Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 42.05 yuan [2][7]. Core Insights - The company reported a revenue of 2.201 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.99%. The net profit attributable to the parent company was 16 million yuan, up 3.21%, while the non-recurring net profit reached 25 million yuan, marking a significant increase of 34.71% [2][7]. - The third quarter alone saw a revenue of 741 million yuan, an increase of 3.48%, and a net profit of 1.68 million yuan, which is a remarkable growth of 106.13% [2][7]. - The company is expected to benefit from the gradual contribution of new hospitals as they ramp up operations, alongside a reduction in capital expenditure outflows, which decreased by 51.03% year-on-year [7]. Financial Performance Summary - For 2024A, total revenue is projected at 2.678 billion yuan, with a slight decline of 1.5% year-on-year. The net profit is expected to be -102 million yuan, reflecting a significant drop of 138.0% [3][8]. - By 2025E, revenue is anticipated to increase to 2.747 billion yuan (+2.6%), with a turnaround in net profit to 33 million yuan, representing a growth of 132.6% [3][8]. - The earnings per share (EPS) is forecasted to improve from -0.68 yuan in 2024A to 0.22 yuan in 2025E, and further to 0.84 yuan in 2026E [3][8]. Strategic Focus - The company is shifting its strategic focus towards internal growth and operational efficiency, with a significant reduction in ongoing construction projects by 74.40% compared to the beginning of the year [7]. - The management expenses have decreased from 14.67% to 10.85% year-on-year, indicating improved cost control as the company slows its expansion pace [7]. - The introduction of new technologies and equipment, such as VisuMax 800, is aimed at strengthening the company's competitive edge in the refractive surgery market [7].

维持"推荐"评级。考虑到公司新建医院进入盈利爬坡期，且费用端管控成效已开始显现，我们预计 2025-2027 年归母净利润为0.33/1.26/1.74 亿元，EPS 为0.22/0.84/1.16 元。考虑到公司作为国内领先的民 营眼科连锁机构，参考可比公司，给予2026 年50 倍PE 估值，对应目标价42.05 元，维持"推荐"评级。 风险提示：新院爬坡不及预期、医疗消费复苏不及预期、行业竞争加剧。 营收增速阶段性放缓，新院爬坡有望逐步贡献增量。2025 年前三季度实现营业收入22.01 亿元 （+2.99%），收入增长平稳原因系复杂宏观环境下消费医疗需求变化。公司屈光业务收入占比较高， 通过推广全飞秒精准4.0 等新术式提升客单价，韧性良好。预计随着公司前期新建医院完成市场培育、 进入盈利爬坡期，叠加资本开支高峰已过（前三季度投资活动现金流出同比减少51.03%），新院区有 望为公司收入增长提供持续动力。 扣非净利润改善。2025 年前三季度，公司毛利率为37.12%，同比略有下滑，我们判断或与产品收入结 构变化有关。费用端，公司加大IT 投入，研发费用率0.37%，同比提升0.14pct。管理费用率 ...