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]

Core Insights - The company reported a revenue of 20.983 billion yuan for 2024, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 3.556 billion yuan, up 5.87% [1] - In Q1 2025, the company achieved a revenue of 6.026 billion yuan, representing a year-on-year growth of 15.97%, and a net profit of 1.050 billion yuan, an increase of 16.71% [1] - The company demonstrated strong operational resilience despite a slowdown in the ophthalmology industry, with outpatient visits reaching 16.9407 million, a 12.14% increase, and surgical procedures totaling 1.2947 million, up 9.38% [1] Business Performance - The company’s refractive project revenue was 7.603 billion yuan, growing by 2.31%, while optical project revenue reached 5.279 billion yuan, increasing by 6.42% [1] - Cataract surgery revenue was 3.489 billion yuan, up 4.87%, and anterior segment surgery revenue was 1.898 billion yuan, growing by 5.95% [1] - Posterior segment surgery revenue amounted to 1.499 billion yuan, reflecting an 8.22% increase [1] Strategic Expansion - The company is enhancing its ophthalmology network, having established the Changsha Medical Center in 2024 to improve medical education and research capabilities [2] - Regional eye centers in Shanghai and Nanning have been completed, while facilities in Hubei, Anhui, Shenyang, and Guizhou are operational, and Beijing Aier Yingzhi is under construction [2] - The acquisition of 87 medical institutions has further strengthened the grassroots hospital network, and the company has entered the UK ophthalmology market through the acquisition of Optimax Group [2] Financial Forecast - Revenue projections for 2025-2027 are 23.681 billion, 27.084 billion, and 31.154 billion yuan, with corresponding growth rates of 12.86%, 14.37%, and 15.03% [3] - Net profit forecasts for the same period are 4.115 billion, 4.761 billion, and 5.615 billion yuan, with growth rates of 15.71%, 15.70%, and 17.95% [3] - The company is expected to maintain a strong position in the ophthalmology service sector, with a three-year CAGR of 16.45% [3]

Core Viewpoint - The company reported a steady growth in revenue and profit for 2024, with a notable increase in Q1 2025, indicating resilience in its operations despite external challenges [1][2]. Financial Performance - In 2024, the company's operating revenue reached 20.983 billion (yoy +3.02%), with a net profit attributable to shareholders of 3.556 billion (yoy +5.87%) and a non-recurring net profit of 3.099 billion (yoy -11.82%) [1]. - For Q1 2025, the company achieved an operating revenue of 6.026 billion (yoy +15.97%) and a net profit of 1.050 billion (yoy +16.71%), with a non-recurring net profit of 1.060 billion (yoy +25.78%) [1]. Business Segments - Revenue breakdown for 2024 includes: - Refractive surgery: 7.602 billion (yoy +2.31%) - Vision care: 5.278 billion (yoy +6.42%) - Cataract: 3.489 billion (yoy +4.87%) - Anterior segment projects: 1.897 billion (yoy +5.95%) - Posterior segment projects: 1.499 billion (yoy +8.22%) - Other projects: 1.142 billion (yoy -19.43%) [1]. Growth Drivers - The increase in average customer price for refractive surgery is expected to drive growth in this segment, while the high base effect from cataract surgeries is anticipated to normalize, leading to a potential recovery in growth rates [2]. - The company plans to introduce new surgical techniques, such as All-Laser LASIK and ICL V5, to meet diverse customer needs and further enhance average customer pricing in the refractive segment [2]. Cost Management - The company achieved a gross margin of 48.02% in Q1 2025 (yoy -0.28 percentage points), with reductions in sales, management, R&D, and financial expense ratios, leading to a total decrease in period expense ratio by 1.76 percentage points [2]. Future Projections - Revenue forecasts for 2025-2027 are 23.090 billion, 26.074 billion, and 29.224 billion, with corresponding growth rates of 10.0%, 12.9%, and 12.1% [3]. - Net profit projections for the same period are 4.031 billion, 4.700 billion, and 5.432 billion, with growth rates of 13.3%, 16.6%, and 15.6% [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][8] Core Insights - The company reported a revenue of 21 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit of 3.56 billion yuan, up 6% year-on-year. In Q1 2025, the company achieved a revenue of 6 billion yuan, a 16% increase, and a net profit of 1.05 billion yuan, a 17% increase [2][4] - The company is focusing on the "AI + Ophthalmology" strategy, enhancing its digital capabilities and expanding its international presence, particularly in Europe [4][5] - The company has maintained growth in patient volume despite a slowing industry, with outpatient visits increasing by 12% and surgeries by 9% in 2024 [4][5] Financial Performance - The company is projected to achieve revenues of 23.75 billion yuan, 26.84 billion yuan, and 30.34 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.2%, 13.0%, and 13.0% [6][7] - The net profit is expected to reach 4.17 billion yuan, 4.88 billion yuan, and 5.71 billion yuan for the same years, with growth rates of 17.2%, 17.1%, and 17.0% respectively [6][7] - The company maintains a strong return on equity (ROE) forecasted to increase from 17% in 2024 to 20% in 2027 [6][7][8] Market Performance - The company's stock has shown a performance of -2.7% over the last month, 6.5% over the last three months, and 5.3% over the last year, outperforming the CSI 300 index in the three-month and one-year periods [3][4] - The current stock price is 13.13 yuan, with a 52-week price range of 9.05 to 19.09 yuan [3][4] Strategic Initiatives - The company is advancing its "1+8+N" layout and international strategy, with a total of 352 domestic hospitals and 163 overseas ophthalmology centers and clinics as of December 31, 2024 [4][5] - The introduction of AI technologies, such as AierGPT and Eyecho, aims to enhance patient care and operational efficiency [4][5]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company is expected to see growth in its refractive surgery segment due to an increase in average customer spending, while the cataract segment is anticipated to recover from a high base effect starting in May 2024 [2]. - Cost reduction and efficiency improvements are projected to lead to a decrease in expenses, with a gross margin of 48.02% in Q1 2025 [2]. - The company is positioned as a leading player in the ophthalmology medical service sector, with strengthening brand power and operational resilience [3]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 23.09 billion, 26.07 billion, and 29.22 billion yuan, with corresponding growth rates of 10.0%, 12.9%, and 12.1% [3][4]. - Net profit attributable to shareholders is forecasted to be 4.03 billion, 4.70 billion, and 5.43 billion yuan for the same period, with growth rates of 13.3%, 16.6%, and 15.6% respectively [3][4]. - The report provides a PE ratio forecast of 30, 26, and 23 for the years 2025, 2026, and 2027 [3][4].

被称为"眼科茅"的爱尔眼科，在上市近16年后交出首份扣非利润负增长的成绩单。近日爱尔眼科发布的 2024年度报告显示，2024年爱尔眼科实现营业收入同比增长3.02%，远低于2023年的26.4%；扣非净利 润为30.99亿元，同比下降11.82%——这是爱尔眼科自2009年上市以来，首次出现扣非净利负增长的情 况。尽管公司营收仍保持微增，但扣非净利润首次出现负增长，叠加商誉高企、医疗纠纷频发等风险， 爱尔眼科长期增长逻辑面临严峻挑战。值得一提的是，屈光业务作为爱尔眼科最核心的营收支柱，长期 占据着其业务板块的主导地位，然而这一"利润奶牛"近年来纠纷不断。 | | | 2024年 | 2023年 | 本年比上年 | 2022 年 | | --- | --- | --- | --- | --- | --- | | | | | | 增减 | | | 营业收入(元) | | 20.982.894.148.50 | 20.367.156.738.96 | 3.02% | 16.109.946.687.31 | | 归属于上市公司股东的净利 | | 3.556.055.831.70 | 3.358.871.535.71 ...

Aier Eye - A Leading the ophthalmic track and awaiting a recovery in demand; initiate at N We initiate coverage of Aier Eye with a N rating and a Dec-25 PT of Rmb13. Aier Eye is the leader in the structurally expanding ophthalmology market underpinned by an ageing population and escalating 'quality of life' requirements. Resilient demand for cataract and eye disease therapy ensures steady industry growth, even if the lukewarm consumer economy in China is delaying discretionary ophthalmic demand. Aier's firs ...

瑞财经 刘治颖 4月24日，爱尔眼科(SZ300015)发布2024年年度报告，营收净利双增。 2024年，爱尔眼科营业收入为209.83亿元，同比增长3.02%；归母净利润为35.56亿元，同比增长5.87%。 值得注意的是，2024年，爱尔眼科营收、归母净利增速降至五年最低。具体来看，2020年至2023年，爱尔眼科营业收入增速分别为19.24%、25.93%、7.39% 及26.43%，归母净利润增速分别为25.01%、34.78%、8.65%及33.07%。 薪酬方面，2024年，爱尔眼科实际支付公司董事、监事、高级管理人员报酬共计1251.51万元。其中，副总经理唐仕波薪酬为189.19万元，位居董监高之首。 而董事长陈邦、总经理李力薪酬均为114.9万元。 1992年，唐仕波获德国慕尼黑大学博士学位，随后在德国Regensburg大学从事博士后研究；1999年—2012年，任中山大学中山眼科中心副主任、眼科医院副 院长。社会兼职：中国医师协会眼科分会副会长、中国医师协会眼科分会眼遗传病专委会主委、中国微循环学会眼微循环专业委员会副主委、中国神经再生 与修复专业委员会副主委，中国老年保健医学研究会眼 ...

2） 2025Q1 经营质量改善，业绩超预期复苏。2025Q1 实现营收60.26 亿元（YoY+15.97%），归母净利 润10.50 亿元（YoY+16.71%），扣非归母净利润10.60 亿元（YoY+25.78%），扣非归母净利润高于归母 净利润主要在于2025Q1 政府补贴同比减少0.72 亿元。分业务看：屈光手术量价齐升（1-2 月刚需释放 +价格企稳），今年全飞秒PRO 和ICLv5 晶体上市有望带动客单价进一步提升；视光业务：开学季催化 青少年配镜及近视防控需求集中释放；白内障业务：受集采预期影响短期承压，但高端晶体占比提升缓 冲降价冲击。2025Q1 毛利率48.02%（YoY-0.27pct），净利率19.36%（YoY+0.65pct），降本增效带来 费用端下降，费用端优化部分抵消成本压力， 销售/ 管理/ 研发/ 财务费用率分别为 9.03%/12.63%/1.31%/0.70%，同比-0.32/-0.82/-0.13/-0.50pct。 3） AI+新技术引领诊疗升级，构建智慧医疗生态。公司自主研发的眼科垂直大模型AierGPT 于2024 年 9 月，助力打造"AI 数字眼科医生" ...

经济观察报记者张英 4月24日晚，"眼茅"爱尔眼科（300015）(300015.SZ)披露2024年年报，由于三大核心业务承压，其营业 收入增速创下上市16年以来新低，扣非净利出现上市以来首次负增长。 2024年，爱尔眼科实现营业收入209.82亿元，同比增长3.02%，远低于2023年的26.4%；扣非净利润为 30.99亿元，同比下降11.82%。 北京一家知名民营眼科医院高管告诉经济观察报，随着消费需求下降，屈光项目市场竞争激烈，整体价 格在走低。北京的屈光手术价格已从2万元左右降至目前的1.7万元，其他城市价格更低，例如贵州的价 格已经接近1.1万元。 爱尔眼科的视光项目也出现与屈光项目相似的变化。视光项目是爱尔眼科营收占比第二的业务，主要包 括近视防控、斜弱视诊断，以及验光配镜等，例如近年火热的用于孩子近视防控的OK镜便属于该业 务。视光项目的营收增速除了2022年的11.85%以外，历年均维持在30%上下，但2024年跌到了历史最低 的6.42%。同时，其毛利率为54.49%，相较2023年下滑了2.56个百分点。 对于视光项目营收增速放缓原因，爱尔眼科未在年报中解释。同行何氏眼科的视光项目20 ...