Aier(300015) 国海证券·2025-04-29 02:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][8] Core Insights - The company reported a revenue of 21 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit of 3.56 billion yuan, up 6% year-on-year. In Q1 2025, the company achieved a revenue of 6 billion yuan, a 16% increase, and a net profit of 1.05 billion yuan, a 17% increase [2][4] - The company is focusing on the "AI + Ophthalmology" strategy, enhancing its digital capabilities and expanding its international presence, particularly in Europe [4][5] - The company has maintained growth in patient volume despite a slowing industry, with outpatient visits increasing by 12% and surgeries by 9% in 2024 [4][5] Financial Performance - The company is projected to achieve revenues of 23.75 billion yuan, 26.84 billion yuan, and 30.34 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.2%, 13.0%, and 13.0% [6][7] - The net profit is expected to reach 4.17 billion yuan, 4.88 billion yuan, and 5.71 billion yuan for the same years, with growth rates of 17.2%, 17.1%, and 17.0% respectively [6][7] - The company maintains a strong return on equity (ROE) forecasted to increase from 17% in 2024 to 20% in 2027 [6][7][8] Market Performance - The company's stock has shown a performance of -2.7% over the last month, 6.5% over the last three months, and 5.3% over the last year, outperforming the CSI 300 index in the three-month and one-year periods [3][4] - The current stock price is 13.13 yuan, with a 52-week price range of 9.05 to 19.09 yuan [3][4] Strategic Initiatives - The company is advancing its "1+8+N" layout and international strategy, with a total of 352 domestic hospitals and 163 overseas ophthalmology centers and clinics as of December 31, 2024 [4][5] - The introduction of AI technologies, such as AierGPT and Eyecho, aims to enhance patient care and operational efficiency [4][5]