Aier(SZ:300015) KAIYUAN SECURITIES·2025-08-28 15:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 11.507 billion yuan in the first half of 2025, representing a year-on-year increase of 9.12%. The net profit attributable to shareholders was 2.051 billion yuan, up by 0.05%, while the net profit excluding non-recurring items was 2.040 billion yuan, an increase of 14.30% [4][5] - The company has adjusted its earnings forecast for 2025-2026 due to changes in the consumer market, with new profit estimates for 2025, 2026, and 2027 being 3.999 billion yuan, 4.508 billion yuan, and 5.177 billion yuan respectively. The current stock price corresponds to a PE ratio of 30.9, 27.5, and 23.9 times for the respective years [4][5] Financial Performance - In the first half of 2025, the company's revenue from refractive projects was 4.618 billion yuan (up 11.14%), cataract projects generated 1.781 billion yuan (up 2.64%), and vision service projects brought in 2.720 billion yuan (up 14.73%) [5] - The company reported a gross margin of 48.56% (down 0.88 percentage points) and a net margin of 19.29% (down 1.66 percentage points) [4] Operational Metrics - The company recorded an outpatient volume of 9.2483 million visits (up 16.47%) and a surgical volume of 879,000 cases (up 7.63%) in the first half of 2025 [6] - As of June 30, 2025, the company operated 355 domestic hospitals and 240 outpatient departments, along with 169 overseas ophthalmology centers and clinics [6] Future Outlook - The company is expected to continue its growth trajectory with a focus on introducing cutting-edge technologies and equipment, including the latest generation of robotic femtosecond devices and innovative treatments [5] - The financial projections indicate a steady increase in revenue and net profit over the next few years, with a projected revenue of 23.646 billion yuan in 2025 and 29.155 billion yuan in 2027 [8][10]