公 司 研 究 2024年04月30日 华厦眼科 （301267）：业绩稳健增长，内 买入（维持） 公 生外延完善全国布局 司 报告原因：业绩点评 ——公司简评报告 简 评 证券分析师 投资要点 杜永宏 S0630522040001 dyh@longone.com.cn  2023年业绩快速增长，2024Q1整体平稳。公司发布2023年报及2024年一季报：2023年全 医 证券分析师 年实现营收40.13亿元、归母净利润6.66亿元，同比分别增长24.1%、29.6%；其中第四季 药 伍可心 S0630522120001 度实现营收9.10亿元、归母净利润1.09亿元，同比分别变动28.2%、-6.6%；全年业绩符合 生 wkx@longone.com.cn 预期。2024Q1实现营收9.78亿元、归母净利润1.56亿元，同比分别增加5.1%、3.8%；总 物 体经营平稳。 数据日期 2024/04/29 收盘价 26.19  眼病诊疗业务增长良好，消费眼科需求逐渐复苏。2023年公司诊疗量稳步提升，公司旗下 总股本(万股) 84,000 医院及视光诊所门诊量超186万人次，同比增长约21%；手术量超3 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 revenue reached 4.013 billion yuan, a year-on-year increase of 24.12%, with a net profit of 666 million yuan, up 29.60%. The Q1 2024 performance met expectations with revenue of 978 million yuan, a 5.09% increase, and a net profit of 156 million yuan, up 3.75% [3] - The acquisition of 100% equity in Juxin Yihua Consulting Company for 502.5 million yuan is expected to significantly enhance the company's performance, as the target company owns several hospitals [3] - The company has shown strong growth in its core ophthalmology business, with cataract project revenue increasing by 31.38% and a gross margin of 43.69% in 2023 [3] Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 3,233 to 6,627, with year-on-year growth rates of 5.51%, 24.12%, 19.16%, 18.28%, and 17.15% respectively [2] - The net profit attributable to the parent company is expected to rise from 513.82 million yuan in 2022A to 1,431.23 million yuan in 2026E, with growth rates of 12.95%, 29.60%, 29.70%, 28.92%, and 28.53% [2] - The latest diluted EPS is projected to increase from 0.61 yuan in 2022A to 1.70 yuan in 2026E, with corresponding P/E ratios decreasing from 41.31 to 14.83 [2] Operational Highlights - The company reported over 1.86 million outpatient visits and over 370,000 surgeries in 2023, reflecting a year-on-year increase of approximately 21% and 23% respectively [3] - The overall gross margin for 2023 was 49.03%, with a slight increase of 0.98 percentage points [3] - The company plans to gradually improve profitability through the integration of new hospitals and services [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.25 CNY, compared to the current price of 25.27 CNY [2][8]. Core Insights - The company reported a significant revenue increase of 24.12% in 2023, reaching 4.013 billion CNY, and a net profit growth of 29.6%, totaling 666 million CNY. The Q1 2024 results also met expectations with a revenue of 978 million CNY, up 5.09%, and a net profit of 156 million CNY, up 3.75% [4][5]. - The company continues to show strong growth in its core business segments, particularly in cataract and comprehensive eye disease treatments, which have seen accelerated demand post-pandemic [5][6]. - The acquisition of 100% equity in Xiamen Huaxia Juxin No.1 Investment Consulting Co., Ltd. for 503 million CNY is expected to enhance the company's long-term growth potential through both organic growth and external acquisitions [4][7]. - The company’s financial metrics indicate robust operational resilience, with a gross margin of 48.97% and a net profit margin of 15.94% in Q1 2024, despite a high base effect from the previous year [6][8]. Financial Summary - The company’s revenue and net profit projections for 2024 and beyond are as follows: - 2024E Revenue: 4.590 billion CNY, Net Profit: 791 million CNY - 2025E Revenue: 5.469 billion CNY, Net Profit: 968 million CNY - 2026E Revenue: 6.377 billion CNY, Net Profit: 1.168 billion CNY - The projected growth rates for net profit are 18.8% for 2024, 22.4% for 2025, and 20.7% for 2026 [9][14]. Valuation Metrics - The report suggests a price-to-earnings (P/E) ratio of 30x for 2024, leading to a market capitalization estimate of 23.7 billion CNY [8][9]. - The company’s asset-liability ratio is projected to decrease from 23.19% in 2023 to 19.6% by 2026, indicating improved financial stability [10][14]. Conclusion - The report highlights the company's strong growth trajectory, strategic acquisitions, and solid financial performance, supporting the "Buy" rating and positive outlook for future earnings growth [2][8][9].

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：2024-012 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 投资者关系活动类别 其他：东吴证券、中金公司、中信建投、兴业证券、西南证 券、海通证券、中信证券、华泰证券、申万宏源、国金证券、 广发证券、华创证券、东北证券、民生证券、华安证券、国投 证券、招商证券、华福证券、开源证券、中邮证券、国盛证券、 天风证券、东海证券组织的电话会议 参与单位名称及人员 共计109名投资者参与交流，参会人员名单详见附件。 姓名 时间 2024年4月26日15:30-16:30 地点 公司会议室 陈凤国先生 董事 上市公司接待人员 陈鹭燕女士 财务总监 姓名 曹乃恩先生 董事会秘书 一、介绍 2023年度及 2024年一季度经营情况 ...

Sustainability Report 2023 Stock code 301267 CONTENTS Preparation of Report Preface About Us 2023 Sustainable Development lmpact 2023 Honors and Awards 3 5 7 9 10 01 Environmental | Climate Response | 12 | | --- | --- | | Resource Utilization and Circular Economy | 16 | | Pollution Control and Ecosystem Protection | 18 | 03 Governance | Party Building | 70 | | --- | --- | | Sustainability-Related Governance Mechanisms | 71 | | Commercial Behaviors | 83 | 02 Social | Employees | 26 | | --- | --- | | Innovati ...

华厦眼科医院集团股份有限公司 2023 年度会计师事务所履职情况评估及审计委员会履行 监督职责情况报告 华厦眼科医院集团股份有限公司（以下简称"公司"）董事会审计委员会 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》《国有企业、上市公司选聘会计师事务所管理办法》《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》等法律法规、规范 性文件以及《华厦眼科医院集团股份有限公司章程》《董事会审计委员会实施 细则》等规定和要求，本着勤勉尽责的原则，恪尽职守，认真履职，现对公司 2023 年会计师事务所履职情况评估及审计委员会履行监督职责情况进行总结报 告，并就公司续聘 2024 年度会计师事务所出具了同意的审核建议，具体情况如 下： 一、2023 年年审会计师事务所情况 （一）会计师事务所基本情况 1、基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普 通合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊 普通合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期 从事证券服务业务。注册地址为 ...

华厦眼科医院集团股份有限公司 章程 二 0 二四年四月 目录 1 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 总经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 2 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行 为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）等法律、行政法规、部门规章、规 范性文件，制订本章程。 第二条 公 ...

中国国际金融股份有限公司 预计 2024 年度日常关联交易及补充确认 2023 年度日常关联交易 的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为华厦眼科医 院集团股份有限公司（以下简称"华厦眼科"或"公司"）首次公开发行股票并在创业板上 市及持续督导的保荐机构，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》《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》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》 等有关规定，对华厦眼科预计 2024 年度日常关联交易及补充确认 2023 年度日常关联交 易的事项进行了审慎核查，具体情况如下： 一、 日常关联交易基本情况 （一）补充确认 2023 年度日常关联交易的基本情况 根据公司实际经营需要及业务发展规划，2023 年公司通过全资子公司厦门捷颂医 疗器械有限公司控股了福建中胜药业有限公司（以下简称"中胜药业"），将中胜药业 纳入公司合并报表范围。根据中胜药业与公司关联方福建莆田电商投资管理股份有限 公司（以下简称"莆田电商"）签署的 2023 年度合作协议，其使用 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 15% compared to the previous year[6]. - The company reported a total revenue of RMB 1.2 billion for the year 2023, representing a year-on-year growth of 15%[10]. - The company's operating revenue for 2023 reached ¥4,013,164,370.86, representing a 24.12% increase compared to ¥3,233,246,188.16 in 2022[15]. - Net profit attributable to shareholders for 2023 was ¥665,932,077.37, a 29.60% increase from ¥511,793,450.73 in 2022[15]. - The net profit after deducting non-recurring gains and losses for 2023 was ¥662,340,634.90, up 22.37% from ¥539,234,287.27 in 2022[15]. - The gross profit margin improved to 60%, up from 55% in the previous year, reflecting operational efficiencies[10]. - The company achieved operating revenue of 4.013 billion yuan, a year-on-year increase of 24.12%[57]. - Net profit attributable to shareholders reached 666 million yuan, growing by 29.60% year-on-year[57]. - The main business revenue amounted to ¥3,744,820,068.76, accounting for 93.31% of total revenue, with a year-on-year growth of 19.64%[68]. Dividend Distribution - The company plans to distribute a cash dividend of 1.1 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[2]. - The total distributable profit for the year is RMB 302,993,551.85, with the cash dividend representing 100% of the profit distribution[197]. - The company has a policy to distribute at least 10% of the distributable profit as cash dividends when certain conditions are met, including positive net profit and retained earnings[195]. - The profit distribution proposal complies with relevant laws and regulations, ensuring no harm to the rights of minority shareholders[199]. Market Expansion and Strategy - The company plans to expand its market presence by opening 10 new clinics in key cities across China in the next year[6]. - The company has set a revenue guidance for the next fiscal year, projecting a growth rate of 10% to 12%[6]. - The company aims to enhance its digital health services, targeting a 30% increase in online consultations by the end of 2024[7]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and market share[10]. - The company aims to achieve a "1+N" medical service network layout to tap into the potential of the vision care service market and drive steady revenue growth[126]. Research and Development - The company is investing 200 million RMB in research and development for innovative eye care solutions over the next three years[6]. - Research and development investments increased by 30% in 2023, focusing on innovative ophthalmic technologies[10]. - The company has accumulated over 1,349 academic papers, including 301 published in SCI journals, and has been involved in over 300 national and provincial research projects, showcasing its strong research capabilities[50]. - The company is conducting a major R&D project on femtosecond laser-assisted cataract surgery for patients with high myopia and astigmatism, aiming to improve surgical quality and patient satisfaction[76]. Patient Care and Satisfaction - User data showed that the number of patients treated increased by 20%, reaching 500,000 patients in 2023[7]. - The overall patient satisfaction rate improved to 95%, reflecting the company's commitment to quality service[7]. - The company is committed to serving all patients regardless of their financial status, ensuring access to quality eye care[39]. - The company has established standardized service processes for patient diagnosis and treatment, ensuring efficient and effective care delivery[42]. Operational Efficiency - The company reported a net profit margin of 18%, indicating strong operational efficiency[6]. - The company has a comprehensive approach to treating ocular surface diseases, offering a range of advanced treatment options[41]. - The company emphasizes safety and quality in surgical procedures through a strict grading management system for surgeries and invasive operations[43]. - The company has implemented a comprehensive quality management system, conducting 12 service improvement initiatives and 12 service quality checks throughout the year, resulting in a 40% increase in patient satisfaction survey participation[65]. Industry Trends and Market Outlook - The company is positioned in the ophthalmology medical service industry, which is experiencing growing demand due to increasing public health awareness and government policies[24]. - The "14th Five-Year Plan" for national eye health aims for significant improvements in eye care coverage and service capabilities by 2025, indicating a favorable market outlook for the company[25]. - The private ophthalmic medical service market is expected to reach RMB 110.28 billion by 2025, with a CAGR of 20.0% from 2020 to 2025[27]. - The company is actively involved in the comprehensive prevention and control of myopia among children and adolescents, aligning with national health initiatives[33]. Corporate Governance and Investor Relations - The company emphasizes investor relations management, providing multiple communication channels to maintain good relationships with investors[147]. - The company has established a complete and independent corporate governance structure, ensuring separation from the actual controller in terms of business, assets, personnel, and finance[148]. - The company has held a total of 3 board meetings and 3 supervisory meetings during the reporting period[146]. - The company maintains a clear separation in organizational structure and personnel from the actual controller, ensuring independent operational capabilities[149]. Financial Management - The company has a structured decision-making process for adjusting profit distribution policies based on operational conditions and external environments[192]. - The company has not sold any significant assets or equity during the reporting period[119]. - The company has a total of RMB 141,289,030 in idle raised funds, which are stored in a dedicated account[116]. - The company has implemented a performance management method combining OKR and KPI, with 360° assessments for management and subordinate units[187].

华厦眼科医院集团股份有限公司 2023 年度独立董事述职报告 作为华厦眼科医院集团股份有限公司（以下简称"公司"）独立董事，在 2023 年度任职期间，本人严格按照《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司独立董事管理办法》等相关法律法规及《公司章程》《公司独立 董事工作制度》的规定和要求，勤勉、忠实、独立地履行了独立董事的职责，依 法合规地行使了独立董事的权利，主动了解公司生产经营情况，积极参加公司相 关会议，认真审议董事会各项议案并对重大事项发表独立意见，切实维护公司及 全体股东特别是中小股东的利益，充分发挥了独立董事的作用。现将本人 2023 年度履职情况报告如下： 本人自 2022 年 12 月起担任公司第三届董事会独立董事，公司董事会下设审 计委员会、战略与可持续发展委员会、薪酬与考核委员会、提名委员会四个专门 委员会。目前，本人同时担任公司第三届董事会审计委员会主任委员、薪酬与考 核委员会委员。 （二）独立性说明 本人作为公司独立董事已对自身独立性进行了自查，经确认，本人未在公司 担任除独立董事及董事会专门委员会委员以外的任何职务，本人及直系亲属、主 要社会关系均未在公司或其附属 ...