First Read: Aier Eye Hospital "Healthcare virtual tour takeaways: demand..."

研报英文原文证据摘录

First Read: Aier Eye Hospital "Healthcare virtual tour takeaways: demand..."

Global Research

30 June 2026abc

First Read

EquitiesAier Eye Hospital

Healthcare virtual tour takeaways: demand China

remains weak in Q226 Healthcare Providers

12-month rating Buy

12m price target Rmb13.20

Pressured ops in Q2; weak consumption/medical insurance policies still in focus

Prior : Rmb15.30

Aier took part in our healthcare virtual tour this week (register). Per mgmt, overall

consumer demand remains weak in Q2, with likely weaker refractive segment Price (30 Jun 2026) Rmb8.26

performance YoY due to much pressured volumes; there have been no signs of RIC: 300015.SZ BBG: 300015 CS

relaxation of medical insurance policies, and the industry remains in strict cost-control

Trading data and key metrics

mode. Margins have edged up vs last year, with DRG/DIP fully rolled out and volume-

based procurement (VBP) largely normalised. Nonetheless, medical-insurance-related 52-wk range Rmb13.83-8.00

GPMs remain suppressed, with hospitals increasingly using high-end self-pay services to Market cap. Rmb77.0b/US$11.4b

optimise business mix. Cataract surgery volumes remain broadly stable, although Shares o/s 9,325m (ORDA)

hospitals are still prudent on volume ramp-up under the 'global budget' system. Free float 80%

Avg. daily volume ('000) 92,792

Mixed: refractive upping prices to offset lower volume; optometry still solid Avg. daily value (m) Rmb889.6

Raising prices remains the chief approach for the refractive segment to offsetting Common s/h equity (12/26E) Rmb23.5b

weaker volumes – the segment ASP has hit a historical high after a continued rise since P/BV (12/26E) 3.3x

2025, mainly driven by new surgical techniques, with SMILE 4.0 making up ~17%, Net debt to EBITDA (12/26E) NM