平安证券研报指出，中国眼疾患者人数规模庞大，近视人口从2016年5.4亿人迅速增加至2020年6.6亿 人，全国人口近视发生率由39.2%升至47.1%，随着人们对视力健康的重视程度不断提高，以及近视患 者数量的增加，屈光手术的市场需求持续增长；白内障及眼科疾病方面，随着我国老龄化趋势加剧、以 及老年人健康意识增强、消费力提升预计未来需求端将持续扩容，眼科医疗服务市场空间潜力巨大。华 厦眼科作为国内优质民营眼科医疗企业，学术实力雄厚，扩张模式清晰，随着未来消费医疗有望回暖、 屈光术式持续升级、老龄化趋势加剧医疗服务需求提升等，业绩有望保持稳健增长。预计公司 2025/2026/2027年预计分别实现归母净利润4.82、5.52、6.29亿元。首次覆盖，给予"推荐"评级。 ...

朝聚眼科(02219)发布公告，于2025年11月19日，该公司斥资30.78万港元回购12万股股份，每股回购价 格为2.55-2.58港元。 ...

Investment Rating - The investment rating for the company is "Accumulate" [4][9]. Core Views - The company achieved a revenue of 3.272 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.83%, and a net profit attributable to the parent company of 434 million yuan, an increase of 3.04% year-on-year [1][4]. - The company plans to distribute a cash dividend of 0.9 yuan per 10 shares to all shareholders, totaling 74.92 million yuan [1][4]. - The company is focusing on expanding its national chain of ophthalmology services through both organic growth and acquisitions, having successfully acquired Chengdu Aidi Eye Hospital in 2024 [2][4]. - The introduction of new technologies, such as the Zeiss SMILE pro surgery, has positioned the company as a leader in the field, completing 2,000 surgeries in a record time [2][4]. Financial Performance Summary - For the first three quarters of 2025, the gross profit margin was 45.03%, a decrease of 1.00 percentage points year-on-year [1]. - The company forecasts revenue growth from 4.206 billion yuan in 2025 to 5.239 billion yuan in 2027, with corresponding net profits expected to rise from 499 million yuan to 661 million yuan during the same period [2][8]. - The projected earnings per share (EPS) for 2025 is 0.59 yuan, with a price-to-earnings (P/E) ratio of 33.9 [2][8].

Group 1 - The company, Huaxia Eye Hospital, is actively exploring the application and development of smart medical technologies and products in the field of ophthalmic medical services [1] - The current applications related to smart medical technologies are still in the gradual exploration phase [1] - Investors are advised to pay attention to investment risks associated with these developments [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company achieved total revenue of 17.484 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 7.25%. However, the net profit attributable to shareholders decreased by 9.76% to 3.115 billion yuan, with a gross margin decline of 1.74 percentage points to 49.27% [1][5] - In Q3 2025, the company reported revenue of 5.977 billion yuan, a year-on-year increase of 3.83%, while the net profit attributable to shareholders fell by 24.12% to 1.064 billion yuan, with a gross margin of 50.65% [1][5] - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders, totaling 744 million yuan [1] Financial Performance Summary - For the years 2025 to 2027, the company is projected to achieve revenues of 22.499 billion yuan, 24.878 billion yuan, and 27.490 billion yuan, with year-on-year growth rates of 7.2%, 10.6%, and 10.5% respectively [3] - The net profit attributable to shareholders is expected to be 3.771 billion yuan, 4.249 billion yuan, and 4.892 billion yuan for the same years, reflecting growth rates of 6.0%, 12.7%, and 15.1% respectively [3] - The earnings per share (EPS) are forecasted to be 0.40 yuan, 0.46 yuan, and 0.52 yuan for 2025, 2026, and 2027 respectively [3] Strategic Developments - The company has established 169 overseas ophthalmology centers and clinics, creating a global medical service network. It focuses on retaining local brands and management teams post-acquisition while integrating advanced practices from abroad [2] - The company continues to expand its domestic presence through the "1+8+N" model, enhancing core city hospitals' leadership roles and integrating regional medical resources [2] - Recent acquisitions include three medical institutions for a total of 105 million yuan, with expected combined revenues of 72.13 million yuan and net profits of 13.88 million yuan in 2024 [2]

智通财经APP讯，朝聚眼科(02219)发布公告，于2025年11月17日，董事会已决议根据公司股东于2025年 6月6日举行的股东周年大会上批准的股份购回授权及(如适用)其后股东不时批准的任何更新或重新订立 的股份购回授权，自2025年11月17日起不时于公开市场购回最多价值5000万港元的公司股份。 公司认为，进行股份购回可展示公司对自身业务展望及前景充满信心，且最终将会为公司带来裨益及为 其股东创造价值。根据市况，董事会可不时增加股份购回授权项下的最高购买总额。倘董事会决定增加 最高购回金额，公司将于必要时根据上市规则作出及时公告。董事会认为，公司现有财务资源足以实施 股份购回同时维持稳健的财务状况。 ...

公司认为，进行股份购回可展示公司对自身业务展望及前景充满信心，且最终将会为公司带来裨益及为 其股东创造价值。根据市况，董事会可不时增加股份购回授权项下的最高购买总额。倘董事会决定增加 最高购回金额，公司将于必要时根据上市规则作出及时公告。董事会认为，公司现有财务资源足以实施 股份购回同时维持稳健的财务状况。 朝聚眼科(02219)发布公告，于2025年11月17日，董事会已决议根据公司股东于2025年6月6日举行的股 东周年大会上批准的股份购回授权及(如适用)其后股东不时批准的任何更新或重新订立的股份购回授 权，自2025年11月17日起不时于公开市场购回最多价值5000万港元的公司股份。 ...

Investment 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].

Core Viewpoint - The company reported its Q3 2025 results, showing a mixed performance with revenue growth but a decline in net profit, indicating challenges in the current market environment [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 17.484 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was 3.115 billion yuan, a year-on-year decrease of 9.76% [1]. - In Q3 2025, the company recorded revenue of 5.977 billion yuan, a year-on-year growth of 3.83%, but the net profit attributable to shareholders fell by 24.12% to 1.064 billion yuan [2]. - The company's gross margin decreased by 1.75 percentage points to 49.27%, and the net profit margin declined by 3.24 percentage points to 19.26% for the first three quarters of 2025 [2]. Market Outlook - The demand for ophthalmic medical services in China is expected to grow significantly due to an aging population, increasing prevalence of age-related eye diseases, and rising awareness of eye health among the public [3]. - The company, as the largest ophthalmic chain medical institution globally, is well-positioned to consolidate its leading position in the industry by enhancing its core competitiveness and integrating global resources [3]. Investment Recommendation - Despite short-term pressures from insufficient domestic demand, the long-term growth potential in the ophthalmic medical sector is substantial. The company is projected to have earnings per share of 0.43 yuan and 0.49 yuan for 2025 and 2026, respectively, with current price-to-earnings ratios of 28.8 times and 25 times, indicating a favorable valuation at near ten-year lows [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Insights - The company reported a total revenue of 17.484 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 7.25%. However, the net profit attributable to shareholders decreased by 9.76% to 3.115 billion yuan. The net profit after deducting non-recurring gains and losses slightly increased by 0.2% to 3.119 billion yuan, indicating that the performance was generally in line with expectations [1][5]. - The company's performance showed a slowdown in growth, with Q3 revenue at 5.977 billion yuan, a year-on-year increase of 3.83%, and a net profit of 1.064 billion yuan, down 24.12% year-on-year. The decline in Q3 performance was attributed to insufficient domestic consumption demand, reduced investment income, and increased credit impairment losses [5]. - The comprehensive gross margin for the first three quarters decreased by 1.75 percentage points to 49.27%, while the net profit margin fell by 3.24 percentage points to 19.26% [5]. - The long-term outlook for the ophthalmology medical service market in China is positive, driven by an aging population, increasing prevalence of age-related eye diseases, and rising demand for high-quality visual services due to technological advancements and improved public awareness of eye health [5]. - The company is expected to maintain its leading position in the industry as the largest ophthalmology chain globally, with a projected earnings per share of 0.43 yuan and 0.49 yuan for 2025 and 2026, respectively. The current price-to-earnings ratio is estimated at 28.8 times and 25 times for the same years, indicating that the valuation has returned to a near ten-year low [5][6]. Summary by Relevant Sections Financial Performance - Total revenue for the first three quarters of 2025: 17.484 billion yuan, up 7.25% year-on-year [1]. - Net profit attributable to shareholders: 3.115 billion yuan, down 9.76% year-on-year [1]. - Q3 revenue: 5.977 billion yuan, up 3.83% year-on-year; Q3 net profit: 1.064 billion yuan, down 24.12% year-on-year [5]. - Comprehensive gross margin: 49.27%, down 1.75 percentage points year-on-year; net profit margin: 19.26%, down 3.24 percentage points year-on-year [5]. Market Outlook - The demand for ophthalmology services in China is expected to grow significantly due to demographic trends and increasing health awareness [5]. - The company is positioned to capitalize on this growth, enhancing its core competitiveness and consolidating its market leadership [5].