[Table_Contacts] [Table_Title] 普瑞眼科（301239.SZ） 23 年业绩高增，高基数下 24Q1 业绩承压 响预计会有所承压，预计 24-26 年营业收入为 30.26、35.07、40.73 亿 元，考虑到公司经营规模的稳步扩张同时盈利能力仍处于爬坡期，给予 24 年 PS 4X 估值，对应合理价值为 80.89 元/股，给予"买入"评级。 ⚫ 风险提示。连锁经营模式扩张风险、医疗事故风险、医保控费风险。 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|----------|--------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1726 | 2718 | 3026 | 3507 | 4073 | | 增长率（ % ） | 0.9% | 57.5% | 11.3% | 15.9% | 16.1 ...

三项核心业务同步发力，医疗服务网络 逐渐完善 | --- | --- | --- | --- | |--------------------------|-------------|----------------|------------------------| | 12% | 普瑞眼科 | | 沪深 300 | | -3% -18% -33% | | | | | -48% -63% | | | | | 2023-04 | 2023-08 | 2023-12 | 2024-04 | | 资料来源： | Wind 资讯 | | | | 升幅 % | 1M | 3M | 12M | | 相对收益 | -14.2 | -37.6 | -44.5 | | 绝对收益 | -13.1 | -30.0 | -53.9 | | | 马帅 | | 分析师 | | | SAC | 执业证书编号： | S1450518120001 | | | | | mashuai@essence.com.cn | | | 贺鑫 | | 分析师 | | | SAC | 执业证书编号： | S1450522110001 | | | | | he ...

东吴证券研究所 1 / 3 公司点评报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------|-------|-------|-------|-------|--------------------------------|----------|---------|-------|-------| | [ 资产负债表（百万元） Table_Finance] | 2023A | 2024E | 2025E | 2026E | | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 1,215 | 660 | 778 | 689 | | 营业总收入 | 2,718 | 3,047 | 3,715 | 4,473 | | 货币资金及交易性金融资产 | 837 | 185 | 240 | 65 | | 营业成本 ( 含金融类 ) | 1,522 | 1,777 | 2,156 | 2 ...

成都普瑞眼科医院股份有限公司（以下简称"公司"）于2024年4月24日在 巨潮资讯网（www.cninfo.com.cn）披露公司《2023年年度报告》全文及摘要。 为便于广大投资者更加全面深入地了解公司经营管理情况，公司定于2024年5月 8日（星期三）15:00-17:00在深圳证券交易所"互动易"平台"云访谈"栏目 举办2023年度网上业绩说明会，本次年度业绩说明会将采用网络远程的方式举 行，投资者可登陆深圳证券交易所"互动易"平台（irm.cninfo.com.cn），进 入"云访谈"栏目参与本次说明会。 公司拟出席本次业绩说明会的人员有：公司董事长徐旭阳先生，独立董事 汤华东先生，副总经理兼董事会秘书金亮先生，财务负责人杨国平先生，保荐 代表人朱玉峰先生。 证券代码：301239 证券简称：普瑞眼科 公告编号：2024-024 成都普瑞眼科医院股份有限公司 关于举行2023年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 为进一步做好中小投资者保护工作，增进投资者对公司的了解，现就公司 2023年度业绩说明会提前向投资者公开征集问 ...

海通证券股份有限公司 关于成都普瑞眼科医院股份有限公司 2023 年度募集资金存放与使用情况之专项核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为成都 普瑞眼科医院股份有限公司（以下简称"普瑞眼科"或"公司"）首次公开发行 股票并在创业板上市持续督导保荐机构，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》《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）》（深证上〔2023〕1146 号）等有关规定，对《成都普瑞眼科医院股份有限公司 2023 年度募集资金存放 与使用情况的专项报告》进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意成都普瑞眼科医院股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕587 号），首次向社会公众公 开发行人民币普通股（A 股）股票 3,740.4762 万股，发行价为每股人民币 33.65 元，共计募集资 ...

证券代码：301239 证券简称：普瑞眼科 公告编号：2024-016 成都普瑞眼科医院股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 成都普瑞眼科医院股份有限公司（以下简称"公司"）本次会计政策变更 系根据中华人民共和国财政部（以下简称"财政部"）颁布的《企业会计准则 解释第16号》（财会〔2022〕31号，以下简称"解释16号"）、《企业会计准 则解释第17号》（财会〔2023〕21号，以下简称"解释17号"）的要求变更会 计政策，无需提交董事会和股东大会审议，对公司当期财务报表无影响，不涉 及以前年度的追溯调整，不存在损害公司及股东利益的情形。 一、会计政策变更概述 （一）变更原因及日期 1．2022年11月30日，财政部颁布《企业会计准则解释第16号》（财会 〔2022〕31号），其中"关于单项交易产生的资产和负债相关的递延所得税不 适用初始确认豁免的会计处理"的内容自2023年1月1日起施行。 公司根据上述会计准则解释规定，对会计政策进行相应变更，并按以上文 件规定的生效日期开始执行上述会计准则。该项 ...

Financial Performance - The company reported a net profit increase of 92.44% during the reporting period, primarily due to significant revenue growth [25]. - Operating cash inflow increased by 53.42%, attributed to the substantial rise in annual revenue [24]. - The company achieved operating revenue of CNY 2,717,873,370.90 in 2023, representing a year-on-year growth of 57.50% [37]. - Net profit attributable to shareholders reached CNY 267,913,456.76, an increase of 1202.56% compared to the same period in 2022 [37]. - The total revenue for 2023 reached CNY 2,717,873,370.90, representing a 57.50% increase compared to CNY 1,725,640,393.39 in 2022 [77]. - The net profit after deducting non-recurring gains and losses was CNY 197,813,058.48, up 967.07% from CNY 18,538,023.18 in 2022 [77]. - Basic and diluted earnings per share both stood at CNY 1.79, a remarkable increase of 1,018.75% from CNY 0.16 in 2022 [77]. - The weighted average return on net assets was 12.21%, significantly higher than 1.36% in the previous year [77]. Revenue Breakdown - The refractive project generated revenue of ¥1,296,067,407.11, which is 47.69% of total revenue, showing a growth of 33.52% year-on-year [114]. - The cataract project saw a significant revenue increase of 137.96%, reaching ¥593,711,660.50, which is 21.84% of total revenue [114]. - The optical project contributed ¥396,758,777.65, representing 14.60% of total revenue, with a year-on-year growth of 52.65% [116]. - Revenue from the medical sector amounted to ¥2,705,084,920.09, accounting for 99.53% of total revenue, with a growth of 57.77% compared to the previous year [114]. Investment and Acquisitions - The company completed the acquisition of Dongguan Guangming Eye Hospital for an investment amount of CNY 430,607,637.97, acquiring an 80% stake [52]. - The expected return from the investment in Dongguan Guangming Eye Hospital is CNY 520,000,000.00, with a reported investment gain of CNY 523,123,760.09 [52]. - The company completed the acquisition of 100% equity in Chuangfa Enterprises, indirectly holding 45% of Dongguan Guangming Eye Hospital, which achieved revenue of CNY 213,144,178.60, up 18.40% year-on-year [37]. - The company plans to continue expanding its market presence through strategic acquisitions and investments in the healthcare sector [52]. Research and Development - The number of R&D personnel grew by 90.00%, reflecting the company's commitment to enhancing medical technology investments [22]. - The company’s R&D investment amounted to ¥11,033,602.57 in 2023, representing 0.41% of operating revenue, an increase from 0.39% in 2022 [132]. - The company published 31 academic papers in SCI and Medicine, obtained 9 patents, and initiated 11 provincial, municipal, and district-level research projects in 2023 [108]. - The company has a research personnel ratio of 1.55% in 2023, up from 1.01% in 2022, indicating a focus on enhancing research capabilities [110]. Operational Strategy - The company aims to strengthen its technical capabilities and provide comprehensive eye health solutions for all age groups [34]. - The company operates under a "direct chain" business model, focusing on providing comprehensive ophthalmic medical services including refractive surgery, cataract treatment, and medical optometry [102]. - The company has implemented talent development programs, including the "Eagle Plan" for management training, to enhance its workforce capabilities [34]. - The company is focused on maintaining a stable financial position with no significant changes in shareholding among its directors and supervisors [151]. Market Expansion - The company has opened 27 chain ophthalmology specialty hospitals, covering all municipalities and over ten provincial capital cities, enhancing its national chain strategy [34]. - The company is expanding its presence in major cities, with new hospitals in cities like Kunming, Urumqi, and Shenzhen under construction [37]. - The company is focusing on expanding its market presence and enhancing its brand through strategic acquisitions and partnerships in the ophthalmic sector [95]. - The company aims to enhance eye health services in line with national health initiatives, targeting a 90% coverage rate for annual eye health checks for children aged 0-6 by 2025 [97]. Cash Flow and Dividends - The company distributed a cash dividend of CNY 4.00 per 10 shares, totaling CNY 596,000,000 [5]. - The net cash flow from operating activities reached ¥614,461,445.75, a significant increase of 92.44% compared to the previous year [137]. - The company plans to distribute cash dividends of no less than 10% of the distributable profits for the year, contingent on achieving profitability [164]. - The cash dividend per 10 shares for the current year was RMB 4.00, with a total cash dividend amount of RMB 59,545,512.40 [168]. Compliance and Governance - The company has a clear governance structure with independent directors and supervisors in place, ensuring compliance and oversight [151]. - The company has not reported any changes in the board of directors or senior management during the reporting period [153]. - The company has not engaged in any securities or derivative investments during the reporting period [68][69]. - The company was recognized for its ESG governance, receiving multiple awards including "2023 ESG Excellent Practice Case" from the China Listed Companies Association [108].

成都普瑞眼科医院股份有限公司 董事会议事规则 第一章 总则 第一条 为了保护公司和股东的合法权益，规范董事的行为，理顺公司管理 体制，明晰董事会的职责权限，建立规范化的董事会组织架构及运作程序，保 障公司经营决策高效、有序地进行，依照《中华人民共和国公司法》《中华人民 共和国证券法》《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》等其他规范性文件以 及《成都普瑞眼科医院股份有限公司章程》（以下简称"公司章程"）的规定， 制定本规则。 董事会秘书应遵守法律、行政法规、部门规章、规范性文件及公司章程、 公司董事会秘书工作细则的有关规定。 第五条 董事会下设董事会办公室，处理董事会日常事务。 1 第二章 董事会的组成和组织机构 第二条 公司依法设立董事会，董事会是公司的常设机构，是公司经营决策 机构，行使法律法规以及公司章程规定的职权，对股东大会负责并向其报告工 作。 第三条 公司董事会由 7 名董事组成，其中独立董事 3 名。公司独立董事占 董事会成员的比例不得低于三分之一，且至少包括一名会计专业人士。公司设 董事长一人，由董事会以全体董事的过半数选 ...

成都普瑞眼科医院股份有限公司 独立董事工作细则 第一章 总则 第一条 为了促进公司的规范运作，维护公司整体利益，保障全体股东特别 是中小股东的合法权益不受损害，根据《中华人民共和国公司法》（以下称"《公 司法》"）、《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》 《上市公司独立董事管理办法》（以下称"《独立董事管理办法》"）《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》《上市公 司治理准则》等法律、行政法规、规范性文件和《成都普瑞眼科医院股份有限公 司章程》（以下称"《公司章程》"）的有关规定，制定本细则。 第二条 独立董事是指不在本公司担任除董事外的其他职务，并与公司及其 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行 独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下称"中国证监会"）规定、证券交易 所业务规则和公司章程的规定，认真履行职责，在董事会中发挥参与决策、监督 制衡、专业咨询作用，维护上市公司整体利益，保护中小股东合法权益。 第四条 独立董事应当持 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥675,882,973.16, representing a 4.01% increase compared to ¥649,826,753.50 in the same period last year[40]. - The net profit attributable to shareholders of the listed company decreased by 89.58% to ¥16,924,936.43 from ¥162,393,315.01 year-on-year[40]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥19,084,077.60, down 73.28% from ¥71,427,627.21 in the previous year[40]. - The basic and diluted earnings per share both dropped to ¥0.11, a decline of 89.91% from ¥1.09 in the same period last year[40]. - The total comprehensive income attributable to the parent company's shareholders was significantly impacted, with a net profit of ¥16,924,936.43 compared to ¥162,393,315.01 previously, a decrease of approximately 89.6%[50]. - The operating profit for the current period was ¥41,355,597.39, down from ¥191,474,382.80, reflecting a decline of about 78.4%[50]. Cash Flow and Investments - The net cash flow from investment activities for the first quarter of 2024 was -¥196,363,723.78, a 63.02% increase in outflow compared to the same period last year[5]. - The net cash flow from operating activities was ¥125,706,825.28, an increase of 4.37% compared to ¥120,447,583.12 in the same period last year[40]. - Cash inflow from operating activities totaled ¥679,993,838.41, up from ¥618,035,398.46, reflecting an increase of around 10.0%[67]. - Cash outflow from operating activities was ¥554,287,013.13, compared to ¥497,587,815.34, which is an increase of about 11.4%[67]. - The company reported a significant decrease in investment income, down 99.37% to ¥583,182.02, due to revaluation of equity in a previously acquired hospital[5]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,739,576,891.70, a decrease of 1.57% from ¥4,815,000,387.93 at the end of the previous year[40]. - The total liabilities decreased from ¥2,496,787,457.87 to ¥2,432,122,786.09, a reduction of approximately 2.6%[49]. - The total equity attributable to shareholders decreased from ¥2,291,622,601.45 to ¥2,278,746,073.33, a decrease of approximately 0.6%[49]. - Current liabilities decreased to ¥774,628,304.72 from ¥1,043,136,742.01, a reduction of approximately 25.7%[62]. - Non-current assets totaled ¥3,564,118,373.11, down from ¥3,600,194,099.58, indicating a decrease of about 1.0%[62]. Borrowings and Financial Expenses - The company's short-term borrowings decreased by 57.77% to ¥98,428,416.67, resulting from repayments made during the period[5]. - The company's long-term borrowings increased by 206.71% to ¥290,778,074.66, reflecting new loans taken from banks during the period[5]. - Financial expenses increased by 40.33% to ¥18,121,370.70, mainly due to higher interest expenses from leasing new hospital properties[5]. Other Financial Metrics - The company's prepaid expenses increased by 203.24% to ¥29,497,219.69, primarily due to increased procurement payments for newly opened hospitals[5]. - The company's contract liabilities rose by 30.68% to ¥20,706,725.05, driven by growth in optical business and increased prepayments for eyewear[5]. - The company experienced a 104.89% increase in taxes and surcharges, totaling ¥1,261,475.64, mainly due to property tax and stamp duty from new properties[5]. - The company recorded a government subsidy of ¥1,027,746.09 during the reporting period[55]. - The weighted average return on net assets was 0.74%, a decrease of 6.82% from 7.56% in the same period last year[40]. - The company has maintained its capital reserve at approximately ¥1,735,326,760.56, showing stability in this area[49]. Share Repurchase - The company continued its stock repurchase program, resulting in a 99.40% increase in treasury shares to ¥59,770,175.60[5]. - The company repurchased a total of 755,267 shares, accounting for 0.50% of the total share capital, with a total transaction amount of ¥59,770,175.60[47].