白内障等基础眼病业务快速追赶，消费类眼科快速增长。分业务看，2023H1公司屈光收入7.09 亿元（+33.37%），视光收入1.91 亿元（+52.87%），白内障收入2.75 亿元（+137.04%），综合眼病收入1.97 亿元（+70.71%）。23H1 屈光和视光收入占比合计65.36%。Matters:
On August 30, 2023, the company released its semi-annual report. 23H1's revenue was 1,378 million yuan (+54.88%), net profit was 235 million yuan (+358.07%), after deducting 149 million yuan (+204.63%). 23Q2's revenue was 728 million yuan (+72.85%), net profit attributable to the mother was 72 million yuan (+420.38%), minus 77 million yuan (+563.47%). Revenue and profit for the second quarter alone exceeded expectations.
Commentary:
The business of basic eye diseases such as cataracts is rapidly catching up, and consumer ophthalmology is growing rapidly. By business, 2023H1's refractive revenue was 709 million yuan (+33.37%), optometry revenue was 191 million yuan (+52.87%), cataract revenue was 275 million yuan (+137.04%), and comprehensive eye disease revenue was 197 million yuan (+70.71%). 23H1 refractive and optometric revenue accounted for a total of 65.36%.
The company's net interest rate is stable at a high level. H1's gross profit margin in '23 was 45.38% (+1.5pct), of which 23Q2 gross margin was 46.04% (+3.58pct). The company's gross margin level increased as revenue volume increased and refined management capabilities increased. By business, 23H1's gross margin for cataract/refraction/optometry/comprehensive eye disease was 43.37%/53.00%/45.67%/19.77%, respectively, up 8.06/0.69/2.91/4.60 pct. The company's cost rate was well controlled during the period. 23Q2 sales expense rate was 16.45% (-2.71 pct), management expense rate 11.98% (-2.22pct), and financial expense rate 2.15% (-1.42 pct).
23Q2 The company achieved a net interest rate of 10.31% (+7.01pct), after deducting a non-net interest rate of 10.58% (+7.83pct).
Investment suggestions: In the future, as the company's hospitals mature and the brand effect increases, there is still plenty of room for improvement in the cost ratio during this period, and the company may usher in a continuous release of revenue and profit. According to the company's interim performance report and the latest business situation, the certainty of the company's performance for the second half of the year is expected to increase. We raised the company's revenue forecasts for 2023-2025 to 2,751 billion, 3,569 billion yuan, and 4.399 billion yuan (the pre-forecast values for 23-25 were 2,559 million yuan, 3,254 million yuan, and 4,023 billion yuan, respectively), up 59.4%, 29.8%, and 23.3% over the previous year; the predicted values for Kimu's net profit were 260 million, 312 million yuan, and 401 million yuan (the previous forecast values for 23-25 years were respectively 153 million yuan, 206 million yuan, and 287 million yuan. The net profit adjustment for the return was mainly due to the increase in revenue scale leading to profit growth. At the same time, in 23 years, Dongguan **** Ophthalmology increased investment income), which increased by 1164.2%, 20.1%, and 28.3% over the previous year. Referring to comparable companies, while the company is currently still in the expansion stage, future new construction or mergers and acquisitions projects will gradually be implemented. We will give 8 times PS in 2023, corresponding market value of 22 billion yuan, and a corresponding target price of 147 yuan. Maintain the “Recommended” rating.
Risk warning: price war for refractive surgery, fluctuation in net profit of newly built hospitals, public opinion risk due to medical accidents, etc.