眼科专题 营收筑底，盈利分化 西南证券研究院 2025年11月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：汪翌雯 执业证号：S1250522120002 邮箱：wangyw@swsc.com.cn 投资要点 行业：眼科医疗服务市场规模持续增长 业务：屈光与视光占比普遍提升，基础医疗板块则受政策与需求结构影响承压 公司：营收筑底，各家盈利能力逐渐分化 相关标的 眼科行业相关公司如爱尔眼科、华厦眼科、普瑞眼科、希玛医疗等。 眼科医疗行业稳定增长。根据中国卫生健康年鉴数据测算，中国眼科医疗服务市场的行业规模从2015年507.1亿增长至2024年 的2231亿元，持续稳定增长。随着现代工作、学习、娱乐用眼强度大幅增加，老龄化进程不断加速，预计2025年中国眼科医 疗服务市场规模达到2521.5亿元，2020-2025年复合增长率为16.0%，中国眼科医疗市场持续扩容确定性高。 眼科医院：整体增速放缓。预计到2028年，民营3044家、公立83家，整体较2025年民营扩容911家、公立扩容11家。从复合 增速来看，2019- ...

平安证券研报指出，中国眼疾患者人数规模庞大，近视人口从2016年5.4亿人迅速增加至2020年6.6亿 人，全国人口近视发生率由39.2%升至47.1%，随着人们对视力健康的重视程度不断提高，以及近视患 者数量的增加，屈光手术的市场需求持续增长；白内障及眼科疾病方面，随着我国老龄化趋势加剧、以 及老年人健康意识增强、消费力提升预计未来需求端将持续扩容，眼科医疗服务市场空间潜力巨大。华 厦眼科作为国内优质民营眼科医疗企业，学术实力雄厚，扩张模式清晰，随着未来消费医疗有望回暖、 屈光术式持续升级、老龄化趋势加剧医疗服务需求提升等，业绩有望保持稳健增长。预计公司 2025/2026/2027年预计分别实现归母净利润4.82、5.52、6.29亿元。首次覆盖，给予"推荐"评级。 ...

Investment Rating - The report gives a "Recommended" rating for Huaxia Eye Hospital (301267.SZ) [1] Core Views - The demand for ophthalmic diagnosis and treatment is continuously growing, supported by favorable national policies for the development of private specialty hospitals. The number of myopia patients in China has increased from 540 million in 2016 to 660 million in 2020, with the incidence rate rising from 39.2% to 47.1% [6][24] - The company is successfully expanding its operations, with a decrease in the revenue contribution from its core hospital, Xiamen Eye Center, indicating successful new hospital openings and improved performance from other facilities [6][40] - The profitability of cataract and refractive surgery projects is recovering, with revenue growth in refractive services driven by technological upgrades [6][34] Summary by Sections 1. Company Overview - Huaxia Eye Hospital focuses on ophthalmic medical services and has expanded its chain operations nationwide, establishing a network of 64 specialized hospitals and 67 vision centers across 49 cities [9][15] 2. Market Demand and Policy Support - The demand for eye care services is on the rise, with significant growth in the elderly population and increasing awareness of eye health among the public. The aging population is expected to drive the demand for cataract surgeries and other eye-related treatments [24][26] - National policies are favorable for the development of private specialty hospitals, enhancing the overall healthcare service quality and expanding the market for ophthalmic services [29][30] 3. Business Segments Performance - The refractive surgery segment is the company's core business, contributing the highest revenue share and showing a recovery in profit margins due to new surgical techniques [18][34] - The cataract business faced short-term pressure due to national procurement policies but is expected to stabilize and grow in the long term as the aging population increases [31][43] - The integrated vision care project has shown steady revenue growth, although initial investments in new centers have impacted profit margins [38] 4. Financial Performance and Forecast - The company achieved a revenue of 40.13 billion yuan in 2023, with a year-on-year growth of 24.1%. However, growth slowed in 2024 due to high base effects, with revenue of 40.27 billion yuan, a mere 0.3% increase [5][20] - Profit forecasts for 2025, 2026, and 2027 are 4.82 billion yuan, 5.52 billion yuan, and 6.29 billion yuan respectively, indicating a positive outlook for sustained growth [6][43]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 3.272 billion yuan, a year-on-year increase of 2.83% [1] - The net profit attributable to shareholders reached 434 million yuan, reflecting a year-on-year increase of 3.04% [1] - For the third quarter alone, the operating revenue was 1.133 billion yuan, showing a slight year-on-year growth of 0.13%, while the net profit attributable to shareholders decreased by 2.37% to 152 million yuan [1] Group 2: Dividend Distribution - The company plans to distribute a cash dividend of 0.9 yuan (including tax) for every 10 shares, totaling 749.2 million yuan, based on the number of shares after deducting the repurchased shares of 83.2 million [1] Group 3: Cost and Margin Analysis - The gross profit margin for the first three quarters of 2025 was 45.03%, a decrease of 1.00 percentage point year-on-year [1] - The selling expense ratio was 13.21%, down by 0.94 percentage points year-on-year, while the management expense ratio was 11.49%, a decrease of 0.08 percentage points [1] - The financial expense ratio increased by 0.24 percentage points to 1.03%, primarily due to reduced bank interest income from investing temporarily idle funds in financial products [1] Group 4: Strategic Development - The company is leveraging its "dual top-tier" advantage to establish a nationwide chain operation service system, focusing on both organic growth and external acquisitions [2] - In 2024, the company successfully acquired Chengdu Aidi Eye Hospital, becoming a large medical chain group with "dual top-tier" eye hospitals [2] - The company has identified 24 key investment provinces in China to build an ophthalmic medical service network through self-construction or acquisition [2] Group 5: Technological Advancement - The company introduced the new Zeiss SMILE pro technology for minimally invasive surgery, completing 2,000 SMILE pro surgeries by September 25, 2025, making it the first single hospital globally to reach this milestone in such a short time [2] Group 6: Revenue and Profit Forecast - The company forecasts operating revenues of 4.206 billion yuan, 4.697 billion yuan, and 5.239 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 4.4%, 11.7%, and 11.5% [2] - The net profit attributable to shareholders is expected to be 499 million yuan, 577 million yuan, and 661 million yuan for the same years, with growth rates of 16.4%, 15.6%, and 14.5% [2]

Investment Rating - The investment rating for the company is "Accumulate" [4][9]. Core Views - The company achieved a revenue of 3.272 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.83%, and a net profit attributable to the parent company of 434 million yuan, an increase of 3.04% year-on-year [1][4]. - The company plans to distribute a cash dividend of 0.9 yuan per 10 shares to all shareholders, totaling 74.92 million yuan [1][4]. - The company is focusing on expanding its national chain of ophthalmology services through both organic growth and acquisitions, having successfully acquired Chengdu Aidi Eye Hospital in 2024 [2][4]. - The introduction of new technologies, such as the Zeiss SMILE pro surgery, has positioned the company as a leader in the field, completing 2,000 surgeries in a record time [2][4]. Financial Performance Summary - For the first three quarters of 2025, the gross profit margin was 45.03%, a decrease of 1.00 percentage points year-on-year [1]. - The company forecasts revenue growth from 4.206 billion yuan in 2025 to 5.239 billion yuan in 2027, with corresponding net profits expected to rise from 499 million yuan to 661 million yuan during the same period [2][8]. - The projected earnings per share (EPS) for 2025 is 0.59 yuan, with a price-to-earnings (P/E) ratio of 33.9 [2][8].

Group 1 - The company, Huaxia Eye Hospital, is actively exploring the application and development of smart medical technologies and products in the field of ophthalmic medical services [1] - The current applications related to smart medical technologies are still in the gradual exploration phase [1] - Investors are advised to pay attention to investment risks associated with these developments [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's performance meets expectations with steady revenue growth. For the first three quarters of 2025, the operating revenue reached 3.272 billion yuan, a year-on-year increase of 2.83%. In the third quarter alone, the operating revenue was 1.133 billion yuan, growing by 0.13% year-on-year. The overall gross margin remains stable, with a gross margin of 44.71% in Q3 2025, slightly down from 45.44% in Q2 2025. Future growth in gross margin is anticipated as the company continues to focus on high-quality services, awaiting a return to higher revenue growth rates [5][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported an operating revenue of 3.272 billion yuan, up 2.83% year-on-year, and a net profit attributable to shareholders of 434 million yuan, an increase of 3.04%. In Q3 2025, the operating revenue was 1.133 billion yuan, with a net profit of 152 million yuan, down 2.37% year-on-year [5][11]. Strategic Initiatives - The company adheres to a dual-driven strategy of "internal growth + external mergers and acquisitions." It leverages the Xiamen Eye Center as a core, utilizing its leading diagnostic and treatment capabilities along with mature hospital management experience. The company has established a standardized high-quality medical service and management system across its chain of hospitals, expanding its ophthalmology network to 64 specialized hospitals and 67 optical centers across 19 provinces and municipalities by mid-2025 [11]. Research and Development - The company emphasizes the "coordinated development of medicine, education, and research," focusing on eye disease treatment. It has established a comprehensive medical education and research system, collaborating with over 40 universities, including Peking University and Xiamen University. This collaboration covers talent training, academic co-construction, and clinical research, with over 380 national and provincial research projects initiated and 1,641 academic papers published by mid-2025 [11]. Profit Forecast and Investment Advice - The company is projected to achieve net profits attributable to shareholders of 540 million yuan, 640 million yuan, and 730 million yuan for 2025, 2026, and 2027, respectively. The current stock price corresponds to price-to-earnings ratios of 30, 25, and 22 times for the respective years, maintaining a "Buy" rating [11].

Group 1 - The conference focused on the theme "AI + Healthcare: Innovative Development of Medical Informatics," gathering experts to discuss topics such as large model medical applications, healthcare data sharing, hospital information trends, and medical information talent cultivation [3] - Zhang Yi, the deputy director of Nanjing Huaxia Eye Hospital, presented an innovative model of "Metaverse + Ophthalmic Diagnosis and Treatment," integrating virtual reality and artificial intelligence to enhance visual function checks and rehabilitation training for children [3][9] - The innovative research showcased the potential of AI technology in improving ophthalmic diagnosis efficiency and optimizing patient experience, receiving high praise from attending experts [3][9] Group 2 - Zhang Yi has extensive experience in pediatric ophthalmology, particularly in the diagnosis and treatment of strabismus and amblyopia, as well as myopia prevention [5][7] - The hospital has been actively involved in public education initiatives, promoting eye health awareness among children through activities like "Science Popularization into Schools" [7] - Nanjing Huaxia Eye Hospital emphasizes technological innovation to enhance service quality, implementing an information management system for streamlined diagnosis and treatment processes [11]

Market Overview - The Shanghai Composite Index closed at 4018.60 points, above the annual line, with a change of 0.53% [1] - The total trading volume of A-shares reached 2,194.371 billion yuan [1] Stocks Breaking Annual Line - A total of 112 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Shede Liquor: 9.90% - Binhai Energy: 8.36% - Pinwo Food: 6.38% [1] Detailed Stock Performance - The following table summarizes the performance of stocks that broke the annual line: - Shede Liquor (600702): Today's change of 10.01%, turnover rate of 7.58%, latest price 65.63 yuan [1] - Binhai Energy (000695): Today's change of 9.96%, turnover rate of 5.02%, latest price 12.47 yuan [1] - Pinwo Food (300892): Today's change of 8.84%, turnover rate of 16.98%, latest price 36.70 yuan [1] - Other notable stocks include: - Haida Co. (300320): 8.77% change, 9.19% turnover, latest price 10.91 yuan [1] - Huachao City A (000069): 9.92% change, 3.74% turnover, latest price 2.66 yuan [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the annual line include: - Wanxin Media: Minor deviation rate [1] - Chengdu Bank: Minor deviation rate [1] - China Publishing: Minor deviation rate [1]

Core Viewpoint - Huaxia Eye Hospital (301267.SZ) has signed a supplementary agreement to extend the validity of the existing concerted action agreement by three years, until November 7, 2028, to maintain the stability of the company's governance structure and improve decision-making efficiency [1] Shareholding Structure - Mr. Su Qingcan, the chairman and general manager, directly holds 255,405,989 shares, accounting for 30.41% of the total shares [1] - Mr. Su Qingcan controls an additional 214,841,769 shares through an 84% stake in the largest shareholder, Huaxia Medical Investment (Xiamen) Co., Ltd., representing 25.58% of the total shares [1] - In total, Mr. Su Qingcan holds 470,247,758 shares, which is 55.98% of the total shares, through direct and indirect means [1] - Ms. Su Shihua is recognized as a concerted actor with Mr. Su Qingcan, and together they hold a total of 529,194,600 shares, accounting for 63.00% of the total shares [1]