Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown resilience in operations despite slight pressure on performance, primarily due to weak consumer demand and slower-than-expected economic recovery [1] - The company reported a revenue of 57.56 billion yuan in Q3 2024, a year-on-year decrease of 0.68%, with a net profit attributable to shareholders of 14.02 billion yuan, down 4.56% year-on-year [1] - The gross profit margin for the first three quarters of 2024 was 51.02%, an increase of 0.91 percentage points year-on-year, while the net profit margin was 22.50%, up 0.56 percentage points year-on-year [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 163.02 billion yuan, a year-on-year increase of 1.58%, and a net profit attributable to shareholders of 31.13 billion yuan, a year-on-year increase of 0.26% [1] - The company is projected to achieve revenues of 223.11 billion yuan, 247.64 billion yuan, and 279.71 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 9.5%, 11.0%, and 13.0% [2][3] - The net profit attributable to shareholders is expected to reach 38.08 billion yuan, 43.93 billion yuan, and 51.49 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.4%, 15.4%, and 17.2% [2][3] Key Financial Metrics - The company’s gross margin is projected to be around 50.5% in 2024, slightly decreasing to 50.6% in 2025 and stabilizing at 50.8% in 2026 [2][3] - The return on equity (ROE) is expected to decline from 17.8% in 2023 to 16.9% in 2024, further decreasing to 16.0% by 2026 [2][3] - The price-to-earnings (P/E) ratio is projected to decrease from 43.41 in 2024 to 27.44 in 2026, indicating a potential increase in valuation attractiveness over time [2][3]

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。 证券代码：300015 股票简称：爱尔眼科 公告编号：2024-092 爱尔眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 9 月 20 日 召开第六届董事会第二十八次会议、第六届监事会第十七次会议，分别审议通过 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 10 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二 十八次会议决议之日起 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 2024 年 9 月 20 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： 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 风险等级：中低风险 认购金额：10,000 万元 业绩比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - Short-term growth is under pressure due to external consumption environment and the implementation of centralized procurement for cataract artificial lenses. However, with the stabilization of the macro economy and improvement in the consumption environment, the company's performance is expected to recover [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 16.302 billion yuan, a year-on-year increase of 1.58%, and a net profit attributable to shareholders of 3.452 billion yuan, up 8.50%. The third quarter saw operating revenue of 5.756 billion yuan, down 0.68%, and a net profit of 1.402 billion yuan, down 4.56% [3][4]. - The gross profit margin for the first three quarters of 2024 was 51.02%, a decrease of 0.92 percentage points, while the third quarter gross profit margin was 53.91%, down 2.40 percentage points [3]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.39, 0.43, and 0.47 yuan respectively, down from previous estimates of 0.42, 0.46, and 0.50 yuan [3]. M&A and Market Expansion - The company is steadily advancing its hospital acquisition and integration strategy, having announced the acquisition of partial equity in 35 hospitals, which collectively generated operating revenue of 749 million yuan in 2023, a year-on-year increase of 35.31% [3]. - The acquisition price for the 35 hospitals is 899 million yuan, with an overall valuation of 1.417 billion yuan, corresponding to a 2023 PS of 1.89, indicating reasonable valuation [3]. Valuation Metrics - The target price has been raised to 17.55 yuan, with a PE ratio of 45X for 2024, reflecting a positive outlook based on comparable company valuations [3][5]. - The company's market capitalization is approximately 132.257 billion yuan, with a current price of 14.18 yuan [6]. Financial Forecasts - The company is projected to achieve operating revenues of 20.766 billion yuan in 2024, 21.687 billion yuan in 2025, and 22.724 billion yuan in 2026, with corresponding net profits of 3.596 billion yuan, 3.969 billion yuan, and 4.354 billion yuan respectively [4]. - The net asset return rate is expected to remain stable around 17.6% to 17.2% over the forecast period [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight pressure on performance in Q3 2024, with total revenue of 16.302 billion yuan (+1.58% year-on-year) and a net profit attributable to shareholders of 3.452 billion yuan (+8.50% year-on-year) for the first three quarters of 2024 [2] - The company's gross margin has slightly declined due to macroeconomic factors, while the expense ratio remains stable [2] - The "1+8+N" strategy is being continuously advanced, with the medical network expanding, including the establishment of flagship hospitals and regional eye centers [3] - Profit forecasts for 2024-2026 have been adjusted downwards due to the slow ramp-up of new hospitals and a slowdown in refractive business growth, with expected net profits of 3.699 billion yuan, 4.470 billion yuan, and 5.144 billion yuan for 2024, 2025, and 2026 respectively [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a sales gross margin of 51.02% (down 0.91 percentage points) and a net profit margin of 22.50% (up 0.56 percentage points) [2] - The company’s total revenue is projected to reach 20.779 billion yuan in 2024, with a year-on-year growth rate of 2.02% [9] - The net profit attributable to shareholders is expected to be 3.699 billion yuan in 2024, reflecting a growth rate of 10.12% [9] Strategic Developments - The company has expanded its hospital network to 311 hospitals as of H1 2024, with 55 new hospitals added in the first half of the year [3] - The flagship hospitals are nearing completion and operation, enhancing the company's competitive advantage through scale effects [3]

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 解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 证券代码：300015 股票简称：爱尔眼科 公告编号：2024-091 爱尔眼科医院集团股份有限公司 2022 年 3 月 25 日，公司召开第五届董事会第五十次会议和第五届监事会第二 十四次会议，审议通过《关于向激励对象授予预留部分限制性股票的议案》。公司独 立董事就上述事项出具独立意见，监事会对本次预留授予部分激励对象名单等相关 事项进行了核实。授予 1,146 名激励对象 1,555.8943 万股限制性股票，授予价格为 20.71 元/股。 经深圳证券交易所审核无异议、中国证券登记结算有限责任公司深圳分公司审 核确认，公司已于 2022 年 5 月 6 日完成了上述限制性股票的授予登记工作。 特别提示： 1、本次限制性股票解除限售股份上市流通时间为 2024 年 11 月 6 日； 2、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 6,417,1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company's revenue growth has slowed due to weak consumer demand and healthcare policy impacts, with a reported revenue of 16.302 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.58% [2][3]. - The net profit for the same period reached 3.452 billion yuan, reflecting an 8.5% year-on-year growth, while the third quarter saw a revenue decline of 0.68% year-on-year [2][3]. - The company demonstrates operational resilience with a net profit margin of 22.5% for the first three quarters of 2024, an increase of 0.56 percentage points year-on-year [3]. - The report adjusts the profit forecast for 2024-2026, estimating net profits of 3.499 billion, 3.988 billion, and 4.500 billion yuan respectively, down from previous estimates [3]. Financial Summary - For 2024, the expected revenue is 21.643 billion yuan, with a year-on-year growth of 6.3% [4]. - The projected net profit for 2024 is 3.499 billion yuan, reflecting a 4.2% increase year-on-year [4]. - The gross margin is expected to be 49.8% in 2024, slightly down from 50.8% in 2023 [4]. - The net margin is projected at 16.2% for 2024, compared to 16.5% in 2023 [4]. - The company's return on equity (ROE) is expected to be 16.5% in 2024, down from 17.8% in 2023 [4]. Cash Flow and Debt - The operating cash flow for 2023 is reported at 5.212 billion yuan, with projections of 6.483 billion yuan for 2024 [7]. - The total liabilities for 2023 stand at 10.162 billion yuan, with a projected decrease to 9.339 billion yuan by 2026 [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company experienced a decline in revenue and profit in Q3 2024 due to macroeconomic factors, with revenue of 5.756 billion yuan, down 0.68% year-on-year, and net profit of 1.402 billion yuan, down 4.56% year-on-year. However, the company achieved a cumulative revenue of 16.302 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 1.58% [1][4]. - The company is expanding its medical service network through orderly hospital acquisitions, having completed the acquisition of 87 hospitals this year, enhancing its operational management capabilities [1][10]. - The company maintains stable expense ratios, with a slight decline in gross margin to 51.02%, primarily due to a decrease in the revenue share of high-margin refractive and optical services [1][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 5.756 billion yuan and a net profit of 1.402 billion yuan, with year-on-year declines of 0.68% and 4.56%, respectively. The first three quarters of 2024 saw cumulative revenue of 16.302 billion yuan, up 1.58% year-on-year, and net profit of 3.452 billion yuan, up 8.50% year-on-year [1][4]. - The company has adjusted its revenue forecasts for 2024-2026 to 20.649 billion, 23.821 billion, and 27.241 billion yuan, respectively, with corresponding net profit forecasts of 3.534 billion, 4.262 billion, and 5.102 billion yuan [11][12]. Operational Expansion - The company completed the acquisition of 35 hospitals by the end of July 2024, with a total investment of 899 million yuan. This brings the total number of hospitals acquired this year to 87, indicating a robust expansion of its medical service network [1][10]. - The acquisition of the European chain eye hospital Clínica Baviera has resulted in an annualized net profit compound growth rate exceeding 25% [1][10]. Cost and Profitability Metrics - The company reported a gross margin of 51.02% in the first three quarters of 2024, a decrease of 0.91 percentage points year-on-year. The net profit margin improved to 21.17%, benefiting from increased investment income [1][5]. - The expense ratios for sales, management, financial, and R&D remained stable, with slight increases in sales and management expenses [1][5].

来源：公司年报、国金证券研究所 买入（维持评级） 业绩简评 2024 年 10 月 30 日，公司发布 2023 年第三季度报告。公司前三季 度公司实现收入 163.02 亿元，同比+1.58%；归母净利润 34.52 亿 元，同比+8.50%；实现扣非归母净利润 31.13 亿元，同比+0.26%。 单季度来看，2024Q3 公司实现收入 57.56 亿元，同比-0.68%；归 母净利润 14.02 亿元，同比-4.56%；实现扣非归母净利润 13.28 亿 元，同比-1.34%。 经营分析 经营指标健康，期间费用率平稳。期间费用率方面，2024Q3 公司 实现管理费用 13.65%（同比+0.66pct），实现销售费用率 10.06% （同比+0.05pct），实现研发费用率 1.43%（同比-0.10pct）。财务 费用率方面，2024Q3 公司实现财务费用率 0.40%（同比+0.46pct）， 经营活动现金流量净额为 42.99 亿元（同比-22.88%）。 医疗服务网络持续扩张，全国布局纵深发展。2024 年 7 月 29 日， 公司审议通过《关于收购虎门爱尔、运城爱尔等 35 家医院部分股 权的 ...

证券代码：300015 证券简称：爱尔眼科 公告编号：2024-088 《2024年第三季度报告》 监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 2024 年第三季度经营的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 此项议案以 3 票同意，0 票反对，0 票弃权获得通过。 特此公告。 爱尔眼科医院集团股份有限公司监事会 2024 年 10 月 30 日 爱尔眼科医院集团股份有限公司 第六届监事会第十八次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确、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"）第六届监事会第十八 次会议于 2024 年 10 月 30 日以通讯表决的方式召开，会议通知于 2024 年 10 月 25 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： ...

Event Overview - Aier Eye Hospital Group is celebrating its 15th anniversary of being listed on the stock market by launching a "15 Years of Listing, Giving Back to Investors" event [1] - The event aims to thank investors for their long-term trust and promote eye health awareness [1] - The event will provide exclusive benefits and activities for shareholders [1] Event Benefits - Shareholders will receive dedicated consultant services for consultation, appointment, and expert registration [1] - Exclusive discounts on optometry and glasses for myopia, hyperopia, and presbyopia [1] - Special discounts on refractive surgery for myopia correction [1] - Dynamic shareholder-exclusive benefits and networking activities will be offered [1] Event Details - The event is open to all shareholders, including current, previous, and future investors [2] - Initially, the event will be implemented in 33 provincial capital hospitals, with plans to expand coverage gradually [2] - The event will be executed on a long-term basis starting from the announcement date [2] - Participation can be done by scanning a QR code provided in the announcement [2] Contact Information - Contact persons: Li Jinzhou, Li Mi [3] - Phone: 0731-85136739 [3] - Email: zhengquanbu@yeah.net [3] - More details can be found on the "Aier Eye Hospital Investor Relations" official WeChat account (AierIR) on October 30, 2024 [3]