Aier(SZ:300015) Xin Lang Cai Jing·2025-04-29 08:46Core Insights - The company reported a revenue of 20.983 billion yuan for 2024, representing a 3.0% increase, and a net profit attributable to shareholders of 3.56 billion yuan, up 5.9% [1] - The Q4 2024 single-quarter revenue was 4.68 billion yuan, an 8.4% increase, while the net profit attributable to shareholders decreased by 41.3% to 104 million yuan [2] - For Q1 2025, the company achieved a revenue of 6.026 billion yuan, a 16.0% increase, and a net profit of 1.05 billion yuan, up 16.7% [2] Financial Performance - The company's revenue from various segments in 2024 included: - Refractive and optical: 7.6 billion yuan (+2.3%) - Cataract: 3.49 billion yuan (+4.9%) - Anterior segment: 1.9 billion yuan (+6.0%) - Posterior segment: 1.5 billion yuan (+8.2%) - Gross margins for these segments were 55.1%, 34.7%, 41.2%, and 31.4% respectively, with slight declines year-over-year [2] - The expense ratios for 2024 were: - Sales: 10.3% - Management: 14.2% - R&D: 1.5% - Financial: 1.0% [2] Operational Highlights - The company recorded an outpatient volume of 16.94 million visits in 2024, a 12.1% increase, and performed 1.29 million surgeries, a 9.4% increase [3] - By the end of 2024, the company had established a global network of 974 medical facilities, with 811 in mainland China [3] - The overseas revenue reached 2.63 billion yuan, accounting for 12.5% of total revenue, indicating a growing international presence [3] Investment Outlook - The company adjusted its revenue forecasts for 2025 and 2026 to 23.43 billion yuan and 25.96 billion yuan, respectively, with growth rates of 11.7% and 10.8% [4] - The net profit forecasts for the same years are 4.07 billion yuan and 4.65 billion yuan, with corresponding growth rates of 14.5% and 14.2% [4] - The company maintains a "buy" rating with projected EPS of 0.44 yuan for 2025 and 0.50 yuan for 2026 [4]