Aier(300015) 新浪财经·2025-04-29 02:48Core Insights - The company reported a revenue of 20.983 billion yuan in 2024, a year-on-year increase of 3%, and a net profit attributable to shareholders of 3.556 billion yuan, up 6% [1] - In Q1 2025, the company achieved a revenue of 6.026 billion yuan, representing a 16% increase, and a net profit attributable to shareholders of 1.050 billion yuan, up 17% [1] Operational Analysis - The outpatient and surgical volumes showed steady growth, with outpatient visits reaching 16.94 million (up 12%) and surgical procedures totaling 1.29 million (up 9%) in 2024 [2] - Revenue from refractive projects was 7.603 billion yuan (up 36%), cataract projects generated 3.489 billion yuan (up 17%), and vision service projects brought in 5.279 billion yuan (up 25%) [2] - Domestic revenue was 18.070 billion yuan (up 2.94%) with a gross margin of 48.03%, while overseas revenue reached 2.625 billion yuan (up 15.1%), with European revenue at 2.031 billion yuan (up 18.05%) [2] Business Expansion and AI Integration - The company expanded its network by acquiring 87 medical institutions, enhancing its presence in domestic markets, particularly at the county level [3] - By the end of 2024, the company operated 352 hospitals and 229 outpatient departments, benefiting from a tiered chain model for resource sharing [3] - The company launched the AierGPT model and digital assistant "AiKe," serving 2.01 million users, and collaborated with institutions like the Chinese Academy of Sciences to accelerate AI technology in ophthalmology [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 4.137 billion, 4.806 billion, and 5.561 billion yuan, each reflecting a 16% year-on-year growth [4] - The earnings per share (EPS) are projected to be 0.44, 0.52, and 0.60 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 29, 25, and 21 [4]