Aier(SZ:300015) Guohai Securities·2025-09-15 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust growth in both domestic and international operations, with a focus on developing ophthalmic medical data and "AI + Ophthalmology" initiatives [2] - In the first half of 2025, the company achieved a revenue of 11.507 billion yuan (up 9.12% year-on-year) and a net profit attributable to shareholders of 2.051 billion yuan (up 0.05%) [5] - The company is expanding its medical service network, with 355 hospitals and 240 outpatient departments in China, and 169 ophthalmology centers and clinics abroad [5] Financial Performance - In 1H2025, the company reported an outpatient volume of 9.25 million visits (up 16.47%) and a surgical volume of 879,000 cases (up 7.63%) [5] - Revenue breakdown for 1H2025 includes: - Refractive income: 4.618 billion yuan (up 11.14%), gross margin 56.12% - Vision service income: 2.72 billion yuan (up 14.73%), gross margin 54.21% - Cataract project income: 1.781 billion yuan (up 2.64%), gross margin 36.34% [5] - The company expects revenues of 22.9 billion yuan, 25.4 billion yuan, and 28.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.9 billion yuan, 4.5 billion yuan, and 5.2 billion yuan [5][7] Market Position and Strategy - The company is a leading global ophthalmology medical group, continuously enhancing its domestic and international service network and medical innovation capabilities [6] - The company is developing AI ophthalmologists and integrating ophthalmic medical data, having consolidated 28 specialized ophthalmic datasets [5] - Collaborations with institutions like the Chinese Academy of Sciences and Huawei Cloud are aimed at advancing research and applications in ophthalmology and AI [5]