Founded in 1993, 01846.HK is an active enterprise, mainly engaged in refractive laser surgery or posterior chamber intraocular lens (ICL) implantation for the treatment of nearsightedness, eyesight or astigmatism, and ii) more than 45 years old for presbyopia or white internal disorders. The current ophthalmology clinic covers Germany, Denmark and China, while the consultant, chairman, executive director and chief executive Jrgensen doctor is also an ophthalmologist with more than 30 years of ophthalmology experience.
Key points of investment
Look at the Chinese market
According to Frost Sullivan, in 2018, the total number of people with presbyopia in China was about 580 million, of which the number of people aged 18-45 with a year-on-year growth rate of 2.3%, and the total population increased by 0.1%. In 2018, the number of people over 45 with presbyopia in China was about 390 million. The large number of patients provides a great market power for the market, especially in Germany and Denmark. By comparison, the number of customers in the Chinese market is very large, and it is one of the key markets with long-term development and growth. At the same time, the penetration rate of ophthalmology in China is on the low side, mainly due to the lack of wealth among Chinese civilians (especially in cities below the frontline line) (the average income ranges from 1500 to 3500 yuan). However, according to the data of the China National Planning Bureau, the average monthly salary of non-private employees and private employees in cities and towns in 2018 was 6872 yuan and 4131 yuan respectively) and ii). With the increase of per capita wealth in mainland China and the gradual increase in knowledge of related technologies, the penetration rate of related technologies has also increased.
The pace of growth is set.
It plans to open facilities in major cities by 2020, and plans to set up about 1-3 training stations in first-or second-tier cities in China every year in the future. In view of the fact that the pace of economic growth in the future is relatively stable, and in view of the corresponding adjustment of cash flow at that time, the exhibition in the Chinese region will be an increase in the momentum in the future. According to past experience, each company has achieved a profit and profit balance within 3-5 years, and the investment recovery period is about 4-6 years. Due to the relative stability of the investment capital and capital recovery period of the collection facility, coupled with the weak volatility of the stock market, the predictability of return is relatively high. At the same time, the collection will expand the scope of services to include the treatment of senile plaque and network sites and white internal barriers (not yet launched in China). We believe that the collection can not only fill the target customer group, but also enhance the value of existing customers at the same time.
The growth of the positive industry is stable, the high certainty can be expected, and it is the first to be given the "holding" level.
The growth of enterprises depends on I) the number of patients with nearsightedness, visual acuity, astigmatism, presbyopia, white internal barrier, etc., the penetration rate of ii) ophthalmology treatment, and the categories provided by iii services. The increase in the number of patients and the penetration rate of medical services in developed countries are relatively stable, while there is still a lot of room for growth in the Chinese market, which is being actively developed. Coupled with the introduction of a new ophthalmic treatment service by the bazaar, and after the listing of the bazaar, it is believed that the market has recorded higher growth than the market. However, we believe that the valuation of the positive business is on the high side, and we need to support a higher valuation in the depressed external environment, so we first give the cluster "hold" tier, with a target of HK $8.01 per share, which is comparable to the price-to-earnings ratio of 75.0x/54.6x/40.9x in 2019 / 2020 / 2021.
