%, and 8.2% year-on-year, respectively. The company anticipates continued stable performance in Q1 2025 [2]. Group 2: Expansion and Service Improvement - By the end of 2024, the company operated 581 domestic medical institutions and 163 overseas institutions, having acquired nearly 90 domestic medical institutions and the Optimax Group to enter the UK ophthalmology market. This expansion is expected to enhance market positioning and achieve economies of scale [3]. - The company is optimizing service models by extending outpatient hours and building smart hospital platforms to meet diverse patient needs, achieving a patient satisfaction rate close to 99.0% in 2024 [3]. Group 3: Financial Metrics - In 2024, the company reported a gross margin of 48.1%, a sales expense ratio of 10.3%, and a management expense ratio of 14.2%. The net profit margin for the parent company was 16.9% [4]. - In Q1 2025, the company achieved a gross margin of 48.0%, with a reduction in sales and management expense ratios to 9.0% and 12.6%, respectively. The net profit margin for the parent company increased to 17.6% year-on-year [4]. Group 4: Profit Forecast and Valuation - The company adjusted its net profit forecast for 2025-2026 down by 7.73% and 7.94% to 4.09 billion yuan and 4.699 billion yuan, respectively. The current stock price corresponds to a P/E ratio of 29.9x for 2025 and 26.0x for 2026 [5]. - The target price is maintained at 16.0 yuan, corresponding to a P/E ratio of 36.5x for 2025 and 31.8x for 2026, indicating a potential upside of 22.0% from the current stock price [5].

Core Insights - The company reported a revenue of 20.983 billion yuan in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 3.556 billion yuan, up 6% [1] - In Q1 2025, the company achieved a revenue of 6.026 billion yuan, representing a 16% increase, and a net profit attributable to shareholders of 1.050 billion yuan, up 17% [1] Operational Analysis - The outpatient and surgical volumes showed steady growth, with outpatient visits reaching 16.94 million (up 12%) and surgical procedures totaling 1.29 million (up 9%) in 2024 [2] - Revenue from refractive projects was 7.603 billion yuan (up 36%), cataract projects generated 3.489 billion yuan (up 17%), and vision service projects brought in 5.279 billion yuan (up 25%) [2] - Domestic revenue was 18.070 billion yuan (up 2.94%) with a gross margin of 48.03%, while overseas revenue reached 2.625 billion yuan (up 15.1%), with European revenue at 2.031 billion yuan (up 18.05%) [2] Business Expansion and AI Integration - The company expanded its network by acquiring 87 medical institutions, enhancing its presence in domestic markets, particularly at the county level [3] - By the end of 2024, the company operated 352 hospitals and 229 outpatient departments, benefiting from a tiered chain model for resource sharing [3] - The company launched the AierGPT model and digital assistant "AiKe," serving 2.01 million users, and collaborated with institutions like the Chinese Academy of Sciences to accelerate AI technology in ophthalmology [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 4.137 billion, 4.806 billion, and 5.561 billion yuan, each reflecting a 16% year-on-year growth [4] - The earnings per share (EPS) are projected to be 0.44, 0.52, and 0.60 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 29, 25, and 21 [4]