投资要点
　　公司业绩整体平稳。2026年H1，公司实现营业收入21.85亿元（同比+2.17%），归母净利润2.92亿元（同比+3.55%），扣非归母净利润2.61亿元（同比-6.08%），经营性现金流净额4.81亿元（同比+13.40%）；其中，Q2单季度营业收入10.35亿元（同比-1.02%），归母净利润1.20亿元（同比-9.06%），扣非归母净利润1.07亿元（同比-22.47%）。公司业绩整体平稳，Q2业绩短期放缓。
　　屈光项目保持良好增长势头。报告期内，公司屈光项目实现销售收入8.56亿元（同比+8.52%），毛利率55.38%（+0.17pct）；眼视光项目实现销售收入5.33亿元（同比+3.71%），毛利率40.43%（-1.34pct）；白内障项目实现销售收入4.05亿元（同比-5.86%），毛利率32.00%（-5.36pct）；眼后段项目实现销售收入3.02亿元（同比+9.07%），毛利率35.91%（-2.82pct）。公司核心业务屈光项目保持了良好增长态势，毛利率小幅提升，预计主要受屈光术式持续优化升级的推动；白内障项目预计受人工晶体集采降价的影响，毛利率下降明显；眼后段项目凭借公司在复杂眼病优秀的诊疗技术水平呈稳健增长。
　　期间费用控制良好，科研实力持续提升。报告期内，公司销售毛利率44.12%（同比-1.08pct），销售净利率13.89%（同比-0.15pct）；销售费用率13.13%（+0.26pct），管理费用率11.32%（-0.20pct），研发费用率1.37%（-0.06pct），财务费用率1.13%（+0.13pct）。公司期间费用控制良好，盈利能力基本稳定。公司科研实力持续提升，报告期内在各类期刊新增发表科研文章105篇，其中SCI收录58篇；新增参与制定或修订的行业标准4项；新增获批医学科研项目21项，新增开展各类临床试验项目15项并担任PI。
　　投资建议：我们维持盈利预测不变，预计公司2026-2028年实现归母净利润分别为5.21/5.80/6.55亿元，对应EPS分别为0.62/0.69/0.78元，对应PE分别为23.63/21.23/18.81倍。公司核心业务增长良好，业绩整体平稳，维持“买入”评级。
　　风险提示：行业政策不确定性风险；医疗事故风险；盈利能力下降风险等。

Huaxia Eye Hospital reported 1H26 revenue/attributable net profit(NP)of RMB2,185/292mn(+2.17/+3.55%YoY).For 2Q26,revenue/attributable NP were RMB1,035/120mn(-1.02/-9.06%YoY;-9.99/-29.92%QoQ).The company has solid ophthalmic diagnosis and treatment capabilities,and its service network is expanding steadily.We expect the company to deliver robust growth in 2026.Maintain BUY.
1H26 profit margins largely stable,cash flow improved
For 1H26,GPM was 44.12%(-1.1pp YoY),which we estimate was mainly due to slight pressure on GPM in the posterior segment and cataract businesses,partly offset by improved GPM in the refractive business.Sales/administrative/R&D expense ratios were 13.1/11.3/1.4%,with YoY changes of+0.3/-0.3/-0.1pp,indicating stable expense control.NPM was 13.89%(-0.15pp YoY),broadly stable.Net operating cash flow increased by 13.40%YoY to RMB481mn in 1H26,indicating cash flow improvement.
Refractive segment led overall revenue growth in 1H26
Refractive:Revenue increased by 8.5%YoY to RMB856mn in 1H26.The company advanced upgrades of refractive procedures and introduced Zeiss SMILE pro surgery,Zeiss minimally invasive SMILE Precision 4.0,Alcon Wavelight Plus and EVO+ICL(V5)lens implantation.In addition,Xiamen Eye Center officially launched a4,500 sqm one-stop refractive diagnosis and treatment center.We expect this segment to maintain steady growth.Optometry:Revenue increased by 3.7%YoY to RMB533mn in 1H26.Given the company's efforts to improve its myopia prevention and control system,we are positive on steady development of this segment.Posterior segment:Revenue increased by 9.1%YoY to RMB302mn in 1H26.The company has been enhancing its diagnosis and treatment capabilities for complex eye diseases,while related demand has kept rising.We are positive on improving development of this segment.Cataract:Revenue fell by 5.9%YoY to RMB405mn in 1H26.Given the broad room for higher industry penetration and the company's efforts to upgrade mid/high-end cataract procedures,we expect this segment to return to growth in 2026.
Two class-A tertiary hospitals to enhance brand influence
Guided by its“1236”development strategy,the company is advancing adual-engine strategy of organic growth and external expansion,and improving its nationwide medical service network.As of 1H26,the company had 64 ophthalmic hospitals and 55 optometry centers in China.With Xiamen Eye Center and Chengdu Aidi Eye Hospital,it has become alarge medical chain group with two class-A tertiary ophthalmic hospitals,supporting rising brand influence.According to the company's 2026 operating targets,it plans to expand business coverage through its hospital assets or acquisitions,while deploying optometry centers based on local hospital demand.We are positive on the company's efforts to leverage its two class-A tertiary specialty hospitals and build new strategic depth featuring class-A tertiary leadership,regional coordination and nationwide coverage.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB501/573/653mn(+13.75/+14.27/+14.08%YoY).To reflect solid diagnosis and treatment capabilities,as well as service network expansion,we value the stock at 40x 2026E PE,above its peers'average of 34x on Wind consensus.Our target price is RMB23.87.
Risks:intensified competition,medical accidents and disputes,management risks stemming from expansion.

　　公司公布上半年业绩：1H26实现收入/归母净利21.85/2.92亿元（yoy+2.17%/+3.55%），其中2Q26收入/归母净利10.35/1.20亿元（yoy-1.02%/-9.06%，qoq-9.99%/-29.92%）。公司眼科诊疗技术实力过硬且服务网络稳步扩张，看好公司26年实现稳健发展。维持“买入”评级。
　　1H26利润率基本稳定，现金流水平改善
　　1H26，公司毛利率为44.12%（yoy-1.1pct），我们估测主因眼后段和白内障业务毛利率略受扰动，屈光业务毛利率提升；销售/管理/研发费用率为13.1%/11.3%/1.4%，分别yoy+0.3/-0.3/-0.1pct，费用管控平稳；净利率为13.89%（yoy-0.15pct），基本稳定。1H26，公司经营性现金流量净额4.81亿元（yoy+13.40%），现金流有所改善。
　　屈光业务积极发力，领衔1H26整体收入增长
　　1）屈光：1H26收入8.56亿元（yoy+8.5%），公司持续推动屈光术式升级，积极引进蔡司全飞秒SMILEpro手术、蔡司微创全飞秒精准4.0、爱尔康全光塑、EVO+ICL（V5）晶体植入等，此外厦门眼科中心4,500平一站式屈光诊疗中心正式落地；看好板块延续稳健增长。2）视光：1H26收入5.33亿元（yoy+3.7%），考虑公司持续完善近视防控体系建设，看好板块持续稳健发展。3）眼后段项目：1H26收入3.02亿元（yoy+9.1%），考虑公司持续提升复杂眼病诊疗能力，叠加相关诊疗需求持续释放，看好板块实现向好发展。4）白内障：1H26收入4.05亿元（yoy-5.9%）；考虑行业渗透率提升空间广阔，叠加公司持续推进中高端白内障术式升级，看好板块26年重回增长轨道。
　　“双三甲”积极提升品牌影响力，服务网络持续完善
　　公司围绕“1236”发展战略规划，积极推进“内生增长+外延发展”双轮驱动战略，稳步完善全国医疗服务网络布局；截至1H26，公司已在国内拥有眼科专科医院64家、视光中心55家，并凭借厦门眼科中心和成都爱迪眼科医院成为拥有“双三甲”眼科医院的大型医疗连锁集团，品牌影响力持续提升。根据公司26年经营目标，公司一方面将通过自建或收购进一步扩大业务覆盖范围，另一方面将围绕医院本地化需求进行视光中心的布局；我们看好公司积极发挥旗下两家三级甲等专科医院优势，构建“三甲引领、区域协同、辐射全国”的全新战略纵深。
　　盈利预测与估值
　　我们维持预计26-28年归母净利为5.01/5.73/6.53亿元（yoy+13.75%/+14.27%/+14.08%）。公司诊疗实力过硬且服务网络积极扩张，维持给予公司26年40xPE（可比公司Wind一致预期均值34x），对应目标价23.87元。
　　风险提示：市场竞争加剧，医疗事故和纠纷，持续扩张的管理风险。

　　投资要点公司业绩稳健增长。2025全年,公司实现营业收入41.39亿元（同比+2.78%，下同）、归母净利润4.41亿元（+2.80%）、扣非归母净利润4.25亿元（+4.07%），销售毛利率43.31%（-0.88pct），销售净利率10.46%（-0.17pct）；2026年Q1,公司实现营业收入11.50亿元（+5.22%）、归母净利润1.72亿元（+14.69%）、扣非归母净利润1.54亿元（+10.09%），销售毛利率46.13%（+1.16pct），销售净利率16.02%（+0.9pct）。报告期内，公司业绩整体稳健增长，盈利能力逐渐提升。
　　消费眼科增长良好，白内障业务降幅收窄。分业务来看，2025年公司屈光项目实现收入14.17亿元（+9.31%），毛利率52.83%（+0.78pct）；眼视光综合项目收入11.02亿元（+3.05%），毛利率42.48%（-3.09pct）；白内障项目收入8.24亿元（-5.51%），毛利率33.53%（-1.63pct）；眼后段项目收入5.79亿元（+8.00%），毛利率37.63%（-2.01pct）。报告期内，公司屈光业务受益于高毛利产品术式占比的提升和市场需求的回暖，保持了良好增长势头；白内障项目受人工晶体集采的影响，短期继续承压，随着集采影响的消化、中高端白内障术式占比的提升，白内障业务有望逐渐企稳向好。
　　持续引进新技术设备产品，不断提升市场竞争力。报告期内，公司持续加强与蔡司、强生、爱尔康等国际领先企业的合作，引进国际前沿诊疗技术设备产品等。屈光领域，公司下属厦门眼科中心等9家医院率先引进蔡司新一代机器人全飞秒VISUMAX800及新微创手术SMILEPro技术，累计已完成全飞秒SMILEPro超1.2万例，率先引进新一代EVO+ICL（V5）晶体，深化在ICL领域的领先布局；眼病诊疗领域，引进国内首台强生眼力健“Catalys白力士7.0”导航飞白手术系统、博士伦StellarisElite超乳手术设备等，进一步提升白内障等眼病的诊疗能力。新技术产品设备的引进，进一步提升了公司下属眼科医院的诊疗水平和市场竞争力，满足不同层次患者的诊疗需求，也有利于公司整体盈利能力的提升。
　　投资建议：考虑到行业政策、市场竞争等不确定性因素影响，我们适当下调2026-2027年盈利预测，新增2028年盈利预测，预计公司2026-2028年实现归母净利润分别为5.21/5.80/6.55亿元（2026-2027年原预测为6.05/6.97亿元），对应EPS分别为0.62/0.69/0.78元，对应PE分别为28.24/25.37/22.48倍。公司业绩稳健增长，市场竞争力持续提升，维持“买入”评级。
　　风险提示：行业政策不确定性风险；医疗事故风险；市场竞争加剧风险等。

Huaxia Eye Hospital has reported 2025 revenue/attributable net profit(NP)of RMB4,139/441mn(+2.8/+2.8%YoY),slightly below the Wind consensus expectations of RMB4,238/476mn.For 1Q26,revenue/attributable NP were RMB1,150/172mn(+5.2/+14.7%YoY,+32.6/+2349.5%QoQ),indicating positive sequential acceleration in earnings growth.The company possesses strong ophthalmic diagnosis and treatment capabilities while steadily expanding its service network.We expect stable earnings growth in 2026.Maintain BUY.
1Q26 gross margin rose steadily;cash flow improved notably
For 1Q26,the gross margin reached 46.1%(+1.2pp YoY).The company continued promoting business upgrades,driving steady improvement in overall gross margin.The sales/administrative/R&D expense ratios were 13.0/10.9/1.3%(+0.5/-0.3/-0.1pp YoY).The company strengthened its marketing and promotion capabilities to further enhance brand influence.Net operating cash flow reached RMB300mn(+33.7%YoY),with cash flow conditions improving significantly.
Refractive business led overall revenue growth in 2025
1)Refractive surgery:2025 revenue reached RMB1,417mn(+9.3%YoY).The company continued promoting upgrades in refractive surgical procedures,actively introducing VISUMAX 800 and SMILE Pro technologies,EVO+ICL(V5)lenses,domestic Longjing PR lenses,and accelerating the application of TransPRK technologies across its hospitals.We expect the segment to maintain stable revenue growth in 2026.2)Optometry:2025 revenue reached RMB1,102mn(+3.1%YoY).Given the company's ongoing improvement in its myopia prevention and control system,we expect the segment to achieve steady development in 2026.3)Posterior-segment ophthalmology:2025 revenue reached RMB579mn(+8.0%YoY).Supported by the company's continued enhancement in diagnosis and treatment capabilities for complex eye diseases,alongside increasing related medical demand,we expect the posterior-segment business to achieve favorable growth in 2026.4)Cataract:2025 revenue was RMB824mn(-5.5%YoY).Considering substantial room for industry penetration improvement,together with the company's continued upgrades in mid-to-high-end cataract surgical procedures(the company introduced China's first Johnson&Johnson Vision Catalys Precision Laser System in 2025),we expect the segment to return to agrowth trajectory in 2026.
Earnings forecasts and valuation
Based on industry development trends and 2025A performance across business segments,we revise our revenue growth expectations and forecast 2026/2027/2028 attributable NP of RMB501/573/653mn(-5/-4%for 2026E/2027E vs our previous estimates).Given the company's strong medical capabilities and ongoing expansion of its service network,we value the stock at 40x 2026E PE(above its peers'average of 35x on Wind consensus),for our target price of RMB23.87(previous:RMB23.46 on 42x 2025E PE,vs peers'average of 36x PE).
Risks:Intensified competition;medical malpractice and disputes;management risks associated with sustained expansion.

　　公司发布2025年和2026Q1业绩公告，2025年公司实现营业总收入41.39亿元，同比增长2.78%；归母净利润4.41亿元，同比增长2.80%。2026Q1公司实现营业总收入11.50亿元，同比增长5.22%；归母净利润1.72亿元，同比增长14.69%。
　　消费眼科保持稳健，白内障收入有所下滑。2025年是公司“1236”战略发展规划的落地开局之年。公司经营发展稳健向好，综合实力稳步提升。2025年公司实现屈光收入14.17亿元，同比增加9.31%，占比提升至34.23%，毛利率上升0.78pct。视光综合收入11.02亿元，同比增加3.05%，占比提升至26.62%，毛利率下滑3.09pct。白内障业务收入8.24亿元，同比减少5.51%，占比降至19.92%，毛利率下滑1.63pct。眼后段业务收入5.79亿元，同比提升8.00%，占比提升至13.98%，毛利率下滑2.01pct。
　　“内生增长+外延并购”双轮驱动，市场竞争力和品牌影响力持续提升。2025年公司下属厦门眼科中心牵头成立厦门大学眼科医学系；上海和平眼科医院正式挂牌上海大学附属医院；成都爱迪眼科医院正式立项为“2025年度四川省临床重点专科建设项目”并入选“2025年国家眼科专业质控中心眼科质控哨点医院”；粤港澳大湾区布局持续完善；合肥华厦名人眼科医院、毕节华厦阳明眼科医院等多家医院焕新升级，推动医院服务能力稳步提升。
　　公司持续分红，回馈股东。公司拟向全体股东每10股派发现金红利1.70元（含税），合计派发现金红利1.42亿元，分红比例32.12%。
　　投资建议：预计2026-2028年公司收入45.04、49.19、53.74亿元，同比增长8.8%、9.2%、9.2%；归母净利润5.46、6.13、6.88亿元，同比增长24.0%、12.2%、12.3%；维持“增持”评级。
　　风险提示：宏观经济和政策不确定性，人力资源，医疗风险，公共关系危机风险，管理风险，竞争加剧等风险。