市公司 娱乐 == 7 2025 年 10 月 08 日 相关研究 《华厦眼科 (301267) 点评: 3Q23 业绩 符合预期,加速推进外延扩张》 2023/10/26 《华厦眼科（301267）点评：基础眼病引 领业绩高增长，2Q23 盈利能力明显提升》 2023/08/31 证券分析师 华厦眼科 (301267) 持续发展消费眼科，推进"内生+外延"战略 报告原因:强调原有的投资评级 s (维持) | 市场数据: | 2025年09月30日 | | | --- | --- | --- | | 收盘价（元） | | 19.90 | | 一年内最高/最低（元） | 29.40/17.21 | | | 市净率 | | 2.9 | | 股息率%（分红/股价） | | 1.11 | | 流通 A 股市值 (百万元) | | 6.544 | | 上证指数/深证成指 | 3,882.78/13,526.51 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产（元） | 6.96 | | 资产负债率% | 25.7 ...

——持续发展消费眼科，推进"内生+外延"战略 报告原因：强调原有的投资评级 买入（维持） | 市场数据： | 2025 年 09 月 30 日 | | --- | --- | | 收盘价（元） | 19.90 | | 一年内最高/最低（元） | 29.40/17.21 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 1.11 | | 流通 A 股市值（百万元） | 6,544 | | 上证指数/深证成指 | 3,882.78/13,526.51 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 医药生物 2025 年 10 月 08 日 华厦眼科 (301267) | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.96 | | 资产负债率% | 25.77 | | 总股本/流通 A 股（百万） | 840/329 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06- ...

Investment Rating - The report assigns a Neutral rating to Aier Eye Hospital with a 12-month target price of Rmb14, indicating a potential upside of 12.9% from the current price of Rmb12.4 [10][8]. Core Insights - Aier Eye Hospital is experiencing improvements in refractive surgery pricing due to new technologies, with a forecast of double-digit revenue growth for 2025 [2][7]. - The company anticipates a recovery in cataract surgery revenue growth to double digits in the second half of 2025, following price cuts of approximately 8-10% since the second half of 2024 [9][7]. - The overall ophthalmology market in China is expected to grow at a 12% CAGR from 2020 to 2030, driven by increased service upgrades and market penetration [7]. Summary by Sections Recent Trends - Growth in refractive surgeries slowed in April and May after a busy first quarter, but June showed improvement due to an increase in average selling prices (ASP) from new technologies [3]. - Cataract surgeries faced volume declines due to tightening reimbursement policies, while optometry performance remained moderate [3]. Refractive Surgery Pricing - New technologies such as SMILE 4.0 and SMILE pro have been launched, with SMILE 4.0 contributing 12% of refractive surgery revenue in Q1 2025 [3][6]. - The ASP for SMILE 4.0 is around Rmb18,800, with approximately 100 installations [3]. Cataract Surgery Outlook - The company expects cataract surgery revenue growth to recover to double digits in H2 2025, as the lower prices from H2 2024 are now reflected [9]. - Premium cataract surgeries accounted for 45%-50% of total cataract surgeries as of Q1 2025, with 15% of revenue coming from femtosecond laser-assisted surgeries [9]. Optometry Services - Recent pricing pressure on OK lenses was noted, particularly after public hospitals in Beijing reduced prices by 50% [9]. - The annualized cost for OK lenses is around Rmb10,000, while defocal lenses cost only Rmb2,000 to Rmb3,000 [9]. Overseas Expansion - Aier Eye Hospital is focusing on expanding its presence in South America [9].