Core Viewpoint - The company has shown a steady revenue growth in Q3 2025, with a positive outlook for its long-term development due to its leading diagnostic technology and brand influence, as well as the steady expansion of its service network [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 17.484 billion yuan, net profit attributable to shareholders of 3.115 billion yuan, and net profit excluding non-recurring items of 3.119 billion yuan, representing year-on-year changes of +7.3%, -9.8%, and +0.2% respectively [1]. - In Q3 2025, the company reported revenue of 5.977 billion yuan, net profit attributable to shareholders of 1.064 billion yuan, and net profit excluding non-recurring items of 1.080 billion yuan, with year-on-year changes of +3.8%, -24.1%, and -18.7% respectively [1]. Cost Management - The gross profit margin for the first three quarters of 2025 was 49.3%, a decrease of 1.7 percentage points year-on-year, attributed to regular changes in business structure [2]. - The company has successfully reduced its sales, management, and R&D expense ratios to 9.3%, 13.5%, and 1.3% respectively, with year-on-year decreases of -0.7, -0.1, and -0.1 percentage points, indicating improved efficiency in expense management [2]. Cash Flow - The net operating cash flow for the first three quarters of 2025 was 5.078 billion yuan, reflecting an 18.1% year-on-year increase, indicating a positive trend in cash flow levels [3]. Business Outlook - The company expects its core business to maintain a positive growth trend throughout 2025, driven by advancements in refractive surgery techniques and a strong demand for cataract and basic eye disease treatments [4]. - The company is actively enhancing its domestic and international business capabilities, with significant progress in its tiered chain network strategy and ongoing efforts to increase market share in Europe and Southeast Asia [5]. Profit Forecast and Valuation - The company has adjusted its revenue growth and gross margin forecasts, projecting net profits attributable to shareholders of 3.292 billion yuan, 3.672 billion yuan, and 4.088 billion yuan for 2025-2027, reflecting downward adjustments of -16%, -17%, and -19% respectively [6]. - The company is valued at a 40x PE for 2026, with a target price of 15.75 yuan, down from a previous value of 17.63 yuan, based on a comparison with industry peers [6].

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 ...