爱尔眼科（300015）：持续强化医疗服务能力提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6]. Core Insights - The company reported a total revenue of 11.507 billion yuan for the first half of 2025, representing a year-on-year growth of 9.12%. The net profit attributable to shareholders was 2.051 billion yuan, with a slight increase of 0.05%, while the net profit after deducting non-recurring items was 2.04 billion yuan, showing a growth of 14.3% [1][3]. - The company continues to enhance its medical service capabilities, achieving an outpatient volume of 9.2483 million visits, a year-on-year increase of 16.47%, and a surgical volume of 879,000 cases, up by 7.63% [3]. - The company operates as the largest ophthalmology chain globally, continuously integrating resources to improve its core competitiveness. The projected earnings per share for 2025 and 2026 are 0.44 yuan and 0.51 yuan, respectively, with corresponding price-to-earnings ratios of 31 times and 27 times [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 11.507 billion yuan, with a net profit of 2.051 billion yuan and a net profit after non-recurring items of 2.04 billion yuan [1]. - The company’s revenue from various services includes 4.62 billion yuan from refractive services, 1.78 billion yuan from cataract services, 1.03 billion yuan from anterior segment services, 0.79 billion yuan from posterior segment services, and 2.72 billion yuan from vision care services, with respective year-on-year growth rates of 11.1%, 2.6%, 13.1%, 9.0%, and 14.7% [3]. Market Expansion - The company reported positive revenue growth across domestic regions, with significant contributions from Central China (2.78 billion yuan), East China (1.86 billion yuan), and Southwest China (1.53 billion yuan), among others. The overseas revenue reached 1.52 billion yuan, marking a year-on-year increase of 16.5% [3]. - The report highlights the growing demand for ophthalmic medical services in China due to an aging population and increasing awareness of eye health, suggesting a substantial market potential in the future [3]. Earnings Forecast - The earnings forecast for the company indicates total revenues of 20.983 billion yuan for 2024, projected to grow to 30.58 billion yuan by 2027. The net profit is expected to rise from 3.736 billion yuan in 2024 to 5.683 billion yuan in 2027, with corresponding earnings per share increasing from 0.38 yuan to 0.59 yuan [4].