Aier(SZ:300015) Soochow Securities·2025-09-01 08:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights an increase in the average revenue per customer in the refractive surgery segment and emphasizes the importance of promoting new surgical techniques, organizational changes, and overseas expansion [1][8] - The company achieved a total revenue of 11.507 billion yuan in H1 2025, reflecting a year-on-year growth of 9.12%, while the net profit attributable to shareholders was 2.051 billion yuan, a slight increase of 0.05% [8] - The report anticipates continued growth in the ophthalmology sector, driven by the release of consumer demand and the company's strategic initiatives [8] Financial Forecasts - Total revenue projections for the company are as follows: 20.367 billion yuan in 2023, 20.983 billion yuan in 2024, 23.579 billion yuan in 2025, 26.302 billion yuan in 2026, and 29.124 billion yuan in 2027, with year-on-year growth rates of 26.43%, 3.02%, 12.37%, 11.55%, and 10.73% respectively [1] - The net profit attributable to shareholders is forecasted to be 3.359 billion yuan in 2023, 3.556 billion yuan in 2024, 4.098 billion yuan in 2025, 4.680 billion yuan in 2026, and 5.350 billion yuan in 2027, with corresponding growth rates of 33.07%, 5.87%, 15.25%, 14.19%, and 14.32% [1] - The report projects the earnings per share (EPS) to be 0.36 yuan in 2023, 0.38 yuan in 2024, 0.44 yuan in 2025, 0.50 yuan in 2026, and 0.57 yuan in 2027 [1] Operational Insights - The company has seen a rapid increase in patient volume, with outpatient visits reaching 9.248 million in H1 2025, a growth of 16.47%, and surgical procedures totaling 879,000, an increase of 7.63% [8] - The refractive surgery segment has benefited from the introduction of new equipment, leading to a rise in average revenue per customer and a reversal of previous price competition trends [8] - The company is also focusing on expanding its services for presbyopia treatment and enhancing its AI applications in ophthalmology [8]