业绩维持稳健增长。2023 年公司收入40.13 亿元，门诊量超186 万人次，同比增长约21%；手术量超37 万例，同比增长约23%；主要是由于白内障等眼病诊疗业务持续复苏，消费眼科需求稳步增长，高端术式占比持续提升。按照项目拆分，公司的白内障项目9.87 亿元，同比增长31.38%；眼后段项目5.35 亿元，同比增长26.94%；屈光项目12.07亿元，同比增长12.43%；眼视光综合项目10.17 亿元，同比增长14.94%。Description of the event
On April 25, the company released its 2023 annual report and 2024 quarterly report: the company's revenue in 2023 was 4,013 billion yuan, up 24.12% year on year; net profit to mother was 666 million yuan, up 29.60% year on year; the company's revenue in the first quarter of 2024 was 978 million yuan, up 5.09% year on year; net profit to mother was 156 million yuan, up 3.75% year on year.
Incident comments
Performance has maintained steady growth. In 2023, the company's revenue was 4,013 billion yuan, and the number of outpatients exceeded 1.86 million, an increase of about 21%; the number of surgeries exceeded 370,000, an increase of about 23% over the previous year; mainly due to the continuous recovery of eye diseases such as cataracts, demand for consumer ophthalmology grew steadily, and the proportion of high-end procedures continued to increase. According to the project split, the company's cataract project was 987 million yuan, up 31.38% year on year; back eye project was 535 million yuan, up 26.94% year on year; refractive project was 1,207 million yuan, up 12.43% year on year; and eye vision comprehensive project was 1,017 million yuan, up 14.94% year on year.
Deepen the construction of “integration of medical education and research”. The company has established a mature medical education and research system, established a strategic and academic committee, added 36 new approved medical research projects in 2023, carried out 11 new clinical trial projects and acted as PI, and added 15 new industry standards to participate in the formulation or revision.
Deepen strategic cooperation in the industrial chain. In 2023, the company introduced new equipment to further enhance diagnosis and treatment service capabilities: China's first ZEISS 3D digital navigation surgical microscope, ARTEVO OCT, and China's first Alcon eye surgery microscope LuxorRevalia to help 3D visualize ophthalmology surgery and achieve more accurate diagnosis and treatment; Alcon, the first in the country, Airvision? The Meibomian Photothermal Pulsation Complex Therapy Device was officially put into use at the Xiamen Ophthalmology Center, introducing Alcon's latest “full photoplastic” refractive surgery technology.
Expanded mergers and acquisitions improve the service network. On April 26, the company plans to acquire 100% of the shares of Xiamen Huaxia Juxin No.1 Investment Consulting Co., Ltd. for 503 million yuan. The indirect holding companies of Juxin No.1 Consulting Company mainly include hospitals such as Chengdu Aidi Eye Hospital (top 3), Weishan Medical University Ophthalmology Hospital, and Suining Fuxing Eye Hospital. Using the Xiamen Ophthalmology Center as a benchmark, the company began a nationwide chain expansion layout by replicating the benchmark hospital model. Currently, it has opened 57 ophthalmology specialist hospitals and 60 optometry centers in 47 cities in 18 provinces and municipalities directly under the Central Government; in the future, it will accelerate the national expansion of new hospitals through industrial funds and gradually complete the layout of 24 provincial capitals.
Profit forecast and investment advice: The company's 2024-2026 revenue is estimated to be 48.56 billion, 58.51 and 7.022 billion yuan, respectively; net profit to mother is 8.22, 10.07 billion yuan, and 1,227 billion yuan, respectively. The current stock price corresponds to PE 26, 21, and 17 times, respectively, maintaining a “buy” rating.
Risk warning
1. Store expansion falls short of expectations;
2. Market competition increases the risk of falling prices.