眼科专题 营收筑底，盈利分化 西南证券研究院 2025年11月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汪翌雯 执业证号：S1250522120002 邮箱：wangyw@swsc.com.cn 投资要点 行业：眼科医疗服务市场规模持续增长 业务：屈光与视光占比普遍提升，基础医疗板块则受政策与需求结构影响承压 公司：营收筑底，各家盈利能力逐渐分化 相关标的 眼科行业相关公司如爱尔眼科、华厦眼科、普瑞眼科、希玛医疗等。 眼科医疗行业稳定增长。根据中国卫生健康年鉴数据测算，中国眼科医疗服务市场的行业规模从2015年507.1亿增长至2024年 的2231亿元，持续稳定增长。随着现代工作、学习、娱乐用眼强度大幅增加，老龄化进程不断加速，预计2025年中国眼科医 疗服务市场规模达到2521.5亿元，2020-2025年复合增长率为16.0%，中国眼科医疗市场持续扩容确定性高。 眼科医院：整体增速放缓。预计到2028年，民营3044家、公立83家，整体较2025年民营扩容911家、公立扩容11家。从复合 增速来看，2019- ...

Core Viewpoint - Aier Eye Hospital's stock price showed a slight increase, reflecting stable market performance amid significant shareholder activities and upcoming corporate governance decisions [1]. Company Overview - Aier Eye Hospital is a leading ophthalmology medical chain in China, providing services in refractive surgery, cataract treatment, and optometry [1]. - In Q1 2025, the company reported revenue of 6.026 billion yuan and a net profit attributable to shareholders of 1.05 billion yuan [1]. Shareholder Activities - The company's actual controller, Chen Bang, pledged 139 million shares, accounting for 9.63% of his holdings, while also unpledging 183 million shares [1]. - As of the announcement date, Chen Bang has a total of 212 million pledged shares, representing 2.27% of the company's total share capital [1]. Upcoming Corporate Actions - A temporary shareholders' meeting is scheduled for August 5 to discuss the completion of certain fundraising projects and the allocation of surplus funds to supplement working capital [1]. Market Activity - On August 4, the main funds experienced a net outflow of 33.0386 million yuan, with a cumulative net outflow of 2.41 billion yuan over the past five days [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's performance is under short-term pressure, but the consumer ophthalmology sector shows steady growth [1][6] - The company is a large ophthalmology medical chain group integrating medical education and research, achieving stable growth through "internal growth + external mergers" [6] Financial Performance Summary - In 2024, the company achieved total revenue of 4,027 million yuan, a year-on-year increase of 0.35%, and a net profit attributable to the parent company of 428.64 million yuan, a year-on-year decrease of 35.63% [6][7] - For Q1 2025, the company reported revenue of 1,093 million yuan, a year-on-year increase of 11.74% and a quarter-on-quarter increase of 29.34%, with a net profit of 150 million yuan, a year-on-year decrease of 4.00% [6][7] - The company's gross profit margin for 2024 was 44.19%, and for Q1 2025, it was 44.97%, showing a decline compared to the previous year [6][7] Business Segment Performance - The cataract project generated revenue of 873 million yuan in 2024, a year-on-year decrease of 11.56%, while the refractive project achieved revenue of 1,296 million yuan, a year-on-year increase of 7.44% [6][7] - The company expects improvements in the refractive surgery business's unit price and gross margin due to the promotion of new technologies [6] Employee Incentives - The company announced an employee stock ownership plan to motivate core personnel, with a total of 752.78 million shares available for purchase at a price of 9.26 yuan per share [6] Profit Forecasts - The revised profit forecasts for 2025-2027 are net profits of 5.15 billion yuan, 6.05 billion yuan, and 6.97 billion yuan, respectively [6][7]

Core Viewpoint - As of May 8, 2025, the stock price of Puri Eye Hospital (301239) closed at 43.0 yuan, reflecting a decrease of 1.17% with a turnover rate of 2.33% and a trading volume of 16,500 shares, amounting to a transaction value of 71.48 million yuan [1]. Group 1: Business Operations - Puri Eye Hospital operates as a large-scale non-public ophthalmology specialty medical group, with all its hospitals included in the medical insurance designated point system [2]. - The company has a dual pricing logic for its products and services: it has full pricing autonomy for selective consumer projects and high-end examinations (outside the medical insurance catalog), while it strictly adheres to national medical insurance cost control policies for basic treatments and routine examinations (within the medical insurance catalog) [2]. - The company is leveraging the benefits of medical insurance cost control policies, such as centralized procurement price reductions and optimized payment methods, to enhance the accessibility and affordability of eye disease treatments for patients [2]. Group 2: Financial Flow - On May 8, 2025, the financial flow for Puri Eye Hospital showed a net outflow of 3.06 million yuan from major funds and a net outflow of 2.09 million yuan from speculative funds, while retail investors saw a net inflow of 5.15 million yuan [2].