Aier(SZ:300015) Haitong Securities International·2025-10-31 07:34Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 15.31 RMB based on a 40x PE valuation of the 2025 net profit [9][10]. Core Insights - The company is experiencing stable revenue growth, with projected revenues of 22.61 billion RMB in 2025, growing at a rate of 7.8%, and reaching 28.40 billion RMB by 2027 [9][10]. - Net profit attributable to shareholders is expected to be 3.57 billion RMB in 2025, with a modest growth rate of 0.4%, increasing to 4.75 billion RMB by 2027 [9][10]. - The company is implementing the "1+8+N" strategy, which has led to increased depreciation and labor costs, temporarily affecting profit growth [10][11]. - The introduction of advanced medical equipment and the application of AI in ophthalmology are expected to enhance service quality and operational efficiency [11]. Financial Summary - Total revenue projections for 2025-2027 are 22.61 billion RMB, 25.29 billion RMB, and 28.40 billion RMB, with corresponding growth rates of 7.8%, 11.8%, and 12.3% [3][9]. - Net profit attributable to shareholders is forecasted at 3.57 billion RMB, 4.08 billion RMB, and 4.75 billion RMB for the same period, with growth rates of 0.4%, 14.2%, and 16.5% respectively [3][9]. - Earnings per share (EPS) are expected to be 0.38 RMB in 2025, increasing to 0.51 RMB by 2027 [3][9]. - The company’s net asset return rate is projected to be 15.5% in 2025, with a gradual increase to 16.9% by 2027 [3]. Strategic Developments - The company is enhancing its medical capabilities and expanding its network of eye care centers across various regions, which is expected to improve resource allocation and operational efficiency [10][11]. - The company is actively pursuing overseas acquisitions, demonstrating strong integration capabilities and laying a foundation for future growth [11].