Financials Aier Eye Hospital Group Co., Ltd.

Equities

300015

CNE100000GR6

Healthcare Facilities & Services

End-of-day quote Shenzhen S.E. Other stock markets 09/09/2024			5-day change	1st Jan Change
9.530 ^CNY	+2.36%		-1.75%	-39.76%

26/08	Citi Downgrades Aier Eye Hospital Group to Sell From Neutral; Price Target is 7 Yuan	MT
26/08	Aier Eye Hospital Group H1 Profit Up 20%, Operating Income Rises 3%	MT

Projected Income Statement: Aier Eye Hospital Group Co., Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,990	11,912	15,001	16,110	20,367	21,908	25,537	29,401
Change	-	19.24%	25.93%	7.39%	26.43%	7.57%	16.56%	15.13%
EBITDA ¹	2,526	3,225	4,156	-	5,954	6,439	7,595	8,629
Change	-	27.64%	28.9%	-100%	-	8.14%	17.96%	13.61%
EBIT ¹	2,022	2,674	3,494	3,534	4,948	5,524	6,511	7,638
Change	-	32.26%	30.66%	1.16%	39.99%	11.65%	17.87%	17.3%
Interest Paid ¹	-75.53	-90.35	-106.4	-6.655	-73.63	-70.39	-83.32	-99.11
Earnings before Tax (EBT) ¹	1,840	2,363	3,148	3,335	4,551	5,279	6,209	7,351
Change	-	28.42%	33.19%	5.95%	36.46%	15.99%	17.63%	18.4%
Net income ¹	1,379	1,724	2,323	2,524	3,359	3,937	4,595	5,438
Change	-	25.01%	34.78%	8.65%	33.07%	17.22%	16.69%	18.36%
Announcement Date	28/02/20	22/04/21	25/04/22	25/04/23	25/04/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	2,983	2,258	1,642	2,522	4,402	3,347	3,511	3,837	4,248	3,404	4,169	3,939	4,944	3,058	5,021	5,231	5,795	4,320	5,196	5,349	6,378	4,698	5,842	5,909	7,398	5,514
Change	-	-24.3%	-27.31%	53.66%	74.5%	-23.96%	4.91%	9.27%	10.73%	-19.86%	22.44%	-5.51%	25.53%	-38.14%	64.16%	4.2%	10.78%	-25.46%	20.28%	2.94%	19.24%	-26.35%	24.37%	1.15%	25.19%	-25.47%
EBITDA	812.8	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-100%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	749.8	237.6	131.7	788.2	1,342	412.6	787.9	951.7	1,286	468.5	908.1	1,024	1,474	128.8	1,154	1,369	1,920	505.3	1,233	1,482	2,022	1,109	1,389	1,353	-	-
Change	-	-68.31%	-44.56%	498.33%	70.22%	-69.25%	90.96%	20.8%	35.11%	-63.57%	93.83%	12.76%	43.9%	-91.26%	795.4%	18.67%	40.28%	-73.69%	144.09%	20.15%	36.43%	-45.14%	25.2%	-2.56%	-100%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	25.3	-	-	-	42.18	-	-9.628	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	734.6	137	91.12	768.3	1,204	299.7	-	-	1,158	375.6	-	937.4	1,397	110.8	-	1,283	1,883	252.1	1,203	1,457	2,114	891	-	-	-	-
Change	-	-81.36%	-33.47%	743.18%	56.72%	-75.11%	-100%	-	-	-67.57%	-100%	-	49.06%	-92.07%	-100%	-	46.68%	-86.61%	376.97%	21.14%	45.12%	-57.86%	-100%	-	-	-
Net income ¹	535.9	148	79.36	596.8	869.9	177.8	-	-	887.7	319.8	-	680.7	1,066	167.2	-	931.3	1,469	177.6	899.5	1,150	1,260	796	-	-	-	-
Change	-	-72.37%	-46.39%	651.94%	45.77%	-79.56%	-100%	-	-	-63.97%	-100%	-	56.58%	-84.31%	-100%	-	57.72%	-87.91%	406.42%	27.9%	9.49%	-36.8%	-100%	-	-	-
Announcement Date	25/10/19	28/02/20	28/04/20	25/08/20	26/10/20	22/04/21	22/04/21	26/08/21	25/10/21	25/04/22	25/04/22	24/08/22	25/10/22	25/04/23	25/04/23	24/08/23	25/10/23	25/04/24	25/04/24	23/08/24	-	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1
Net sales ¹	8,107	10,252
Change	-	26.45%
EBITDA	-	-
Change	-	-
EBIT ¹	1,932	2,522
Change	-	30.55%
Charge d'intérêts ¹	1.296	-6.896
Earnings before Tax (EBT) ¹	1,827	2,416
Change	-	32.26%
Net income ¹	1,291	1,712
Change	-	32.61%
Announcement Date	24/08/22	24/08/23

¹CNY in Million

Estimates

Forecast Balance Sheet: Aier Eye Hospital Group Co., Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	685	-981	-2,024	-4,777	-4,458	-7,996	-10,778	-13,894
Change	-	-243.21%	-306.32%	-336.02%	-193.32%	-279.34%	-234.79%	-228.91%
Announcement Date	28/02/20	22/04/21	25/04/22	25/04/23	25/04/24	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: Aier Eye Hospital Group Co., Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	739.7	888.3	1,488	1,380	1,454	1,515	1,510	1,333
Change	-	20.09%	67.49%	-7.21%	5.34%	4.18%	-0.32%	-11.74%
Free Cash Flow (FCF) ¹	1,339	2,455	2,596	3,110	4,418	5,155	4,556	5,417
Change	-	83.41%	5.74%	19.79%	42.04%	16.69%	-11.62%	18.91%
Announcement Date	28/02/20	22/04/21	25/04/22	25/04/23	25/04/24	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: Aier Eye Hospital Group Co., Ltd.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	25.29%	27.07%	27.71%	-	29.23%	29.39%	29.74%	29.35%
EBIT Margin (%)	20.24%	22.45%	23.29%	21.94%	24.29%	25.22%	25.5%	25.98%
EBT Margin (%)	18.42%	19.84%	20.98%	20.7%	22.34%	24.09%	24.31%	25%
Net margin (%)	13.8%	14.47%	15.49%	15.67%	16.49%	17.97%	17.99%	18.5%
FCF margin (%)	13.4%	20.61%	17.31%	19.31%	21.69%	23.53%	17.84%	18.43%
FCF / Net Income (%)	97.09%	142.44%	111.75%	123.22%	131.52%	130.93%	99.16%	99.62%
Profitability
ROA	12.81%	12.57%	12.43%	-	11.83%	12.58%	12.66%	12.69%
ROE	22.51%	21.48%	20.58%	19.16%	18.88%	18.72%	18.92%	19.01%
Financial Health
Leverage (Debt/EBITDA)	0.27x	-	-	-	-	-	-	-
Debt / Free cash flow	0.51x	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.4%	7.46%	9.92%	8.57%	7.14%	6.92%	5.91%	4.53%
CAPEX / EBITDA (%)	29.28%	27.55%	35.79%	-	24.42%	23.53%	19.88%	15.45%
CAPEX / FCF (%)	55.25%	36.18%	57.3%	44.38%	32.92%	29.39%	33.15%	24.6%
Items per share
Cash flow per share ¹	0.2357	0.3705	0.4473	0.4813	0.6295	0.6485	0.7213	0.8381
Change	-	57.21%	20.74%	7.6%	30.79%	3.02%	11.22%	16.19%
Dividend per Share ¹	0.0527	0.0685	0.071	0.0769	0.15	0.1598	0.1794	0.2084
Change	-	30.01%	3.72%	8.26%	95.01%	6.52%	12.3%	16.13%
Book Value Per Share ¹	0.7477	1.092	1.239	1.787	2.021	2.366	2.745	3.184
Change	-	46.01%	13.45%	44.27%	13.11%	17.06%	16%	16%
EPS ¹	0.1568	0.1932	0.2566	0.2807	0.3631	0.4222	0.4923	0.5824
Change	-	23.21%	32.81%	9.38%	29.36%	16.27%	16.62%	18.3%
Nbr of stocks (in thousands)	88,18,703	90,25,341	91,30,452	93,29,492	93,28,411	92,97,140	92,97,140	92,97,140
Announcement Date	28/02/20	22/04/21	25/04/22	25/04/23	25/04/24	-	-	-