证券研究报告·公司点评报告·医疗器械 欧普康视（300595） 2023 年业绩点评：业绩符合预期，看好公司 2024年 04月 02日 逐步恢复 证券分析师 朱国广 增持（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 1,525 1,737 2,091 2,476 2,929 同比 17.78% 13.89% 20.37% 18.40% 18.30% 欧普康视 沪深300 归母净利润（百万元） 623.85 666.60 769.41 881.38 1,014.73 5% -1% 同比 12.46% 6.85% 15.42% 14.55% 15.13% -7% -13% -19% EPS-最新摊薄（元/股） 0.70 0.74 0.86 0.98 1.13 -25% -31% -37% P/E（现价&最新摊薄） 26.96 25.23 21.86 19.09 16.58 -- 44 93 %% [ [TT aab bl le e_ _T S ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 欧普康视（300595）公司年报点评 2024年04月01日 [Table_InvestInfo] 销售毛利率略有下降，阿托品启动三期临 投资评级 优于大市 维持 床试验 股票数据 0[4Ta月b0le1_日S收to盘ck价（In元fo）] 18.75 [Table_Summary] 52周股价波动（元） 15.20-38.49 投资要点： 总股本/流通A股（百万股） 897/668 总市值/流通市值（百万元） 16821/12530 公司2023年总营收17.37亿元（同比增长13.89%），归母净利润6.67亿元 相关研究  [《Ta硬b性le角_R膜e接p触or镜tIn 9f月o]订 单小幅增长，医疗服 （同比增长 6.85%），扣非归母净利润 5.72 亿元（同比增长 2.27%）。2023 年单 Q4总营收 4.18 亿元（同比增长 32.92%），归母净利润 1.29亿元（同 务前三季度营收同比增长超12%》2023.11.06 比增长8.39%），扣非归母净利润1.01亿元（同比增长5.86%） 《上 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - In 2023, the company achieved a revenue of 1.737 billion RMB, representing a year-on-year growth of 13.9%, and a net profit attributable to shareholders of 667 million RMB, up by 6.9% [2] - The company has adjusted its strategies effectively, leading to marginal improvements in lens and care product sales [2] - The company is progressing steadily with its research projects, including the registration of new products and ongoing clinical trials [2] Financial Performance Summary - For 2023, the company reported a revenue of 1.737 billion RMB (+13.9% YoY) and a net profit of 667 million RMB (+6.9% YoY) [2] - In Q4 2023, the company achieved a revenue of 418 million RMB (+32.9% YoY) and a net profit of 129 million RMB (+8.4% YoY) [2] - The revenue from rigid gas permeable contact lenses was 817 million RMB (+7.1% YoY), while care products revenue decreased by 12.0% to 263 million RMB [2] - The company’s gross margin for 2023 was 74.78%, a decrease of 2.11 percentage points YoY, primarily due to the lower gross margin from newly consolidated subsidiaries [2] Future Projections - The revenue forecast for 2024-2026 has been adjusted to 2.031 billion RMB, 2.346 billion RMB, and 2.686 billion RMB, with expected growth rates of 17%, 16%, and 14% respectively [3] - The net profit forecast for the same period is adjusted to 749 million RMB, 867 million RMB, and 999 million RMB, with growth rates of 12%, 16%, and 15% respectively [3] - The earnings per share (EPS) are projected to be 0.84 RMB, 0.97 RMB, and 1.11 RMB for 2024, 2025, and 2026 respectively [3]

证券代码：300595 证券简称：欧普康视 公告编号：2024-042 审计委员会认为：公司编制《2023 年年度报告》的程序符合法律、行政法规 和中国证监会的规定，报告内容公允地反映了公司的经营状况和经营成果，报告 所披露的信息真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 因此，审计委员会同意将《欧普康视科技股份有限公司 2023 年年度报告》 提交公司董事会审议。 （二）以 3 票赞成，0 票反对，0 票弃权《欧普康视科技股份有限公司 2023 年财务决算报告》 1 欧普康视科技股份有限公司 关于第四届董事会第八次会议相关事项的补充说明公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 欧普康视科技股份有限公司（以下简称"公司"）于 2024 年 3 月 29 日召开 第四届董事会第八次会议。根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司治理准则》《上市公司独立董事管理办法》及《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》等相关法律法规、规范性文件的规定，公 ...

Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 1.737 billion yuan in 2023, representing a year-on-year increase of 13.89%. The net profit attributable to the parent company was 667 million yuan, up 6.85% year-on-year, and the net profit after deducting non-recurring items was 572 million yuan, an increase of 2.27% year-on-year. In Q4 2023, the revenue reached 418 million yuan, a year-on-year increase of 32.92%, with a net profit of 129 million yuan, up 8.49% year-on-year [1]. Summary by Sections Revenue Performance - The company experienced a decline in revenue growth due to weakened consumer spending in the second half of 2023 and increased competition from products like defocused lenses. The revenue from hard lenses was 817 million yuan, a year-on-year increase of 7.06%, with a gross margin of 89.2%, down 0.42 percentage points year-on-year. In Q4 2023, the revenue from hard contact lenses was 141 million yuan, up 21.54% year-on-year [1]. Product Segments - Revenue from nursing products decreased by 12.02% year-on-year to 262 million yuan, with a gross margin of 57.33%, up 1.85 percentage points year-on-year. In Q4 2023, revenue from nursing products was 76 million yuan, down 8.97% year-on-year. Revenue from ordinary frames and other products increased significantly by 70.47% year-on-year to 345 million yuan, with Q4 revenue reaching 108 million yuan, up 120.37% year-on-year, mainly driven by sales from newly consolidated subsidiaries [1]. Terminal Growth - The company's medical services generated revenue of 302 million yuan in 2023, a year-on-year increase of 19.48%, with a gross margin of 71.32%, down 0.13 percentage points year-on-year. In Q4 2023, revenue from medical services was 87 million yuan, up 41.25% year-on-year. The number of controlled terminals increased by over 90, totaling more than 400 [1]. Channel Performance - The company's distribution business achieved revenue of 644 million yuan, a year-on-year increase of 18.24%. Direct sales to non-controlled terminals generated revenue of 245 million yuan, down 4.69% year-on-year. Total terminal revenue was 848 million yuan, up 17.22% year-on-year. In Q4, the distribution business revenue was 158 million yuan, up 36.90%, while direct sales revenue was 46 million yuan, up 14.61% [1]. Profitability - The overall gross margin for 2023 was 74.78%, down 2.11 percentage points, primarily due to the impact of consolidated subsidiaries in medical equipment and consumables sales. The management expense ratio was 6.79%, down 1.49 percentage points, while the financial expense ratio was -0.07%, up 0.39 percentage points. The net profit margin was 41.96%, down 3.71 percentage points [1]. Future Projections - The company is expected to achieve net profits attributable to the parent company of 737 million yuan, 819 million yuan, and 915 million yuan for 2024, 2025, and 2026, respectively [2].

Market Competition and Product Strategy - The company reported a significant reliance on orthokeratology lenses and related products, with increasing competition from both domestic and imported brands, totaling 19 registered brands in the market[3]. - The company has implemented various strategies to mitigate competition, including launching product discount packages and expanding its product matrix to include low-concentration atropine and soft bifocal contact lenses[4]. - The competitive landscape is intensifying with the entry of new brands into the corneal reshaping lens market, with three new registrations in 2023[28]. - The sales revenue from hard contact lenses increased, but the growth rate was lower than in previous years due to factors such as high-end consumer spending being weaker than expected and increased competition from other eyewear products[32]. - The company is focusing on launching specialty and new products, enhancing personalized customization and services, and increasing the sales proportion of controlled terminals to mitigate significant gross margin declines[118]. Financial Performance - The company's operating revenue for 2023 reached ¥1,737,168,463.82, representing a 13.89% increase compared to ¥1,525,319,073.48 in 2022[18]. - Net profit attributable to shareholders was ¥666,599,816.85, a 6.85% increase from ¥623,736,142.43 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥572,324,471.87, reflecting a 2.27% increase from ¥559,536,222.36 in 2022[18]. - The gross profit margin decreased by 2.11% year-on-year, primarily due to the lower margin from newly consolidated subsidiaries' medical equipment and consumables sales[34]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a year-over-year growth of 25%[197]. Investment and R&D - The company has a strong R&D team with over 20 years of experience in the field of rigid contact lenses, holding numerous patents and proprietary technologies[39]. - Research and development (R&D) investment amounted to 73,434,748.47 CNY, accounting for 4.23% of total revenue, up from 2.20% in 2022[75]. - The company plans to increase its marketing efforts for its corneal reshaping lenses and enhance online sales for its care products, aiming to improve the proportion of self-produced care products[109]. - The R&D department is focusing on developing innovative technologies, with an investment of approximately $5 million allocated for the next year[143]. - Ongoing research and development efforts are aimed at enhancing product features, with an investment of 100 million RMB allocated for new technology[200]. Operational Efficiency and Growth Strategy - The company is implementing new strategies to improve operational efficiency, aiming for a 5% reduction in operational costs by the end of the fiscal year[143]. - The company is actively seeking to invest in and acquire mature enterprises to contribute to its business expansion in a shorter time frame[113]. - The company plans to establish a standardized chain system for its optometry service terminals to ensure quality and operational efficiency[111]. - The company aims to maintain its leadership position in the rigid contact lens segment, focusing on product development, capacity expansion, quality improvement, and market promotion[103]. - The company is committed to maintaining compliance with regulatory standards and governance practices[150]. Shareholder Returns and Governance - The company has a profit distribution plan to distribute a cash dividend of 2.23 yuan per 10 shares to all shareholders, based on a total of 897,145,269 shares[7]. - The company has distributed a cumulative cash dividend of 496 million yuan, with a total of 374 million yuan in dividends over the past three years, maintaining a dividend payout ratio of no less than 20% of the net profit attributable to shareholders during the same period[128]. - The company has established a performance evaluation and incentive system that links management compensation to business performance and objectives, ensuring transparency in the hiring of senior management[134]. - The company has a governance structure that includes 9 board members, of which 3 are independent directors, ensuring compliance with legal and regulatory requirements[133]. - The company has a clear strategy for market expansion and product development, although specific figures were not disclosed in the provided content[135]. Market Expansion and Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[143]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 15% for the upcoming fiscal year, driven by new product launches and market expansion strategies[143]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[143]. - The company anticipates continued growth in the application of orthokeratology technology in the near future[101]. - The company has plans for future growth and significant capital expenditures, maintaining a minimum cash dividend ratio of 20% during profit distribution[166].

附件： | 编制单位：欧普康视科技股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 占用方与上市公 | 上市公司核算的 | 2023年初占用资 | 2023年度占用累 | 2023年度占用资 | 2023年度偿还累 | 2023年末占用资 | | 占用性质 | | | 资金占用方名称 | 司的关联关系 | 会计科目 | 金余额 | 计发生金额(不 含利息) | 金的利息(如有) | 计发生金额 | 金余额 | 占用形成原因 | | | 控股股东、实际控制人 | | | | | | | | - | | 非经营性占用 | | 及其附属企业 | | | | | | | | - | | 非经营性占用 | | | | | | | | | | - | | 非经营性占用 | | 小计 | — | — | — | - | - | - | - | - | | | | 前控股股东、实际控制 | | | | | | | | - | | 非经营性占用 ...

国元证券股份有限公司 关于欧普康视科技股份有限公司 全资子公司对外提供财务资助的核查意见 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为欧普 康视科技股份有限公司（以下简称"欧普康视"或"公司"）向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则（2023 年 8 月修订）》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作（2023 年 12 月修订）》等相关法律、法规 和规范性文件的规定，对欧普康视全资子公司对外提供财务资助事项进行了核查， 核查情况如下： 一、财务资助事项概述 为满足公司全资子公司欧普康视投资有限公司（以下简称"欧普投资"）参 股公司上海瑞影医疗科技有限公司（以下简称"上海瑞影"）加快重点研发项目 进展的资金需求，保障其业务正常开展，在不影响欧普投资正常生产经营的情况 下，欧普投资拟以自有资金为上海瑞影提供总额 400 万元的财务资助，借款期限 自款项实际支付至上海瑞影之日起计算,至 2025 年 12 月 31 日止，到期一次性还 本付息。借款利率分为附带条件下的无息借款和单利 10%两种，资 ...

欧普康视科技股份有限公司 募集资金管理制度（2024 年 3 月修订） 第一章 总则 第二条 本制度所称募集资金是指公司通过向不特定对象发行证券或者向 特定对象发行证券（包括股票、可转换公司债券等）募集并用于特定用途的资金， 但不包括公司实施股权激励计划募集的资金。 第三条 募集资金投资项目通过公司的子公司或公司控制的其他企业实施的， 公司应当确保该子公司或控制的其他企业遵守本制度。 第四条 募集资金的使用应以合法、合规、追求效益为原则，做到周密计划、 精打细算、规范使用，正确把握投资时机和投资进度，正确处理好投资金额、投 入产出、投资效益之间的关系，控制投资风险。 第五条 公司董事会根据有关法律、法规以及《公司章程》的规定建立健全 募集资金管理制度，对募集资金存储、使用、变更、监督和责任追究等内容进行 明确规定，确保该制度的有效实施并披露募集资金使用情况。 第一条 为规范欧普康视科技股份有限公司（以下简称"公司"）募集资金 的管理和运用，保护投资者的利益，提高募集资金使用效率，根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》《深圳 ...

国元证券股份有限公司关于 欧普康视科技股份有限公司 2023 年度定期现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，国元证券 股份有限公司作为欧普康视科技股份有限公司（以下简称"欧普康视"或"公 司"）2021 年度向特定对象发行股票的保荐机构，于 2024 年 3 月 18 日-3 月 22 日对欧普康视 2023 年 1 月 1 日-2023 年 12 月 31 日期间的有关情况进行了现场 检查，报告如下： | 保荐人名称：国元证券股份有限公司 被保荐公司简称：欧普康视 | | --- | | 保荐代表人姓名：高书法 联系电话：0551-62207572 | | 保荐代表人姓名：葛剑锋 联系电话：0551-62207572 | | 现场检查人员姓名：葛剑锋、张艳 | | 现场检查对应期间：2023 年 1 月 1 日-2023 年 12 月 31 日 | | 现场检查时间：2024 年 3 月 18 日-3 月 22 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | ...