Aier(SZ:300015) Xin Lang Cai Jing·2025-04-25 08:43Core Insights - The company reported a total 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, reflecting a year-on-year growth of 15.97%, and a net profit of 1.05 billion yuan, which is a 16.71% increase compared to the same period last year [1] Business Performance - The company focused on core business development, achieving an outpatient volume of 16.9407 million visits in 2024, a 12.14% increase, and a surgical volume of 1.2947 million cases, up 9.38% [2] - Revenue from various services in 2024 included: 7.603 billion yuan from refractive services (up 2.31%), 3.489 billion yuan from cataract services (up 4.87%), 1.898 billion yuan from anterior segment services (up 5.95%), 1.499 billion yuan from posterior segment services (up 8.22%), and 5.279 billion yuan from vision services (up 6.42%) [2] Regional Performance - In 2024, the company achieved revenue in various domestic regions: 5.292 billion yuan in Central China (down 4.27%), 1.754 billion yuan in Northeast China (down 2.24%), 2.725 billion yuan in Southwest China (up 5.39%), 3.322 billion yuan in East China (up 6.69%), 1.663 billion yuan in North China (up 6.28%), 2.699 billion yuan in South China (up 3.92%), and 0.902 billion yuan in Northwest China (up 3.59%) [3] - The overseas revenue reached 2.625 billion yuan, marking a 13.5% year-on-year increase, with Europe and Southeast Asia growing by 18.05% and 7.51%, respectively [3] Market Potential - The demand for ophthalmic medical services in China is expected to grow significantly due to an aging population, increasing prevalence of age-related eye diseases, and rising awareness of eye health among the public [3] - The current penetration rate of various sub-specialties in ophthalmology is low, indicating a substantial unmet medical need, which is likely to improve with ongoing public education efforts [3] Investment Outlook - As the largest ophthalmic chain medical institution globally, the company is expected to enhance its core competitiveness through resource integration [4] - Projected earnings per share for 2025 and 2026 are 0.46 yuan and 0.53 yuan, respectively, with current price-to-earnings ratios of 28 times and 24 times, maintaining a "buy" rating for the company [4]