Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company's performance in the first half of 2025 met expectations, with total revenue of 1.459 billion yuan, a year-on-year increase of 2.74%, and a net profit attributable to shareholders of 14.67 million yuan, a decline of 66.12% year-on-year [8] - The company is actively pursuing a "national chain + regional integration" strategy, having added two hospitals in the first half of 2025, bringing the total to 36 eye hospitals and 4 outpatient departments [8] - The company's mature hospitals have shown strong profitability, contributing a total profit of 132 million yuan in the first half of 2025 [8] - The revenue from cataract services has declined due to the impact of centralized procurement of artificial lenses, while refractive services remain a strong segment with a revenue increase of 4.13% [8] - The report projects a net profit of 82 million yuan for 2025, with significant growth expected in 2026 and 2027 [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 2.981 billion yuan, with a year-on-year growth rate of 11.3% [7] - The net profit attributable to shareholders is expected to turn positive at 82 million yuan in 2025, with further increases to 166 million yuan in 2026 and 282 million yuan in 2027 [7] - The report indicates a projected price-to-sales (PS) ratio of 2.7X for 2025, with a target price of 54.74 yuan per share, representing a potential upside of 28.0% from the latest closing price [8]

来源：上海证券报·中国证券网 上证报中国证券网讯 普瑞眼科8月28日晚披露2025年半年度报告，公司上半年实现营业收入 14.59亿 元，同比增长 2.74%，实现归属于上市公司股东的净利润1466.75万元，同比下降66.12%，实现归属于 上市公司股东的扣除非经常性损益的净利润2078.09万元，同比下降54.14%。 报告期内，受整体需求增长放缓及行业竞争加剧的双重影响，公司各业务板块的营业收入增速有所下 降；自2024年起，各省市开始全面落地执行国家组织白内障人工晶体集中带量采购的政策，并叠加医保 DRG/DIP 支付方式改革等政策，给公司白内障项目的营业收入带来压力。同时，公司营业收入增长乏 力，利润空间被压缩，各个项目的毛利率均出现一定程度的下降。 自 2021 年起，公司坚定不移地推进"全国连锁化+区域一体化"战略布局，通过新建与并购双轮驱动，持 续优化全国医疗服务网络。截至 2025 年 6 月 30 日，公司已在全国范围内建立起包含 36 家专业眼科医 院和4家专科门诊部的医疗网络。 从各业务板块来看，今年上半年，屈光业务作为公司传统优势项目，继续发挥收入支柱作用，实现营业 收入7.20亿元 ...