医药 公 司 报 告 爱尔眼科(300015.SZ) 相关研究报告 【平安证券】爱尔眼科（300015.SZ）*季报点评*具 备经营韧性，静待消费复苏*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 事项： 具备经营韧性，25Q1业绩快速增长 推荐 ( 维持) 股价:12.72元 行情走势图 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 2025年04月25日 公司发布2024年年报以及2025年一季报，2024年收入实现209.83亿元，同比 增长3.02%，归母净利润实现35.56亿元，同比增长5.87%，扣非归母净利润 实现30.99亿元，同比-11.82%。2025Q1公司收入实现60.26亿元，同比增长 15.97%，归母净利润实现10.50亿元，同比增长16.71%，扣非归母净利润实 现10.60亿元，同比增长25.78%。公司拟向全体股东每 10 股派发现金红利 1.6 元（含税）。 平安观点： 研 究 报 告 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [3][6] Core Views - The company demonstrated operational resilience with a rapid growth in performance in Q1 2025, driven by consumer-oriented projects [6] - The 2024 revenue reached 20.983 billion yuan, a year-on-year increase of 3.02%, while the net profit attributable to shareholders was 3.556 billion yuan, up 5.87% year-on-year [3][6] - The report anticipates continued recovery in performance, supported by stable pricing in refractive surgery and an increase in the proportion of high-end procedures [6] Financial Summary - For 2024, the company expects revenue of 20.983 billion yuan, with a projected growth of 15.3% in 2025, reaching 24.199 billion yuan [6][9] - The net profit for 2024 is projected at 4.139 billion yuan, with a growth rate of 16.4% in 2025 [6][9] - The gross margin for the medical services segment is expected to be 48.1% in 2024, slightly declining from previous years [6][9] - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares to all shareholders [3][6] Performance Metrics - The report outlines key performance metrics, including an expected EPS of 0.38 yuan for 2024, increasing to 0.44 yuan in 2025 [6][9] - The projected return on equity (ROE) is 17.2% for 2024, with a gradual increase to 18.5% by 2027 [6][9] - The company's asset-liability ratio is forecasted to decrease from 34.4% in 2024 to 22.5% in 2027, indicating improved financial stability [9]

| 序号 | 证券代码 | 证券简称 | 区目:张庆幅 [起始交易日期] 本年初 | | | --- | --- | --- | --- | --- | | | | | [截止交易日期] 最新收盘日 | | | | | | [单位] %] | | | 1 | 520500.OF | 华泰柏瑞恒生创新药ETF | | 33.6041 | | വ | 159570.OF | 汇添富国证港股通创新药ETF | | 29.8647 | | 3 | 517520.OF | 永赢中证沪深港黄金产业股票ETF | | 29.8213 | | ব | 159562.OF | 华夏中证沪深港黄金产业股票ETF | | 29.7344 | | 5 | 159567.OF | 银华国证港股通创新药ETF | | 29.4241 | | 6 | 159315.OF | 工银中证沪深港黄金产业股票ETF | | 29.3984 | | 7 | 159506.OF | 富国恒生港股通医疗保健ETF | | 29.2232 | | 8 | 513280.OF | 汇添富恒牛牛物科技ETF | | 29.0749 | | g | 15961 ...

Core Viewpoint - The report from China Europe Fund highlights the performance and strategic outlook of three funds managed by renowned fund manager Ge Lan, focusing on the healthcare and innovation sectors, indicating a positive trend in the Chinese pharmaceutical and medical device markets [1][3]. Fund Performance - The largest fund, China Europe Healthcare Mixed Fund, reported a net value growth rate of 2.37% for Class A shares and 2.17% for Class C shares, outperforming the benchmark return of 0.46% during the same period [3]. - The top ten holdings of the fund include major companies such as Heng Rui Medicine, WuXi AppTec, and Mindray Medical, with notable changes in the portfolio compared to the end of 2024 [3]. Market Environment - The overall policy environment continues to support innovation while reinforcing compliance, with the National Medical Insurance Administration exploring a new category for Class B drugs, which expands payment options for innovative drugs [3]. - The normalization of anti-corruption and price governance in the pharmaceutical sector is leading companies to enhance their academic promotion systems, fostering a healthier and more sustainable domestic medical market [3]. Innovation and Collaboration - The report emphasizes the acceleration of research and development in innovative drugs, particularly in areas like multi-antibody and ADC technologies, with increasing collaboration between domestic companies and international firms [4]. - Key clinical data disclosures and ongoing global partnerships are expected to enhance the competitiveness of Chinese companies in the ADC, multi-antibody, and peptide sectors [4]. Consumer Healthcare and Medical Devices - The consumer healthcare sector is anticipated to see structural opportunities, particularly in aesthetic medicine and ophthalmology, driven by rising health management awareness among residents [4]. - The demand for home medical devices is projected to grow steadily due to the aging population, while the medical device sector is recovering, with significant growth in domestic bidding data observed in the first quarter [4].

近期受关税政策影响，投资者纷纷寻求较少受到关税影响，可自循环的板块。广发证券今日研报发文指出，当前关税政策对创新药影响远小于其他成长性板 块。创新药License-out的核心盈利模式是"前期授权费+里程碑付款+销售分成"的三段式结构，由于技术授权属于知识产权交易而非实体商品流通，不涉及 HS编码下的关税问题，不直接受贸易政策变化影响。 值得注意的是，今日全市场首只聚集中证港股通医疗主题的ETF（159366）上市交易，首日涨超2%，跟踪的中证港股通医疗主题指数涨超3%，截至发稿， 该ETF仍有2%折价，或存套利空间。 | | 1.063 +0.024 +2.31% | | | | --- | --- | --- | --- | | | SZSE CNY 14:53:12 交易中 | | | | | 净值走势 永赢中证港股通医疗主题ET | | | | 藝比 | -37.28% 委差 | | -31048 | | 卖五 | 1.068 | | 1400 | | 卖四 | 1.067 | | 9342 | | 卖三 | 1.066 | | 19720 | | 美二 | 1.065 | | 15495 | | 英 ...

字MedTech 全球最新医疗科技动态 ： 思宇MedTech | MedRobot | 心未来 | 眼未来 | 骨未来 | 探美医界 | 医影像 寻求报道，请联系Alice：suribot21 投稿/订制报告，请联系主编： qingzhao2017 SHANGHAI JIAO TONG UNIVERSITY SCHOOL OF MEDICINE 第十期 MEDICAL AND HEALTH FUTURE LEADING TALENTS 300位 多目 8 TE 医健同侨印证启迪 课程送代积淀 思维破茧和能力跃迁 上海文进, 66 这里有独具价值的 医健生态圈层 B 变局时代企业家思维破茧 全面打通产学研用 解锁医疗产业未来 成就卓越领军人才 我们面临的问题无比复杂, 您需要站在更高的平台, 洞祭趋势,明确方向,做出取舍, 分合行动,聚拢资源, 成为医疗产业未来的合格舵手! 00 0 0 00 /0 N7/2 | THE 课程价值 上海交通大学医学院拥有: 日 13家附属医院 R 21位院士 转化医学国家重大科技基础设施(上海) 为企业家提供了强大的学术支持、创新平台 和临床转化资源 独创价值引擎方法论 以" ...

号MedTech 全球最新医疗科技动态 车： 思宇MedTech | MedRobot | 心未来 | 眼未来 | 骨未来 | 探美医界 | 医影像 寻求报道，请联系Alice：suribot21 投稿/订制报告，请联系主编： qingzhao2017 学院 SHANGHAI JIAO TONG UNIVERSITY SCHOOL OF MEDICINE 第十期 MEDICAL AND HEALTH FUTURE LEADING TALENTS 多重 8年 300位 医健同侪印证启迪 课程送代积淀 思维破茧和能力跃迁 66 这里有独具价值的 医健生态圈层 THERE IS A VALUABLE MEDICAL AND HEALTH ECOSYSTEM HERE 变局时代企业家思维破茧 全面打通产学研用 解锁医疗产业未来 成就卓越领军人才 我们面临的问题无比复杂, 您需要站在更高的平台, 洞察趋势,明确方向,做出取舍, 统合行动,聚拢资源, 成为医疗产业未来的合格舵手! NOLILIA VALUE 课程价值 上海交通大学医学院拥有: 日 | 13家附属医院 R 21位院士 201 t+ 转化医学国家重大科技基础 ...

行业评级： | 报告期：2025.3.3-2025.3.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 医药生物行业双周报 2025 年第 6 期总第 129 期 创新和出海仍是全年投资主线之一 近期关注消费医疗板块 行业回顾 本报告期医药生物行业指数涨幅为 2.85%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（3.00%）。从子行业来看，线下药店、 医药流通涨幅居前，涨幅分别为 8.35%、4.05%；医疗设备跌幅居前， 跌幅为 0.08%。 行业走势： 估值方面，截至 2025 年 3 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.31x（上期末为 26.54x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（103.77x）、医院（43.66x）、其他医疗服务（36.92x）， 中位数为 28.51x，医药流通（15.99x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 28 家上市公司的股东净减持 82.05 亿元 ...

学院 SHANGHAI JIAO TONG UNIVERSITY SCHOOL OF MEDICINE 第十期 MEDICAL AND HEALTH FUTURE LEADING TALENTS 多重 8年 300位 医健同侪印证启迪 课程送代积淀 思维破茧和能力跃迁 号MedTech 全球最新医疗科技动态 车： 思宇MedTech | MedRobot | 心未来 | 眼未来 | 骨未来 | 探美医界 | 医影像 寻求报道，请联系Alice：suribot21 投稿/订制报告，请联系主编： qingzhao2017 66 这里有独具价值的 医健生态圈层 THERE IS A VALUABLE MEDICAL AND HEALTH ECOSYSTEM HERE 变局时代企业家思维破茧 全面打通产学研用 解锁医疗产业未来 成就卓越领军人才 我们面临的问题无比复杂, 您需要站在更高的平台, 洞察趋势,明确方向,做出取舍, 统合行动,聚拢资源, 成为医疗产业未来的合格舵手! NOLILIA VALUE 课程价值 上海交通大学医学院拥有: 日 | 13家附属医院 R 21位院士 201 t+ 转化医学国家重大科技基础 ...