角膜塑形镜销售同比下降，在研项目扎实推进 事件: 公司发布 2024 年中报，2024 上半年实现营业收入 8.83 亿元，同比增长 13.21%；归母净利润 3.24 亿元，同比增长 4.42%；扣非归母净利润 2.83 亿 元，同比增长 6.72%。二季度单季实现收入 4.19 亿元，同比增长 10.56%； 归母净利润 1.31 亿元，同比降低 4.37%；扣非归母净利润 1.16 亿元，同比 增长 0.45%。 点评: 角膜塑形镜销售同比下降，其他视光与非视光产品稳中有升 借力营销实现增长，利润缓慢释放 2024H1 公司期间费用率 31.87%，同比提升 2.64 个百分点。其中，销售费 用率 24.75%，同比提升 3.4 个百分点，管理费用率 4.58%，同比降低 1.25 个百分点，研发费用率 2.29%，同比降低 0.16 个百分点，主要系营销力度 加大，销售、技术支持人员增加。销售商品、提供劳务收到的现金同比增 长 6.46%，营销成果显著。此外，新建视光终端前期收入小但固定成本高， 未来利润水平有望逐渐提升。 夯实研发优势，在研项目扎实推进 产品研发领域，公司扩大了第一代镜片替代材料的生 ...

国元证券股份有限公司关于欧普康视科技股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐机构名称：国元证券股份有限公司 | 被保荐公司简称：欧普康视（300595） | | --- | --- | | 保荐代表人姓名：高书法 | 联系电话：0551-62207865 | | 保荐代表人姓名：葛剑锋 | 联系电话：0551-62207865 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次 | 0 次 | | 数 | | | 2．督导公司建立健全并有效执行规章制 | | | 度的情况 | | | （1）是否督导公司建立健全规章制度（包 括但不限于防止关联方占用公司资源的 | | | | 是 | | 制度、募集资金管理制度、内控制度、内 | | | 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目 ...

Group 1: Financial Performance - The company spent 506 million CNY on acquiring 13 subsidiaries, with 25% paid in cash for tax purposes, and the remaining shares are under lock-up agreements [3] - The sales revenue for orthokeratology lenses in the first half of the year was 1.61 billion CNY, while the sales of other optical products and technical services amounted to 1.61 billion CNY [4] - The gross margin for care products increased significantly due to a higher proportion of self-produced care products sold [5] Group 2: Market Strategy - The company aims to position the scleral lens as a high-end optical product that can replace traditional contact lenses, thereby establishing a brand moat [3] - The pricing strategy for the scleral lens is still under development, with considerations for user affordability [3] - The company is transitioning its marketing approach from B2B to B2C, although specific ratios have not yet been calculated [5] Group 3: Investor Relations - The company emphasizes that improving performance and maintaining sustainable development are fundamental to enhancing its value [6] - There are ongoing efforts to boost investor confidence, including the implementation of a comprehensive optical development strategy [6] - The company has not disclosed any specific measures to address the decline in stock price but is committed to transparency in future communications [6]

证券代码：300595 证券简称：欧普康视 公告编号：2024-079 欧普康视科技股份有限公司 关于控股子公司为其子公司提供担保的公告 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。 一、担保概述 欧普康视科技股份有限公司（以下简称"公司"）全资子公司欧普康视投资有 限公司的控股子公司莱州同明中西医结合医院有限公司（以下简称"莱州同明医院 "）的全资子公司莱州同辉医疗器械有限公司（以下简称"莱州同辉"）拟向山东 莱州农村商业银行股份有限公司文昌支行申请总额不超过人民币400万元的授信额 度，授信期限3年，莱州同明医院同意为莱州同辉向上述银行申请总额不超过人民 币400万元融资事项提供连带责任保证担保。同时烟台融资担保集团有限公司为莱州 同辉向上述授信额度融资事项提供连带责任保证担保，莱州同明医院就烟台融资担 保集团有限公司担保事项提供反担保。 根据《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》等相关规定，本次担保事项属于上市公司控股子公司为上市公司合并报表 范围内的法人提供担保，控股子公司莱州同明医院已履行内部审批程序，无需 提交公 ...

股票简称：欧普康视 证券代码：300595 公告编号：2024-078 欧普康视科技股份有限公司 | | 是否为控 | | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押数 | 所持 | 司总 | 是否 | 为补 | 质押 | 质押 | | 质押 | | 名称 | 第一大股 | 量（股） | 股份 | 股本 | 为限 | 充质 | 起始日 | 到期日 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 售股 | 押 | | | | | | | 致行动人 | | （%） | (%) | | | | 办理解除 | 广发证券 | 补充 | | | | 262,000 | 0.21 | 0.03 | 否 | 是 | 2024/8/21 | 质押登记 手续之日 | 股份有限 公司 | 质押 | | | | 79,000 | 0.06 | 0.01 | 否 | 是 | 2024/8/21 | 办理解除 质押登记 | 招商证券 股 ...

Investment Rating - The report maintains a "Hold" rating for the company [3][4]. Core Views - The company is experiencing pressure on its performance, with a focus on waiting for a turning point in its business [4]. - The revenue for H1 2024 reached 880 million yuan, representing a year-on-year increase of 13.2%, while the net profit attributable to the parent company was 320 million yuan, up 4.4% year-on-year [4]. - The company is expanding its optical service terminals, with over 470 locations, aiming to enhance product and service revenue [4]. Summary by Relevant Sections Earnings Forecast and Investment Suggestions - EPS is projected to be 0.91 yuan for 2024, 1.06 yuan for 2025, and 1.23 yuan for 2026 [2][5]. Financial Data - Total shares outstanding: 899.7 million - Market capitalization: 12.479 billion yuan - Total assets: 5.561 billion yuan - Net asset per share: 4.98 yuan [2]. Performance Summary - H1 2024 revenue breakdown: - Rigid contact lens revenue: 370 million yuan (down 2.7%) - Care product revenue: 120 million yuan (down 3.8%) - Ordinary frame glasses and other revenue: 160 million yuan (up 44.3%) [4]. - H1 2024 gross margin: 73.8% (down 1.8 percentage points year-on-year) [4]. Expense Analysis - Sales expense ratio: 24.8% (up 3.4 percentage points year-on-year) - Management expense ratio: 4.5% (down 1.3 percentage points year-on-year) - R&D expense ratio: 2.3% (down 0.1 percentage points year-on-year) [4]. Market Position and Growth Potential - The company is actively expanding its optical service terminals, indicating potential for future growth in both product and service revenues [4].

Group 1: Company Performance - The company reported a revenue increase of over 25% in its optical service business, which now accounts for more than 52% of total revenue [4] - The sales of frame glasses and other optical products reached 161 million CNY, reflecting a growth of 44% [5] - The company has added over 470 optical service terminals, with terminal business revenue also growing over 25% [4] Group 2: Product Development and Market Strategy - The company is currently conducting Phase III clinical trials for low-concentration atropine eye drops, with enrollment ongoing [3] - The sales of orthokeratology lenses have shown fluctuations, with a weaker second quarter compared to the first [3] - The company remains optimistic about the long-term prospects of orthokeratology lenses, citing unique benefits such as allowing users to not wear glasses during the day [3] Group 3: Competitive Landscape - The orthokeratology lens market faces challenges due to high-end consumer fatigue and increased competition from various myopia control products [5] - Despite current growth challenges, the company believes that orthokeratology lenses will remain a preferred choice due to their proven effectiveness and user satisfaction [5] Group 4: Investor Relations and Communication - The company held an online investor meeting to address questions regarding its semi-annual report and to understand investor concerns [6] - The management team emphasized their commitment to a comprehensive optical product and service strategy, adapting to macroeconomic conditions [6]

人民币(元) 成交金额(百万元) 15.00 17.00 19.00 21.00 23.00 25.00 27.00 29.00 0 100 200 300 400 500 230815231012231209240205240403240531240728 成交金额 欧普康视 沪深300 公司基本情况（人民币） 项目 2022 2023 2024E 2025E 2026E 营业收入(百万元) 1,525 1,737 2,031 2,346 2,686 营业收入增长率 17.78% 13.89% 16.90% 15.53% 14.46% 归母净利润(百万元) 624 667 757 855 959 归母净利润增长率 12.44% 6.87% 13.63% 12.85% 12.20% 摊薄每股收益(元) 0.697 0.743 0.844 0.953 1.069 每股经营性现金流净额 0.65 0.71 1.78 1.05 1.17 ROE(归属母公司)(摊薄) 14.74% 15.32% 15.36% 15.25% 15.02% P/E 51.22 30.39 18.97 16.81 14.99 P/B 7. ...

Investment Rating - The report maintains a cautious buy rating for the company [5][7]. Core Views - The company's performance for H1 2024 is in line with expectations, achieving revenue of 883 million yuan (+13.21%) and a net profit of 324 million yuan (+4.42%) [5]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.80, 0.92, and 1.06 yuan respectively, down from previous estimates of 0.86, 0.99, and 1.14 yuan [5]. - The target price for 2024 is set at 17.60 yuan, based on a PE ratio of 22x [5]. Revenue Breakdown - Revenue from the company's core product,角塑, was 373 million yuan (-3%), impacted by weak high-end consumption and increased competition [5]. - Nursing products generated 117 million yuan (-4%), with a notable increase in gross margin by 6.66 percentage points to 60.65% due to strong promotion of self-produced nursing products [5]. - Revenue from other optical products and technical services reached 161 million yuan (+44.28%), driven by strong growth in non-focus frame glasses [5]. - Medical services revenue was 191 million yuan (+46%), attributed to rapid growth from newly consolidated hospitals, although gross margin decreased by 8.81 percentage points to 64.97% [5]. Cost and Profitability - The company's gross margin for H1 2024 was 73.77% (-1.8 percentage points), primarily due to a decrease in the proportion of high-margin角塑 revenue [5]. - The increase in sales and marketing expenses has temporarily affected the net profit margin, with sales expenses rising due to the addition of sales and technical support personnel [5]. Product Development - The company has a rich pipeline of products under development, including new generation角塑 materials, multifocal soft lenses, lubricants, nursing liquids, and eye comfort devices, indicating significant growth potential [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 883 million yuan (+13.21% YoY) and net profit attributable to the parent company of 324 million yuan (+4.42% YoY) [3] - OK lens sales declined slightly due to weak high-end consumption, with revenue of 373 million yuan (-3% YoY) and gross margin of 88.32% (-1.13pct) [3] - The company's R&D pipeline is progressing well, with multiple new products in development and clinical trials [3] Financial Performance - Revenue is expected to grow from 1,737 million yuan in 2023 to 2,752 million yuan in 2026, with a CAGR of 14.45% [2] - Net profit attributable to the parent company is forecasted to increase from 666.60 million yuan in 2023 to 943.01 million yuan in 2026, with a CAGR of 12.24% [2] - EPS is projected to rise from 0.74 yuan in 2023 to 1.05 yuan in 2026 [2] Regional Performance - Revenue growth exceeded 10% in the Northeast, East China, and North China regions, driven by contributions from newly consolidated medical institutions [3] - The company has established partnerships with over 2,000 terminal outlets and owns or holds stakes in more than 470 optometry service terminals [3] Product Development - The company is expanding production of its self-developed lens replacement materials, with the second-generation materials for high-oxygen permeable orthokeratology lenses and scleral lenses already submitted for registration [3] - Multi-focus soft contact lenses are in multi-center clinical trials, and new specifications for care products have been launched to meet offline and online demand [3] - The company has made breakthroughs in the development of hydrogen peroxide disinfectant and is researching medical-grade hydrogen peroxide care solutions [3] Valuation - The company's current P/E ratio is 21.56x, expected to decrease to 15.24x by 2026 [2] - The P/B ratio is 3.30x, projected to decline to 2.12x by 2026 [9] - ROE is forecasted to remain stable around 13.88% from 2024 to 2026 [9]