Despite repeated global pandemics in 2021, the company still achieved rapid growth, while gross margin and net interest rates also increased steadily. Furthermore, the company also successfully entered the refractive market in London, England in 2021, injecting new impetus into future development.

Profitability continues to increase, growing rapidly throughout the year. The company achieved full-year operating revenue of HK$633 million, an increase of 33.6% over 2020, and net profit of HK$132 million, an increase of 106.6% over 2020. The company achieved a gross profit margin of 49.38%, an increase of 4.19 pct over the same period in 2020; realized a net profit margin of 20.92%, an increase of 7.39 pct over the same period in 2020.

Expanded into the UK and added new business regions. The company used HK$138 million to complete a wholly-owned acquisition of London Vision Clinic Partners Limited in January 2022. On the one hand, the acquisition opened up the high-end refractive and presbyopia surgery market in London, England; on the other hand, Professor Reinstein's role as medical director of the company's International Medical Advisory Committee also brought great value to the company's expert team.

Our opinion: In the face of repeated global pandemics in 2021, rapid growth was maintained, and profit margins also maintained steady growth, which shows the company's strong management ability. Furthermore, the acquisition of LondonVision Clinic also marks the company's entry into the British market, which can be expected in the future. The closing market value on March 24, 2022 was HK$2.43 billion, corresponding to a price-earnings ratio of 18.36 times in 2021. “Active attention” is recommended.

Risk warning: The epidemic has repeatedly affected domestic and international traffic. Passenger traffic has fallen short of expectations, and the opening of new stores has fallen short of expectations.