证券研究报告·公司点评报告·医疗服务 普瑞眼科（301239） 2024 年年报及 2025 年一季报点评：Q1 业绩 符合预期，新院爬坡有望带来业绩改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,718 | 2,678 | 2,989 | 3,306 | 3,656 | | 同比（%） | 57.50 | (1.46) | 11.60 | 10.61 | 10.58 | | 归母净利润（百万元） | 267.91 | (101.86) | 104.09 | 194.76 | 252.38 | | 同比（%） | 1,202.56 | (138.02) | 202.19 | 87.11 | 29.58 | | EPS-最新摊薄（元/股） | 1.79 | (0.68) | 0.70 | 1.30 | 1.69 | | P/E（现价&最新摊薄） | 23.95 | (62.98) | 61.64 | 32 ...

上市公司体内新开医院数量多，区域化战略布局，为中长期发展注入新动能。截至2024 年底，公司已 在全国范围内运营35 家眼科专科医院和4 家门诊部。综合来看，2022-2024 年，公司体内新增16 家眼科 医疗机构，数量占比超40%，尤其2024 年新开8 家医院导致利润端承压。随着新院爬坡减亏、老院恢复 稳定及增长，公司业绩有望明显改善。 盈利预测与投资评级：考虑行业竞争及宏观环境消费压力，我们将公司2025-2026 年归母净利润由 2.07/3.01 亿元下调至1.04/1.95 亿元，预计2027 年为2.52 亿元，对应当前市值的PE 为62/33/25X。我们预 计随着消费需求进一步释放，眼科医疗行业依然具备良好的发展空间，维持"买入"评级。 投资要点 事件：2024 年，公司实现营业收入26.78 亿元（-1.46%，同比，下同），归母净利润-1.02 亿元 （-138.02%），扣非归母净利润-0.85 亿元（-143.08%）；2025Q1 实现营业收入7.42 亿元（+9.82%）， 归母净利润0.27亿元（+61.18%），扣非归母净利润0.28 亿元（+48.37%）。 门诊及手术量 ...

Core Viewpoint - Recent research conducted by renowned private equity firm Ruiyang Investment on Huaxia Eye Hospital indicates a stable revenue outlook for 2024, with a slight decline in net profit, influenced by healthcare policies and market dynamics [1] Financial Performance - For the year 2024, Huaxia Eye Hospital is projected to achieve revenue of 4.027 billion yuan, representing a year-on-year growth of 0.35%, while net profit is expected to be 429 million yuan, reflecting a year-on-year decline of 35.63% [1] - In the first quarter of 2025, the company reported revenue of 1.093 billion yuan, an increase of 11.74% year-on-year, with net profit at 150 million yuan, down 4.00% year-on-year [1] Business Segments - The company's ophthalmology and cataract services are expected to stabilize due to the impact of medical insurance DRG/DIP policies, while refractive and optometry services are showing good growth [1] - The cataract business has experienced a slight decline due to centralized procurement policies [1] Strategic Initiatives - Huaxia Eye Hospital has launched the "365 Myopia Prevention Model" to enhance optometry center construction and increase outpatient volume, focusing on adult eyewear solutions [1] - The implementation of the "Ophthalmology Medical Service Pricing Project Establishment Guidelines" is expected to standardize pricing and promote technological innovation in myopia prevention [1] Market Trends - The aging population is driving demand for the diagnosis and treatment of age-related eye diseases, while the need for myopia prevention and treatment for dry eye and diabetic patients continues to grow [1] Expansion Plans - The company has outlined a plan to manage 200 hospitals through self-built or acquisition methods, with a focus on expanding in Europe and Asia [1] - Huaxia Eye Hospital is actively recruiting an overseas investment and acquisition director to identify potential acquisition targets and talent [1]

事项： 公司发布2024年年报，2024年实现收入26.78亿元，同比下降1.46%，归母净利润-1.02亿元，同比下降 138.02%，扣非归母净利润-0.85亿元，同比下降143.08%。2025年Q1，公司实现收入7.42亿元，同比 9.82%，归母净利润0.27亿元，同比增长61.18%，扣非归母净利润0.28亿元，同比增长48.37%。 平安观点： 2024年屈光等消费属性项目受影响，2025年预计进一步恢复。2024年受消费环境、竞争格局以及 DRG、人工晶体集采等因素影响，公司屈光项目收入12.27亿元，同比下降5.31%，白内障项目收入5.76 亿元，同比下降3.04%，视光项目收入3.86亿元，同比下降2.60%。毛利率方面，2024年屈光项目毛利率 47.02%，较23年同期下降4.56pp，白内障项目毛利率38.93%，较23年同期下降4.44pp，视光项目毛利率 45.58%，较23年同期下降5.87pp。2025年Q1公司整体收入端增速恢复至9.82%，预计随着政策刺激消费 环境向好将持续恢复。 受宏观环境等影响利润率承压，2025Q1净利率出现回升。2024年毛利率36.98%，较 ...

证券代码：301103 证券简称：何氏眼科 辽宁何氏眼科医院集团股份有限公司投资者关系活动记录表 编号：2025-002 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（电话会议） 参与机构及 人员 线上参与公司2024年度网上业绩说明会的投资者 时间 2025年4月29日 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接 待人员姓名 董事长 何伟先生 董事、董事会秘书 周晋峰先生 副总经理 郑春晖先生 财务总监 何跃华先生 独立董事 朱杰女士 保荐代表人 钟坚刚先生 投资者关系 活动主要内 容介绍 主要交流内容如下： 1、对并购的标的有什么需求么？ 答：尊敬的投资者： 您好！感谢您对公司发展战略及并购项目的关注。现就公司 并购标的选取标准说明如下： 公司始终秉持审慎、稳健的投资原则，一直在接触并跟踪相 关的并购标的，在并购项目实施过程中严格执行以下标准： 一、战略协同性 并购标的必须与公司整体发展战略高度契合，能够与公司"智 | 慧光明城"战略目标相关的产业链整合、技术升级或市场拓展，实 | ...

证券代码：300573 证券简称：兴齐眼药 沈阳兴齐眼药股份有限公司 面的营销培训课程进一步提升团队的专业化学术推广能力。公司采用以 客户为中心，学术为主导的专业化营销推广管理模式。公司建立了多层 次的营销网络及营销管理机制，通过自建营销队伍和经销商合作等方式， 已形成了较为完善的营销网络。公司以学术推广会议或学术研讨会为主 要平台传播产品和企业信息，通过专业化学术队伍进行产品推广。公司 与各地主要经销商建立了合作关系，产品覆盖全国省、自治区、直辖市， 已形成了比较完善的营销网络、渠道及稳定的客户群。谢谢。 Q2：高管您好，能否请您介绍一下本期行业整体和行业内其他主要 企业的业绩表现?谢谢。 答：尊敬的投资者您好!2024 年，眼科行业在市场规模、技术创新、 市场竞争和资本市场等方面均表现出色，但也面临激烈的竞争和政策变 化的挑战。未来，技术创新和政策支持将继续推动行业发展，行业内的 企业均需要不断提升自身竞争力，以应对复杂的市场环境。感谢您的关 注! Q3：高管您好，请问贵公司未来盈利增长的主要驱动因素有哪些?谢 谢。 投资者关系活动记录表 编号：2025-001 投资者关系 活动类别 □ 特定对象调研 □ ...

事件概述 近期公司发布2024 年年报&2025 年一季报，2024 年营收209.83 亿元（+3.0%），归母净利润35.6 亿元 （+5.9%），扣非归母净利润31.0 亿元（-11.8%）。 投资建议 由于当前消费环境承压，我们调整公司盈利预测：预计公司2025-2026 年营收分别为234.3、259.6 亿元 （原值为240.8、274.7 亿元），对应增速分别为11.7%、10.8%；归母净利润为40.7、46.5 亿元（原值为 43.2、50.7 亿元），对应增速分别为14.5%、14.2%，EPS 为0.44、0.50 元（原值为0.46、0.54元）；新 增2027 年收入为286.0 亿元，归母净利润为53.6 亿元，EPS 为0.57 元，对应2025 年4 月28 日13.13 元/股 收盘价，PE 分别为30/26/23X；维持"买入"评级。 风险提示 扩张速度低于预期；医疗事故或行业负面事件风险；行业竞争加剧风险；行业政策风险。 屈光、视光增长略承压，基础眼病不改长期发展趋势分业务看，2024 年屈光、视光、白内障、眼前 段、眼后段业务收入分别为76.0、52.8、34.9、19 ...

公司24 年收入/归母净利40.27/4.29 亿元（yoy+0.4%/-35.6%），利润端低于Wind 一致预期（预期5.63 亿 元），我们推测主因行业需求阶段性放缓及竞争加剧等短期扰动，叠加公司短期强化人员及设备投入。 公司1Q25 收入/归母净利10.93/1.50 亿元（yoy+11.7%/-4.0%，qoq+29.3%/+1824.0%），公司业绩已呈边 际提速态势。公司同日发布2025 年员工持股计划（草案），其公司层面的业绩考核指标（解锁比例 100%）为25/26/27 年公司收入或净利润较24 年业绩基数增长率不低于10%/20%/30%，对应25/26/27 年 公司收入或净利润同比增速不低于10.0%/9.1%/8.3%，彰显长期发展信心。 盈利预测与估值 考虑屈光新术式推广及人员设备投入强化对于销售费用率和管理费用率的影响，我们预计25-27 年EPS 为0.57/0.66/0.76 元（相比25/26 年前值下调22%/22%）。公司诊疗实力过硬且服务网络积极扩张，给予 公司25 年40xPE（可比公司Wind 一致预期均值34x），对应目标价22.87 元（前值27.03元，对 ...

Core Viewpoint - The company reported a revenue of 20.98 billion yuan for 2024, with a year-on-year growth of 3.0%, and net profits meeting market expectations. The first quarter of 2025 showed a revenue of 6.03 billion yuan, a year-on-year increase of 16.0%, exceeding market expectations, primarily due to the recovery in consumer business [1]. Group 1: Business Performance - In 2024, the consumer business faced pressure, with refractive and optical revenues growing by 2.3% and 6.4% year-on-year, respectively. However, in Q1 2025, both segments are expected to outperform the overall company revenue growth due to the elimination of price base pressure and the application of new technologies [2]. - The serious medical segment maintained stable growth in 2024, with cataract, anterior segment, and posterior segment revenues increasing by 4.9%, 5.9%, and 8.2% year-on-year, respectively. The company anticipates continued stable performance in Q1 2025 [2]. Group 2: Expansion and Service Improvement - By the end of 2024, the company operated 581 domestic medical institutions and 163 overseas institutions, having acquired nearly 90 domestic medical institutions and the Optimax Group to enter the UK ophthalmology market. This expansion is expected to enhance market positioning and achieve economies of scale [3]. - The company is optimizing service models by extending outpatient hours and building smart hospital platforms to meet diverse patient needs, achieving a patient satisfaction rate close to 99.0% in 2024 [3]. Group 3: Financial Metrics - In 2024, the company reported a gross margin of 48.1%, a sales expense ratio of 10.3%, and a management expense ratio of 14.2%. The net profit margin for the parent company was 16.9% [4]. - In Q1 2025, the company achieved a gross margin of 48.0%, with a reduction in sales and management expense ratios to 9.0% and 12.6%, respectively. The net profit margin for the parent company increased to 17.6% year-on-year [4]. Group 4: Profit Forecast and Valuation - The company adjusted its net profit forecast for 2025-2026 down by 7.73% and 7.94% to 4.09 billion yuan and 4.699 billion yuan, respectively. The current stock price corresponds to a P/E ratio of 29.9x for 2025 and 26.0x for 2026 [5]. - The target price is maintained at 16.0 yuan, corresponding to a P/E ratio of 36.5x for 2025 and 31.8x for 2026, indicating a potential upside of 22.0% from the current stock price [5].

Core Insights - The company reported a revenue of 20.983 billion yuan in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 3.556 billion yuan, up 6% [1] - In Q1 2025, the company achieved a revenue of 6.026 billion yuan, representing a 16% increase, and a net profit attributable to shareholders of 1.050 billion yuan, up 17% [1] Operational Analysis - The outpatient and surgical volumes showed steady growth, with outpatient visits reaching 16.94 million (up 12%) and surgical procedures totaling 1.29 million (up 9%) in 2024 [2] - Revenue from refractive projects was 7.603 billion yuan (up 36%), cataract projects generated 3.489 billion yuan (up 17%), and vision service projects brought in 5.279 billion yuan (up 25%) [2] - Domestic revenue was 18.070 billion yuan (up 2.94%) with a gross margin of 48.03%, while overseas revenue reached 2.625 billion yuan (up 15.1%), with European revenue at 2.031 billion yuan (up 18.05%) [2] Business Expansion and AI Integration - The company expanded its network by acquiring 87 medical institutions, enhancing its presence in domestic markets, particularly at the county level [3] - By the end of 2024, the company operated 352 hospitals and 229 outpatient departments, benefiting from a tiered chain model for resource sharing [3] - The company launched the AierGPT model and digital assistant "AiKe," serving 2.01 million users, and collaborated with institutions like the Chinese Academy of Sciences to accelerate AI technology in ophthalmology [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 4.137 billion, 4.806 billion, and 5.561 billion yuan, each reflecting a 16% year-on-year growth [4] - The earnings per share (EPS) are projected to be 0.44, 0.52, and 0.60 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 29, 25, and 21 [4]