2023Q2 公司实现收入7.28 亿元（+73%），归母净利润0.72 亿元（+420%），扣非归母净利润0.77 亿元（+563%），毛利率46.04%（+3.59pct）。Incidents:
Puri Ophthalmology announced on September 4 that the company plans to use 50 million yuan to 60 million yuan of its own funds to repurchase shares. The repurchase price will not exceed RMB 151.74 per share. The repurchased shares will be used for employee stock ownership plans or equity incentives at an appropriate time in the future.
Puri Ophthalmology released its 2023 interim report on August 30:2023H1 achieved revenue of 1,378 million yuan (+55%, same as below), net profit of 235 million yuan (+358%), net profit of 149 million yuan (+205%) after deducting non-attributable net profit of 149 million yuan (+205%), and gross profit margin of 45.38% (+1.50pct).
2023Q2 achieved revenue of 728 million yuan (+73%), net profit of 72 million yuan (+420%), net profit of non-return net profit of 77 million yuan (+563%), and a gross profit margin of 46.04% (+3.59pct).
Key points of investment:
Various businesses grew strongly in the first half of the year. The revenue for 2023H1's refraction/optometry/cataract/comprehensive eye disease project was 709 million yuan/191 million yuan/275 million yuan/197 million yuan, respectively, up 33%, 53%, 137%, and 71% year-on-year respectively. The gross margin was 53.00%, 45.67%, 43.37%, and 19.77%, respectively, up 0.69 pct, 2.91 pct, 8.06 pct, and 4.60 pct.
Among them, the cataract project benefited from factors such as the delayed release of medical demand and the company's increase in the weight of the cataract business in the online marketing department's performance assessment, etc., to achieve more than double revenue growth; furthermore, it benefited from scale effects and an increase in the share of high-end crystals, which led to an increase in gross margin. The gross margin of the optometry project increased significantly due to the scale effect and the fact that the company strengthened supply chain control of the optometry business during the reporting period and reduced procurement costs.
At the same time as high growth on the revenue side, the cost ratio was also well controlled. The 2023H1 company has a sales expense ratio of 15.77% (-2.20pct), an administrative expense ratio of 11.89% (-2.49pct), and a financial expense ratio of 2.07% (-1.28pct). Among them, the 2023Q2 sales expense ratio is 16.45% (-2.70pct), the management expense rate is 11.98% (-2.22pct), and the financial expense ratio is 2.15% (-1.42pct).
Expansion plans are progressing steadily. According to the “national chain+same city integration” layout strategy, the company completed the acquisition and listing of Dongguan **** Ophthalmology on January 5, 2023. Hubei Puri Eye Hospital and Shanghai Fengxian Puri Eye Hospital opened on May 7 and June 27, respectively.
As of June 30, 2023, the number of ophthalmology specialist hospitals under the company has reached 27, and a number of other hospitals are in the process of being renovated.
The company is doing well, and carrying out share repurchases is conducive to further enhancing investor confidence; at the same time, establishing and perfecting the company's long-term incentive mechanism, fully mobilizing employees' enthusiasm, and effectively combining shareholders' interests, company interests and employees' interests.
Profit forecast and investment rating: The company's revenue for 2023-2025 is expected to be 2,673 billion yuan, 3.419 billion yuan, and 4.279 billion yuan, respectively, up 55%, 28%, and 25% year on year; net profit to return is 303 million yuan, 319 million yuan, and 424 million yuan, respectively, up 1374%, 5%, and 33% year-on-year; corresponding PE is 55 times, 52 times, and 39 times, respectively. The company is an ophthalmology hospital chain group in a period of accelerated expansion. The speed of development and operating quality have improved markedly; in 2023, due to the gradual merger of Dongguan **** Ophthalmology, the fair value of shares was re-measured, generating investment income of 90.19 million yuan. This non-recurring profit and loss raised the current net profit. We believe that profit fluctuations caused by non-business factors will not change the company's significant growth. Covered for the first time, giving it a “buy” rating.
Risk warning: Rapid expansion causes short-term profit fluctuations, risk that consumer ophthalmology will grow less than expected, risk of increased competition in the industry, risk of brain drain, and risk of medical accidents.