爱尔眼科(300015)：新术式驱动屈光业务收入增长

Core Insights - The company reported a revenue of 11.507 billion yuan for the first half of 2025, representing a year-on-year growth of 9.12%, with a net profit attributable to shareholders of 2.051 billion yuan, showing a slight increase of 0.05% [1] - The second quarter revenue was 5.481 billion yuan, reflecting a year-on-year growth of 2.47%, while the net profit attributable to shareholders decreased by 12.97% to 1.001 billion yuan [1] Revenue Breakdown - Refractive and optical income experienced rapid year-on-year growth, while cataract income saw single-digit growth. Refractive project revenue reached 4.618 billion yuan, up 11.14%, with a slight decline in gross margin compared to the first half of 2024 [2] - Cataract project revenue was 1.781 billion yuan, growing by 2.64%, with a decrease in gross margin as well [2] - Optical project revenue amounted to 2.720 billion yuan, marking a year-on-year increase of 14.73%, with a decline in gross margin [2] Profitability Metrics - The company's gross margin for the first half of 2025 was 48.56%, down 0.88 percentage points year-on-year, while the net margin was 19.29%, down 1.66 percentage points [2] - The sales expense ratio decreased to 9.15%, down 1.47 percentage points year-on-year, while the management expense ratio slightly increased [2] Future Outlook - The company maintains a "recommended" rating, adjusting profit forecasts for 2025-2027 to net profits of 3.721 billion, 4.325 billion, and 5.102 billion yuan respectively, due to the implementation of DRG and artificial lens procurement policies [3] - With macroeconomic policies aimed at stimulating the economy, the performance in the consumer healthcare sector is expected to recover, positioning the company as a resilient leader in the industry [3]