The company's total revenue in 2023 was 1,737 billion yuan (up 13.89% year on year), net profit due to mother was 667 million yuan (up 6.85% year on year), and net profit after deducting non-return to mother was 572 million yuan (up 2.27% year on year). In 2023, Q4 total revenue was 418 million yuan (up 32.92% year on year), net profit due to mother was 129 million yuan (up 8.39% year on year), net profit after deducting non-return net profit of 101 million yuan (up 5.86% year on year)
In 2023, the company's hard corneal contact lens revenue was 817 million yuan (up 7.06% year on year), of which the hard corneal contact lens industry sold 715,000 tablets (up 3.54% year on year) and purchased 25,000 tablets (up 10.97% year on year).
In 2023, the company's nursing product revenue was 263 million yuan (year-on-year decrease of 12.02%), medical revenue of 302 million yuan (year-on-year increase of 19.48%), ordinary frame mirror and other revenue of 345 million yuan (year-on-year increase of 70.47%), and other business revenue of 111 million yuan (year-on-year increase of 24.97%).
In 2023, the company's sales gross profit margin was 74.78% (-2.11 pct), with a gross profit margin of 89.20% (-0.42 pct) for hard corneal contact lens products. In 2023, the company's sales expense ratio was 21.70% (+2.33 pct), and the net profit margin was 41.96% (-3.71 pct).
In 2023, the company added more than 300 cooperative terminals, and the total number of terminals that have established cooperative relationships so far is about 2,000. It also owns and shares in more than 400 optometry service terminals.
All clinical trials of ultra-high permeability OK lenses and scleroscopes made from the company's second-generation materials have been completed and registration reports have been submitted. The holding subsidiary Op Vision's low-concentration atropine sulfate eye drops (0.01% and 0.02% concentrations) has initiated phase III clinical trials and completed patent applications in Singapore, Thailand, and Indonesia.
Profit forecasting and investment advice. We expect EPS to be 0.88, 1.03, and 1.21 yuan respectively in 24-26, with net profit growth rates of 18.8%, 17.0%, and 17.3% respectively. Referring to comparable company estimates and considering the company's stability and leading position in the corneal plastic mirror industry, we gave the company 23-28 times PE in 2024, corresponding to a reasonable value range of 20.30-24.71 yuan, and gave it a “superior to the market” rating.
Risk warning. The growth rate of OK Mirror's product line falls short of the expected risk; the risk of collection policy; the risk of increasing competition in the industry; and the risk of terminal construction falling short of expectations.