医药 公 司 报 告 爱尔眼科(300015.SZ) 相关研究报告 【平安证券】爱尔眼科（300015.SZ）*季报点评*具 备经营韧性，静待消费复苏*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 事项： 具备经营韧性，25Q1业绩快速增长 推荐 ( 维持) 股价:12.72元 行情走势图 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 2025年04月25日 公司发布2024年年报以及2025年一季报，2024年收入实现209.83亿元，同比 增长3.02%，归母净利润实现35.56亿元，同比增长5.87%，扣非归母净利润 实现30.99亿元，同比-11.82%。2025Q1公司收入实现60.26亿元，同比增长 15.97%，归母净利润实现10.50亿元，同比增长16.71%，扣非归母净利润实 现10.60亿元，同比增长25.78%。公司拟向全体股东每 10 股派发现金红利 1.6 元（含税）。 平安观点： 研 究 报 告 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [3][6] Core Views - The company demonstrated operational resilience with a rapid growth in performance in Q1 2025, driven by consumer-oriented projects [6] - The 2024 revenue reached 20.983 billion yuan, a year-on-year increase of 3.02%, while the net profit attributable to shareholders was 3.556 billion yuan, up 5.87% year-on-year [3][6] - The report anticipates continued recovery in performance, supported by stable pricing in refractive surgery and an increase in the proportion of high-end procedures [6] Financial Summary - For 2024, the company expects revenue of 20.983 billion yuan, with a projected growth of 15.3% in 2025, reaching 24.199 billion yuan [6][9] - The net profit for 2024 is projected at 4.139 billion yuan, with a growth rate of 16.4% in 2025 [6][9] - The gross margin for the medical services segment is expected to be 48.1% in 2024, slightly declining from previous years [6][9] - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares to all shareholders [3][6] Performance Metrics - The report outlines key performance metrics, including an expected EPS of 0.38 yuan for 2024, increasing to 0.44 yuan in 2025 [6][9] - The projected return on equity (ROE) is 17.2% for 2024, with a gradual increase to 18.5% by 2027 [6][9] - The company's asset-liability ratio is forecasted to decrease from 34.4% in 2024 to 22.5% in 2027, indicating improved financial stability [9]

Core Viewpoint - The company has demonstrated resilience in a challenging industry environment by focusing on core business development and accelerating digital transformation, leading to positive financial results and growth signals in early 2025 [1][2][3] Group 1: Financial Performance - In 2024, the company achieved an outpatient volume of 16.94 million visits, a year-on-year increase of 12.14% [1] - The total number of surgeries performed reached 1.29 million, reflecting a year-on-year growth of 9.38% [1] - The company reported a revenue of 20.98 billion yuan, up 3.02% year-on-year, and a net profit attributable to shareholders of 3.56 billion yuan, which is a 5.87% increase [1] - In Q1 2025, the company indicated a revenue growth of 15.97% and a net profit increase of 16.71% year-on-year [1] Group 2: Strategic Expansion - The company continues to implement its "1+8+N" strategy, establishing the Changsha Medical Center and launching six major ophthalmology centers across various cities [2] - The company has expanded its network to 352 hospitals and 229 outpatient departments within China [2] - The establishment of nearly 100 specialized injection centers for eye diseases and management clinics for diabetic eye disease in county-level hospitals has enhanced grassroots eye care coverage [2] Group 3: Internationalization and Collaboration - The company hosted significant international ophthalmology events, including the 19th World Myopia Conference, attracting over 500 experts from more than 50 countries [2] - The acquisition of 100% of the UK-based Optimax Group marks the company's entry into the UK ophthalmology market, increasing its overseas institutions to 163 [2] Group 4: Technological Innovation - The company is advancing its "AI + Ophthalmology" initiatives, launching the AierGPT model to enhance eye health education, diagnosis, training, and management [3] - The introduction of the world's first smart glasses for children's vision management, "Little Qingkui," utilizes advanced biosensing technology and big data analytics [3] - The company has implemented a digital infection control system and achieved significant progress in data-driven quality management across its hospitals [3]

Core Viewpoint - The company, a professional ophthalmology chain medical institution, is focusing on enhancing its operational capabilities and expanding its digital transformation in response to external challenges and slowing industry growth. Company Overview - The company operates a comprehensive network of ophthalmology services across mainland China, Hong Kong, Europe, the United States, and Southeast Asia, establishing a global strategic framework [3] - It employs a unique "graded chain" development model tailored to the Chinese market, enhancing resource sharing and medical standards [3] Performance Drivers - In 2024, the company faced significant challenges due to external factors leading to a slowdown in consumer demand within the ophthalmology sector. Despite this, the management remains focused on core business development and digital empowerment [4] - The company reported an outpatient volume of 16.94 million, a year-on-year increase of 12.14%, and a surgical volume of 1.29 million, up 9.38% [4] - Revenue reached approximately 20.98 billion, a 3.02% increase, while operating profit decreased by 2.49% to approximately 4.82 billion [4] Digital Transformation - The company is advancing its "AI + Ophthalmology" strategy, collaborating with the Chinese Academy of Sciences to develop AI applications in ophthalmology, including the launch of AierGPT and Eyecho [5] - AI-driven services have improved operational efficiency, with 2.01 million online customer service interactions [5] Medical Capability Enhancement - The company is enhancing its medical capabilities by strengthening its specialty disciplines and expanding services to cover a broader range of ophthalmic conditions [6] - New clinics and specialized services have been established, including visual rehabilitation and pediatric dry eye clinics [6] Talent Development - The company is actively recruiting and training high-quality talent, adding numerous experts and healthcare professionals to its workforce [7] - Various training programs have been implemented to enhance the skills of existing staff, covering thousands of participants [8] Technological Advancements - The company is introducing advanced diagnostic and treatment technologies, including the first domestic implantation of innovative intraocular lenses and new dry eye treatment methods [9] - It has developed the world's first smart glasses for children's vision management, showcasing its commitment to innovation in eye health [9] Quality Management - The company is enhancing its medical quality management system to ensure high standards of care and patient safety [10] - Initiatives include the establishment of a medical quality safety management committee and the implementation of comprehensive quality control measures [10] Patient Experience Improvement - The company is focused on optimizing service processes to enhance patient experience, including the introduction of green channels for vulnerable groups and improved digital services [11] - Patient satisfaction rates are reported to be nearly 99% based on extensive surveys [12] Research and Development - The company has established a robust research platform, securing numerous research projects and publishing significant academic papers [13][14] - Collaborations with universities are ongoing to foster talent development and research in ophthalmology [15] International Strategy - The company is executing its "1+8+N" strategy to enhance its international presence, including the acquisition of medical institutions and the establishment of regional eye centers [16] - It has successfully entered the UK market through the acquisition of a local eye hospital group [16][17]

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]

Core Insights - Aier Eye Hospital focuses on core business and strengthens discipline construction, achieving steady growth in operating performance, outpatient visits, and surgical volume [1][2] Financial Performance - In 2024, the company reported operating revenue of 20.983 billion yuan, a year-on-year increase of 3.02% - The net profit attributable to the parent company was 3.556 billion yuan, up 5.87% - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares, totaling approximately 1.487 billion yuan [1][12] Operational Growth - Outpatient visits reached 16.9407 million, a 12.14% increase year-on-year - Surgical volume was 1.2947 million cases, reflecting a 9.38% growth [2] Strategic Development - The "1+8+N" strategic layout has made significant progress, with multiple regional eye centers established [3][4] - By the end of 2024, the company operated 352 hospitals and 229 outpatient departments, highlighting its chain scale advantage [5] Quality Improvement - The company has enhanced medical quality and service levels, implementing comprehensive quality improvement actions and risk management [6] - Patient satisfaction rates are high, with an overall satisfaction rate of nearly 99.0% from over 1.6 million surveys conducted [7] Digital Transformation - Aier Eye Hospital has made significant advancements in digital ophthalmology and AI applications, establishing a competitive edge [8] - The company launched the AierGPT model and the digital human "Eyecho" in 2024 [9][10] Research and Development - The company is expanding its specialty areas, including ocular tumors and neuro-ophthalmology, while enhancing its research capabilities [11] - A total of 73 research projects were approved in 2024, with 5 at the national level, and 161 papers published, including 103 in SCI/Medline journals [11] Shareholder Returns - The company has consistently prioritized shareholder returns, with a cumulative dividend payout of 7.12 billion yuan since its listing [12][13] - Aier Eye Hospital has also implemented share buyback programs to stabilize stock prices and boost investor confidence [13] Social Responsibility - The company actively engages in social responsibility initiatives, including eye health poverty alleviation and community outreach programs [14] - In 2024, Aier Eye Hospital donated 217 million yuan to various public welfare projects, supporting 873 initiatives nationwide [14]

爱尔眼科医院集团股份有限公司 2024 年年度内部控制自我评价报告 爱尔眼科医院集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简 称"企业内部控制规范体系"），结合本公司（以下简称"公司"）相关规章制度，在内部控 制日常监督和专项监督的基础上，我们对公司截至 2024 年 12 月 31 日（内部控制评价报告 基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、 高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容 的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅 能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变得 ...

2024年年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：爱尔眼科医院集团股份有限公司 金额单位：人民币万元 | 年度占 | 2024 | 上市公司 | 年度占 | 年末 | 2024 | 2024 | 非经营性 | 占用方与上市公 | 年初占用 | 用累计发生 | 年度偿还 | 占用形成原 | 2024 | 2024 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金占用方名称 | 核算的会 | 用资金的利 | 占用资金 | 占用性质 | 资金占用 | 司的关联关系 | 资金余额 | 金额（不含 | 累计发生额 | 因 | 计科目 | 息（如有） | 余额 | | | 利息） | 现大股东 | | | | | | | | | | | | | | | 及其附属 | 企业 | | | | | | | | | | | | | | | 小 | 计 | —— | —— | —— | —— | —— | 前大股东 | | | | | | | | | 及其附属 | ...

证券代码：300015 股票简称：爱尔眼科 公告编号：2025-021 爱尔眼科医院集团股份有限公司 2025 年第一季度报告披露提示性公告 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《2025 年第一季度报告》于 2025 年 4 月 25 日 在中国证监会指定的创业板信息披露网站上披露，请投资者注意查阅。 特此公告。 爱尔眼科医院集团股份有限公司董事会 2025 年 4 月 24 日 ...

证券代码：300015 股票简称：爱尔眼科 公告编号：2025-020 爱尔眼科医院集团股份有限公司 2024 年年度报告披露提示性公告 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《2024 年年度报告》及《2024 年年度报告摘要》 于 2025 年 4 月 25 日在中国证监会指定的创业板信息披露网站上披露，请投资者注 意查阅。 特此公告。 爱尔眼科医院集团股份有限公司董事会 2025 年 4 月 24 日 ...