公司研 究 证 券研究 报 告 医疗服务 2024年05月15日 爱 尔眼科（300015）2023年报和 2024年一季报点评 推 荐 （维持） 目标价：15元 业绩符合预期，看好公司长远发展 当前价：12.83元 事项： 华创证券研究所  2024 年 4 月 25 日，公司发布 23 年报和 24 年一季报。23 年公司营业收入 证券分析师：郑辰 203.67亿元（+26.43%），归母净利润33.59亿元（+33.07%），扣非归母净利润 35.14亿元（+20.39%）。24Q1公司收入51.96亿元（+3.50%），归母净利润8.99 邮箱：zhengchen@hcyjs.com 亿元（+15.16%），扣非归母净利润8.43亿元（+12.04%）。 执业编号：S0360520110002 评论： 证券分析师：王宏雨  23 年白内障业务引领增长。分业务看，23 年公司屈光收入 74.31 亿元 邮箱：wanghongyu@hcyjs.com （+17.27%），白内障收入 33.27 亿元（+55.24%），眼前段收入 17.91 亿元 执业编 号：S0360523080006 （+33.7 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3][8] Core Views - The company reported strong financial performance in 2023, with revenue of 20.367 billion yuan (YOY +26.43%) and net profit of 3.359 billion yuan (YOY +33.07%) [4][5] - The growth in 2023 was driven by the release of accumulated demand for ophthalmic surgeries, continuous expansion of the company's scale, advancements in diagnostic technology, and increased awareness of eye health [5][6] - In Q1 2024, the company experienced a temporary slowdown in growth due to high base effects from the previous year, weak consumer spending, and extreme weather [4][5] - The company is expected to maintain a flexible pricing strategy for refractive surgeries and enhance its high-end cataract business through national procurement of artificial lenses [5][6] Financial Summary - In 2023, the company achieved a gross margin of 50.79% and a net profit margin of 17.95% [6][8] - For 2024, the company is projected to generate revenue of 23.697 billion yuan, with a net profit of 4.131 billion yuan, reflecting a growth rate of 16.35% and 23.00% respectively [2][3] - The company's earnings per share (EPS) for 2024 is estimated at 0.44 yuan, with a price-to-earnings (PE) ratio of 29.2 [2][3] Business Segmentation - In 2023, the refractive surgery segment generated revenue of 7.431 billion yuan (YOY +17.27%), while the cataract segment saw revenue of 3.327 billion yuan (YOY +55.24%) [5][6] - The optical services segment achieved revenue of 4.960 billion yuan (YOY +31.25%), indicating strong growth in this area [5][6] Shareholder Returns - The company has increased its dividend payout ratio, with annual dividends per share of 0.12 yuan, 0.10 yuan, and 0.15 yuan from 2021 to 2023, respectively [7][8] - Cash dividends amounted to 649 million yuan, 718 million yuan, and 1.395 billion yuan over the same period, with a payout ratio increasing from 28% to 42% [7][8] Global Expansion - The company has been expanding its international presence since 2016, with operations in Hong Kong, Europe, Southeast Asia, and the United States [8] - In 2023, revenue from Hong Kong, Macau, Taiwan, and overseas regions accounted for 11.35% of total revenue, with expectations for further growth [8]

证券研究报告 公 2024年05月10日 司 报 告 爱尔眼科(300015) │ 行 业： 医药生物/医疗服务 公 投资评级： 司 当前价格： 12.98元 年 业绩稳步增长，刚性需求复苏显著 目标价格： 报 点 事件： 评 基本数据 公司发布 2023 年年报及 2024 年一季报。2023 全年，公司实现营业收入 总股本/流通股本(百万股) 9,328.41/7,905.00 203.67亿元，同比增长26.43%；归母净利润33.59亿元，同比增长33.07%； 流通A股市值(百万元) 102,606.95 扣非净利润 35.14 亿元，同比增长 20.39%。2024Q1，公司实现营业收入 每股净资产(元) 2.11 51.96亿元，同比增长3.50%；归母净利润8.99亿元，同比增长15.16%； 资产负债率(%) 32.28 扣非净利润8.43亿元，同比增长12.04%。 一年内最高/最低(元) 30.25/11.80 ➢ 业绩稳步增长，门诊及手术量稳健提升 2023全年公司营业收入和净利润保持稳健增长。其中，2023年单四季度实 股价相对走势 现收入 43.20 亿元，同比增长 41.25%； ...

华泰联合证券有限责任公司 关于爱尔眼科医院集团股份有限公司 2023 年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：爱尔眼科 | | --- | --- | | 保荐代表人姓名：丁明明 | 联系电话：010-56839300 | | 保荐代表人姓名：高元 | 联系电话：025-83387686 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company reported a revenue of 20.367 billion yuan in 2023, representing a year-on-year growth of 26.43%, and a net profit attributable to shareholders of 3.359 billion yuan, up 33.07% [1][2] - In Q1 2024, the company achieved a revenue of 5.196 billion yuan, an increase of 3.50%, and a net profit of 899 million yuan, which is a 15.16% growth [1][2] - The company continues to expand its global footprint, with 256 hospitals and 183 outpatient departments in China, and 131 overseas eye centers and clinics [2][3] Financial Performance - The company’s revenue for 2024 is projected to reach 23.946 billion yuan, with a year-on-year growth of 17.6%, and net profit is expected to be 4.178 billion yuan, reflecting a growth of 24.4% [5][6] - The gross profit margin for 2023 was 50.8%, with projections for 2024 to be 50.9% [5][6] - The company’s net profit margin improved to 18% in 2023 and further to 18.7% in Q1 2024 [3] Business Segments - The cataract business generated revenue of 3.327 billion yuan in 2023, marking a significant growth of 55.24%, primarily due to a low base in 2022 and the release of pent-up demand [2] - The refractive business achieved revenue of 7.431 billion yuan, up 17.27%, while the optical business reported revenue of 4.960 billion yuan, an increase of 31.25% [2] Operational Efficiency - The company’s operating efficiency is reflected in its sales, management, and R&D expense ratios, which were 9.7%, 13.1%, and 1.6% respectively in 2023 [3] - The company has maintained a strong cash flow from operating activities, amounting to 5.872 billion yuan in 2023 [6]

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [2] Core Views - The company achieved a revenue growth of 26.43% year-on-year in 2023, with a net profit growth of 33.07% [2] - The "1+8+N" strategic layout is steadily advancing, laying a solid foundation for the company's long-term development [8] Financial Performance Summary - In 2023, the company reported a total revenue of 20.367 billion yuan, a year-on-year increase of 26.43%, and a net profit attributable to shareholders of 3.359 billion yuan, up 33.07% [4] - The fourth quarter of 2023 saw a revenue of 4.320 billion yuan, a 41.25% increase year-on-year, while the net profit was 178 million yuan, a 6.25% increase [4] - For the first quarter of 2024, the company recorded a revenue of 5.196 billion yuan, a 3.50% increase year-on-year, and a net profit of 899 million yuan, up 15.16% [4] Operational Metrics - The total outpatient visits in 2023 reached 15.1064 million, representing a year-on-year growth of 34.26%, while the number of surgeries performed was 1.1837 million, up 35.95% [5] - The company's sales expense ratio was 9.65%, remaining stable compared to the previous year, while the management expense ratio increased by 1.18 percentage points to 14.74% [5] - The R&D investment for 2023 was 333 million yuan, reflecting a year-on-year growth of 22.43% [5] Segment Performance - The refractive surgery segment generated revenue of 7.431 billion yuan, with a year-on-year growth of 17.27% and a gross margin of 57.40% [6] - The cataract surgery segment saw revenue of 3.327 billion yuan, a significant increase of 55.24%, driven by demographic trends and improved service capabilities [6] - The vision care segment achieved revenue of 4.960 billion yuan, up 31.25%, supported by national initiatives for myopia prevention and the company's expanding brand influence [6] Strategic Developments - The company is actively implementing its "1+8+N" strategy, focusing on establishing regional eye care centers in major cities, with several centers already operational and others in development [7] - As of December 31, 2023, the company had established a network of 750 eye care facilities in mainland China, along with additional locations in Hong Kong, the United States, Europe, and Southeast Asia [8] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 24.374 billion yuan, 28.849 billion yuan, and 34.007 billion yuan, respectively, with corresponding net profits of 4.190 billion yuan, 5.115 billion yuan, and 6.201 billion yuan [9] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.45 yuan, 0.55 yuan, and 0.66 yuan, respectively [9]

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 爱尔眼科（300015）公司年报点评 2024年05月07日 爱尔眼科 2023 年报&2024 一季报点评： 23 年恢复高增长，看好未来稳健增长 [Table_Summary] 投资要点：  公告：爱尔眼科发布2023年年度报告和2024年一季度报告  点评：  2023年业绩恢复高增长，2024年一季度利润率继续提升。 2023年，公司营 业收入203.67亿元（+26.43%），毛利率50.79%（+0.33pt），归母净利润33.59 亿元（+33.07%），扣非净利润为 35.14 亿元（+20.39%）。2024 年一季度， 营业收入51.96亿元（+3.50%），毛利率48.29%（+0.80pt），归母净利润8.99 亿元（+15.16%），扣非净利润为8.43亿元（+12.04%）。  “1+8+N”战略布局稳步落地，国际化战略持续推进。“1+8+N”战略正稳步推进， 长沙、上海、广州、成都、重庆等眼科中心已运营，武汉、沈阳正在推进建 设中，北京、深圳已开始筹备；通过新建或收购完善了省区 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved high growth recovery in 2023, with continued margin improvement in Q1 2024 [3] - Revenue in 2023 reached RMB 20.367 billion (+26.43%), with a gross margin of 50.79% (+0.33pt) and net profit attributable to shareholders of RMB 3.359 billion (+33.07%) [3] - Q1 2024 revenue was RMB 5.196 billion (+3.50%), with a gross margin of 48.29% (+0.80pt) and net profit attributable to shareholders of RMB 899 million (+15.16%) [3] - The "1+8+N" strategy is steadily progressing, with 256 hospitals and 183 clinics in China, and 131 ophthalmic centers and clinics overseas [3] - The company's technological innovation and international collaboration are strengthening, with 4 new key platforms approved and 69 vertical projects [6] Business Performance - Outpatient visits in 2023 reached 15.1064 million (+34.26%), and surgeries reached 1.1837 million (+35.95%) [4] - Refractive surgery revenue was RMB 7.431 billion (+17.27%), with a gross margin of 57.40% (+0.58pt) [4] - Optometry business revenue was RMB 4.960 billion (+31.25%), with a gross margin of 57.05% (+0.61pt) [4] - Cataract surgery revenue was RMB 3.327 billion (+55.24%), with a gross margin of 37.97% (+2.63pt) [4] - Anterior segment surgery revenue was RMB 1.791 billion (+33.74%), with a gross margin of 45.68% (+1.22pt) [4] - Posterior segment surgery revenue was RMB 1.386 billion (+31.31%), with a gross margin of 34.67% (+1.06pt) [4] Financial Forecast - Revenue is expected to grow to RMB 23.907 billion (+17.4%) in 2024, RMB 28.837 billion (+20.6%) in 2025, and RMB 34.552 billion (+19.8%) in 2026 [4] - Net profit attributable to shareholders is forecasted to be RMB 4.124 billion (+22.8%) in 2024, RMB 4.988 billion (+21.0%) in 2025, and RMB 6.091 billion (+22.1%) in 2026 [4] - Gross margin is expected to remain stable at around 50.4%-50.8% from 2024 to 2026 [4] Valuation - The DCF valuation suggests a fair value range of RMB 174.3-192.5 billion, with a per-share value of RMB 18.69-20.64, corresponding to a 2024 PE multiple of 42-47x [6] - The company's 2024 PE multiple is higher than the average of 30x for comparable companies, reflecting its strong growth potential and competitive advantages [6] Strategic Development - The company is expanding its regional medical network through new constructions and acquisitions, with key centers in Changsha, Shanghai, Guangzhou, Chengdu, and Chongqing already operational [3] - International expansion continues, with 131 ophthalmic centers and clinics overseas, forming a global medical service network [3]

关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、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 2023 年 10 月 25 日召开第六届董事会第十四次会议和第六届监事会第十次会议审议通过了《关 于再次回购公司股份方案的议案》，独立董事就本次回购事宜发表了同意的独 立意见，同意公司使用自有资金以集中竞价交易的方式回购公司部分社会公众 股份，用于实施股权激励计划或员工持股计划。回购的资金总额不低于 2.00 亿元且不超过 3.00 亿元（均含本数）；回购股份价格不超过 26.98 元/股（含 本数）；回购股份的期限为董事会审议通过回购股份方案之日起不超过 12 个 月。具体内容详见公司分别于 2023 年 10 月 26 日、2023 年 10 月 30 日在巨潮 资讯网披露的《关于再次回购公司股份方案的公告》（公告编号：2023-092） 和《回购报告书》（公告编号：2023-093）。 现将公司股份回购事项的进展情况公告如下： 一、回购公司股份的进展情况 截至目前，公司通过股份回购专用证券账户以集中竞价交易方式回购公司 股份 ...

第六届监事会第十三次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，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"）第六届监事会第十三 次会议于 2024 年 5 月 6 日以通讯表决方式召开，会议通知于 2024 年 4 月 30 日 以邮件方式送达，会议由监事会主席宁俊萍女士召集主持，应到监事 3 人，实到 监事 3 人，会议的召开符合《公司法》和《公司章程》的有关规定，会议合法、 有效。经审议，本次会议一致通过如下议案： 《关于 2021 年限制性股票激励计划预留授予部分第二个解除限售期解除限 售条件成就但股票暂不上市的议案》 公司 2021 年限制性股票激励计划预留授予部分第二期解除限售条件达成之 日为 2024 年 5 月 6 日；本次符合解除限售条件的激励对象共计 1,068 名，均满 足 100%解除限售条件，可解除限售的限制性股票数量为 6,417,119 股，占公司 目前总股本的 0.0688%。 监事会对本次激励对象名单进行了核查，本次 1,068 名激励对象解除限售资 格合法有效。根据公司《2021 年限制性股票激励计划（草案）》 ...