%% %% 丨证券研究报告丨 公司研究丨点评报告丨华厦眼科（301267.SZ） [Table_Title] 业绩符合预期，静待消费改善 | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 业绩符合预期，短期承压。 2024 年前三季度公司收入 31.82 亿元，其中单三季度收入 11.31 亿 | | 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 华厦眼科（301267.SZ） cjzqdt11111 2024-11-11 相关研究 [Table_Title2] 业绩符合预期，静待消费改善公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2 ...

证 券 研 究 报 告 华厦眼科（301267）2024 年三季报点评 推荐（维持） 三季度业绩承压，全国布局稳步推进 目标价：27 元 当前价：22.60 元 事项： ❖ 近日，公司发布 24 年三季度报告。24 年前三季度，公司实现营业收入 31.82 亿元（+2.55%），归母净利润 4.21 亿元（-24.49%），扣非归母净利润 4.17 亿元 （-27.23%）。单三季度，公司实现收入 11.31 亿元（+2.00%），归母净利润 1.55 亿元（-23.35%），扣非归母净利润 1.45 亿元（-30.70%）。 评论： ❖ 三季度以来受政策和消费环境双重影响，公司收入端微增。单三季度，公司实 现收入 11.31 亿元，同比略微增长 2%。我们预计公司收入端承压主要是受到 以下几方面影响：1）部分地区执行 DRG/DIP 医保结算方式，白内障等医保收 入占比较高的项目客单价承压，眼病类业务表现较弱；2）此外屈光、视光等 消费类业务受整体消费疲软影响收入下滑。 ❖ 得益于良好的管理能力，公司各项成本费用均控制在合理范围内。毛利率方 面，24Q3 公司实现毛利率 46.39%，同比下降 4.8pct ...

证券研究报告·公司点评报告·医药生物 华厦眼科（301267） 2024 年三季报点评：利润受新院爬坡影响承 压，外延扩张步伐稳健 2024 年 11 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3233 | 4013 | 4174 | 4648 | 5129 | | 同比（ % ） | 5.51 | 24.12 | 4.00 | 11.37 | 10.35 | | 归母净利润（百万元） | 513.82 | 665.93 | 532.31 | 615.55 | 709.55 | | 同比（ % ） | 12.95 | 29.60 | (20.07) | 15.64 | 15.27 | | EPS- 最新摊薄（元 / 股） | 0.61 | ...

Financial Performance - Revenue for the third quarter was 1.131 billion yuan, a 2.00% increase year-over-year[2] - Net profit attributable to shareholders was 155.37 million yuan, a decrease of 23.35% compared to the same period last year[2] - Operating revenue for the period reached 3,181,879,566.30 RMB, up from 3,102,868,888.04 RMB in the previous period[15] - Net profit attributable to the parent company's owners grew to 2,430,944,158.40 RMB from 2,101,788,440.78 RMB[14] - Net profit attributable to the parent company's shareholders was RMB 420.86 million, compared to RMB 557.39 million in the same period last year[16] - Basic earnings per share (EPS) for the quarter were RMB 0.50, down from RMB 0.66 in the previous year[17] Assets and Liabilities - Total assets as of the end of the reporting period were 8.059 billion yuan, an increase of 9.22% compared to the end of the previous year[2] - Total assets increased to 8,058,862,994.41 RMB from 7,378,705,827.93 RMB, reflecting growth in both current and non-current assets[13][14] - Total liabilities rose to 2,021,204,720.29 RMB from 1,661,173,884.62 RMB, driven by increases in both current and non-current liabilities[13][14] - Fixed assets expanded to 876,282,339.17 RMB from 788,618,814.08 RMB, indicating ongoing investments in infrastructure[13] - Construction in progress increased to 119,592,668.20 RMB from 89,578,414.52 RMB, signaling further expansion plans[13] Cash Flow and Financial Activities - The company's monetary funds decreased by 71.85% to 1.103 billion yuan, mainly due to the use of temporarily idle funds for cash management[6] - Transactional financial assets increased by 908.20% to 2.744 billion yuan, also due to cash management activities[6] - Cash flow from operating activities was RMB 673.76 million, a decrease from RMB 724.91 million year-over-year[18] - Cash flow from investing activities showed a net outflow of RMB 3.05 billion, compared to a net inflow of RMB 487.45 million in the same period last year[19] - Cash flow from financing activities had a net outflow of RMB 439.01 million, compared to a net outflow of RMB 257.66 million in the previous year[19] - The company's cash and cash equivalents at the end of the period were RMB 1.08 billion, down from RMB 2.29 billion at the end of the previous period[19] Expenses and Income - Financial expenses increased by 59.01% to 25.40 million yuan, mainly due to reduced interest income from cash management and increased interest expenses on lease liabilities[7] - Other income increased by 108.56% to 24.03 million yuan, mainly due to increased government subsidies[7] - Asset impairment losses increased by 611.58% to 1.15 million yuan, mainly due to increased inventory write-downs[7] - Operating costs increased to 2,626,338,758.90 RMB from 2,353,594,879.58 RMB, with a significant rise in sales and administrative expenses[15] - Research and development expenses decreased to 53,903,578.99 RMB from 62,346,901.73 RMB, reflecting a shift in resource allocation[15] - Financial expenses rose to 25,398,784.92 RMB from 15,972,633.98 RMB, primarily due to higher interest expenses[15] - Interest income for the quarter was RMB 14.03 million, compared to RMB 18.15 million in the same period last year[16] - Other income increased to RMB 24.03 million from RMB 11.52 million year-over-year[16] - Investment income for the quarter was RMB 45.03 million, slightly down from RMB 47.53 million in the previous year[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 17,406[8] - Huaxia Medical Investment (Xiamen) Co., Ltd. holds 30.45% of the shares, totaling 255,764,011 shares[8] - Su Qingcan, an individual shareholder, holds 30.41% of the shares, totaling 255,405,989 shares[8] - Xiamen Hanwei Equity Investment Partnership holds 5.44% of the shares, totaling 45,731,250 shares[8] - Xiamen Hongfu Equity Investment Partnership holds 3.90% of the shares, totaling 32,745,000 shares[8] - The company has repurchased 6,581,440 shares, accounting for 0.78% of the total shares, with a total transaction amount of 181.302 million yuan[11] - Minority shareholders' equity surged to 235,506,542.77 RMB from 62,259,298.64 RMB, indicating increased external investment[14] Accounting and Reporting - The company's third quarter report for 2024 is unaudited[20] - No new accounting standards were applied at the beginning of 2024[20] Specific Financial Items - The company's monetary funds amount to 1,102,631,961.33 yuan[12] - The company's trading financial assets amount to 2,743,817,939.79 yuan[12] - The company's accounts receivable amount to 348,887,555.03 yuan[12] - The company's prepayments amount to 100,038,264.10 yuan[12] - Prepayments increased by 53.20% to 100.04 million yuan, mainly due to increased prepayments for medical supplies and acquisitions of subsidiaries[6] - Goodwill increased by 222.91% to 558.89 million yuan due to the acquisition of subsidiaries[7]

证券代码：301267 证券简称：华厦眼科 华厦眼科医院集团股份有限公司 投资者关系活动记录表 编号：2024-015 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：301267 证券简称：华厦眼科 华厦眼科医院集团股份有限公司 投资者关系活动记录表 编号：2024-014 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | ☑特定对象调研 □媒体采访 □ 新闻发布会 ☑现场参观 □ 其他： | □分析师会议 □ 业绩说 ...

证 券 研 究 报 告 华厦眼科（301267）2024 半年报点评 推荐（维持） 中报符合预期，消费眼科类稳健增长 目标价：25 元 当前价：17.02 元 事项： ❖ 24H1 公司营业收入 20.51 亿元（+2.85%）归母净利润 2.65 亿元（-25.15%）， 扣非归母净利润 2.71 亿元（-25.22%）。24Q2 公司收入 10.72 亿元（+0.89%）， 归母净利润 1.10 亿元（-46.40%），扣非归母净利润 1.14 亿元（-47.15%）。 评论： ❖ 消费眼科类稳健增长，白内障等业务受高基数影响增速承压。分业务看， 2024H1 公司屈光、眼视光综合、白内障、眼后段和其他业务分别实现收入 6.94、 4.97、4.65、2.62 和 1.32 亿元，分别实现同比变化 6.56%、4.56%、-6.53%、- 5.13%和 41.76%。其中，白内障和综合眼病受到去年高基数影响今年增速承压。 ❖ 由于新开医院刚性支出增加，盈利能力短期承压。24H1 公司毛利率 50.30%（- 4.46pct），我们预计公司的毛利率出现下滑主要是因为公司持续扩建医院和视 光中心，导致成本端承 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华厦眼科（301267.SZ） [Table_Title] 业绩符合预期，增长平稳 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司业绩平稳增长， 2024 年上半年实现收入为 20.51 亿元，同比增长 2.85% ；实现归属于上 | | | 市公司股东的净利润 2.65 亿元，同比下降 25.15% 。公司深耕"医教研一体化"建设，完善人 | | | 才培育体系。 2024 年上半年引进超 200 人在校学生，创历史新高。公司持续外延并购，收购 了成都爱迪、睢宁复兴、微山医大等多家医院，完善服务网络。未来公司将持续推进视光中心 | | | ...

公 司 研 究 医 药 生 物 [Table_Reportdate] 2024年09月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |--------------------------|------------------| | | | | 收盘价 | 2024/09/02 16.59 | | 总股本 ( 万股 ) | 84,000 | | 流通 A 股 /B 股 ( 万股 ) | 32,883/0 | | 资产负债率 (%) | 26.24% | | 市净率 ( 倍 ) | 2.37 | | 净资产收益率 ( 加权 ) | 4.68 | | 12 个月内最高 / 最低价 | 48.58/16.30 | [Table_QuotePic] -77% -64% -50% -37% -23% -10% 4% 17% 23-09 23-12 24-03 24 ...

证券研究报告 非金融公司|公司点评|华厦眼科（301267） 消费眼科支撑收入稳步增长，全国连锁 布局 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司发布 2024 年半年报，营业收入 20.51 亿元（YoY +2.85%），归母净利润 2.65 亿元（YoY -25.15%）。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 华厦眼科(301267) 消费眼科支撑收入稳步增长，全国连锁布局 | --- | --- | --- | |------------|------------------------|-------------------| | | | | | | 行 业： | 医药生物/医疗服务 | | | 投资评级： | 买入（首次） | | | 当前价格： | 17.16 元 | | 基本数据 | | | | | 总股本/流通股本(百万股 | ) 840.00/328.83 | | 流通 A | 股市 ...