Aier(SZ:300015) Xin Lang Cai Jing·2025-04-27 00:47Core Viewpoint - The company reported its 2024 annual and Q1 2025 results, showing a mixed performance with revenue growth slowing in 2024 but a strong recovery in Q1 2025, driven by improved operational quality and new product launches [1][2][3]. Group 1: 2024 Annual Results - In 2024, the company achieved revenue of 20.983 billion yuan, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 3.556 billion yuan, up 5.87% year-on-year [1][2]. - The company's non-recurring net profit was 3.099 billion yuan, down 11.82% year-on-year, indicating pressure on core profitability [2]. - Revenue breakdown: Refractive surgery revenue was 7.603 billion yuan (YoY +2.31%), optical business revenue was 5.279 billion yuan (YoY +6.42%), cataract surgery revenue was 3.489 billion yuan (YoY +4.87%), and posterior segment surgery revenue was 1.499 billion yuan (YoY +8.22%) [2]. Group 2: Q1 2025 Results - In Q1 2025, the company reported revenue of 6.026 billion yuan, a year-on-year increase of 15.97%, and a net profit attributable to shareholders of 1.050 billion yuan, up 16.71% year-on-year [1][3]. - The non-recurring net profit for Q1 2025 was 1.060 billion yuan, reflecting a 25.78% year-on-year increase, primarily due to a reduction in government subsidies [3]. - Revenue drivers included increased demand for refractive surgeries and the launch of new products, with a focus on stabilizing prices and enhancing customer value [3]. Group 3: Technological Advancements and Global Expansion - The company launched its AI vertical model AierGPT in September 2024, contributing to the development of an "AI Digital Ophthalmologist" [4]. - The digital human "Eyecho" was officially released in October 2024, enhancing the company's technological capabilities [4]. - By the end of 2024, the company expanded its global network to 163 ophthalmology centers, achieving revenue of 2.625 billion yuan from Hong Kong, Macau, Taiwan, and overseas markets, a year-on-year increase of 13.53% [4]. Group 4: Future Profitability Forecast - The company forecasts revenues of 23.623 billion yuan, 26.836 billion yuan, and 30.567 billion yuan for 2025-2027, with year-on-year growth rates of 12.58%, 13.60%, and 13.91% respectively [4]. - Expected net profits attributable to shareholders for the same period are 4.145 billion yuan, 4.846 billion yuan, and 5.659 billion yuan, with growth rates of 16.55%, 16.92%, and 16.78% respectively [4].