近期以来，"A+H"热度正在持续攀升。 宁德时代、恒瑞医药等不同行业的A股龙头公司正奔赴港股上市，这引发了市场对于作为眼科龙头企业爱尔眼科是否会赴港上市的关注。 就在5月20日召开的股东大会上，爱尔眼科董事长陈邦对该问题予以了正面回应。 "赴港上市议题公司早已讨论过，此前也确实有大投行找到公司商议相关事项，但爱尔现阶段暂时还没有这个打算。"陈邦指出，上市的目的主要是筹集资 金，爱尔目前筹资能力强，现金流也不错，银行贷款充裕且低息，海外投资也很顺畅，所以暂时没有需要。 爱尔眼科确实有"不融资"的底气。 去年以来，受制于外部宏观环境复杂多变，基本医疗受医保影响，非基本医疗受经济影响的多重因素叠加，不少眼科医疗机构出现业绩下滑的困境，甚至出 现亏损。 虽然爱尔眼科的业绩不可避免受到影响，增速略有放缓，但仍以209.83亿元营收、35.56亿元净利润的业绩，真正诠释了由品牌影响及优质服务带来的强韧 性。 走过艰难的2024年，爱尔眼科的业绩正迎来回暖。 2025年一季度，爱尔眼科的收入、归母净利润分别为60.26亿元、10.5亿元，分别同比增长了15.97%、19.96%，扣除非经常性损益后的归母净利润同比增幅 高达 ...

Core Viewpoint - The company reported a steady growth in revenue and profit for 2024, with a notable increase in Q1 2025, indicating resilience in its operations despite external challenges [1][2]. Financial Performance - In 2024, the company's operating revenue reached 20.983 billion (yoy +3.02%), with a net profit attributable to shareholders of 3.556 billion (yoy +5.87%) and a non-recurring net profit of 3.099 billion (yoy -11.82%) [1]. - For Q1 2025, the company achieved an operating revenue of 6.026 billion (yoy +15.97%) and a net profit of 1.050 billion (yoy +16.71%), with a non-recurring net profit of 1.060 billion (yoy +25.78%) [1]. Business Segments - Revenue breakdown for 2024 includes: - Refractive surgery: 7.602 billion (yoy +2.31%) - Vision care: 5.278 billion (yoy +6.42%) - Cataract: 3.489 billion (yoy +4.87%) - Anterior segment projects: 1.897 billion (yoy +5.95%) - Posterior segment projects: 1.499 billion (yoy +8.22%) - Other projects: 1.142 billion (yoy -19.43%) [1]. Growth Drivers - The increase in average customer price for refractive surgery is expected to drive growth in this segment, while the high base effect from cataract surgeries is anticipated to normalize, leading to a potential recovery in growth rates [2]. - The company plans to introduce new surgical techniques, such as All-Laser LASIK and ICL V5, to meet diverse customer needs and further enhance average customer pricing in the refractive segment [2]. Cost Management - The company achieved a gross margin of 48.02% in Q1 2025 (yoy -0.28 percentage points), with reductions in sales, management, R&D, and financial expense ratios, leading to a total decrease in period expense ratio by 1.76 percentage points [2]. Future Projections - Revenue forecasts for 2025-2027 are 23.090 billion, 26.074 billion, and 29.224 billion, with corresponding growth rates of 10.0%, 12.9%, and 12.1% [3]. - Net profit projections for the same period are 4.031 billion, 4.700 billion, and 5.432 billion, with growth rates of 13.3%, 16.6%, and 15.6% [3].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company is expected to see growth in its refractive surgery segment due to an increase in average customer spending, while the cataract segment is anticipated to recover from a high base effect starting in May 2024 [2]. - Cost reduction and efficiency improvements are projected to lead to a decrease in expenses, with a gross margin of 48.02% in Q1 2025 [2]. - The company is positioned as a leading player in the ophthalmology medical service sector, with strengthening brand power and operational resilience [3]. Financial Forecasts - Revenue projections for 2025-2027 are estimated at 23.09 billion, 26.07 billion, and 29.22 billion yuan, with corresponding growth rates of 10.0%, 12.9%, and 12.1% [3][4]. - Net profit attributable to shareholders is forecasted to be 4.03 billion, 4.70 billion, and 5.43 billion yuan for the same period, with growth rates of 13.3%, 16.6%, and 15.6% respectively [3][4]. - The report provides a PE ratio forecast of 30, 26, and 23 for the years 2025, 2026, and 2027 [3][4].

面对增速放缓的消费市场和激烈竞争的行业环境，爱尔眼科（300015）不仅交出了又一份稳健财报，还 向市场提供了一份高质量发展的路线图。 记者了解到，进入2025年之后，在前期战略有效落地的基础上，爱尔眼科正在开展新一轮的变革与创 新，涉及数智化建设、模式创新、组织变革等方方面面。公司的"二次创业"进一步深入，踏上高质量发 展的新起点。 "所有的变革与创新都是为了巩固提升存量市场，率先进入增量市场，持续扩大总量市场，用新技术、 新模式更好地满足患者的新期待、新需求。 "爱尔眼科董事长陈邦表示。 提质增效 2024年，在激烈的行业竞争中，爱尔眼科产业规模持续领跑行业，公司着力建设的"1+8+N"战略布局初 见成效，国际化战略蓄势待发。 国内市场，在"1+8+N"战略指引下，长沙、上海、广州、成都、重庆、湖北、沈阳等眼科中心已运营， 北京、深圳项目分别正在建设中。 同时，通过完善纵向分级连锁体系、横向同城分级网络，爱尔眼科在多个省区逐步形成"横向成片、纵 向成网"的布局，区域内资源配置效率及共享程度进一步提高。 "去年，越来越多的医院在门诊量、手术量、营业收入等方面逐步占据当地最大市场份额，省会医院的 龙头带动效应 ...