Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company's performance is under short-term pressure, but the consumer ophthalmology sector shows steady growth [1][6] - The company is a large ophthalmology medical chain group integrating medical education and research, achieving stable growth through "internal growth + external mergers" [6] Financial Performance Summary - In 2024, the company achieved total revenue of 4,027 million yuan, a year-on-year increase of 0.35%, and a net profit attributable to the parent company of 428.64 million yuan, a year-on-year decrease of 35.63% [6][7] - For Q1 2025, the company reported revenue of 1,093 million yuan, a year-on-year increase of 11.74% and a quarter-on-quarter increase of 29.34%, with a net profit of 150 million yuan, a year-on-year decrease of 4.00% [6][7] - The company's gross profit margin for 2024 was 44.19%, and for Q1 2025, it was 44.97%, showing a decline compared to the previous year [6][7] Business Segment Performance - The cataract project generated revenue of 873 million yuan in 2024, a year-on-year decrease of 11.56%, while the refractive project achieved revenue of 1,296 million yuan, a year-on-year increase of 7.44% [6][7] - The company expects improvements in the refractive surgery business's unit price and gross margin due to the promotion of new technologies [6] Employee Incentives - The company announced an employee stock ownership plan to motivate core personnel, with a total of 752.78 million shares available for purchase at a price of 9.26 yuan per share [6] Profit Forecasts - The revised profit forecasts for 2025-2027 are net profits of 5.15 billion yuan, 6.05 billion yuan, and 6.97 billion yuan, respectively [6][7]

Core Viewpoint - Huaxia Eye Hospital reported a slight increase in revenue for 2024, but significant declines in net profit and net profit after excluding non-recurring gains, primarily due to the impact of centralized procurement policies and rising costs [3][5]. Financial Performance - In 2024, Huaxia Eye Hospital achieved operating revenue of 4.027 billion yuan, a year-on-year increase of 0.35% [3]. - The net profit attributable to shareholders was 428 million yuan, a year-on-year decrease of 35.63% [3]. - The net profit after excluding non-recurring gains was 408 million yuan, down 38.29% year-on-year [3]. - Basic earnings per share were 0.51 yuan, with a weighted average return on equity of 7.57% [3]. Financial Structure Changes - The gross profit margin decreased by 4.84 percentage points to 44.19%, and the net profit margin fell by 6.25 percentage points to 10.63%, mainly due to centralized procurement policies and increased costs [5]. - Selling expenses increased by 9.26% to 582 million yuan, while management expenses rose by 8.97% to 504 million yuan [5]. - Financial expenses surged by 75.26% to 35.065 million yuan [5]. Cash Flow Analysis - The net cash flow from operating activities was 820 million yuan, a year-on-year decline of 14.66% [5]. - The net cash flow from investing activities was -748 million yuan, with a significant decline of 139.16%, primarily due to increased merger and acquisition expenses and cash management costs [5]. - The net cash flow from financing activities was -506 million yuan, attributed to stock buybacks and lease liabilities [5]. Business Segment Performance - In 2024, the main business revenue accounted for 93.71% of total revenue [6]. - Revenue from refractive projects was 1.296 billion yuan, accounting for 32.19%, driven by consumer recovery and new technologies, although growth was hindered in the fourth quarter [6]. - Revenue from comprehensive optometry projects was 1.069 billion yuan, representing 26.55%, with a focus on myopia prevention for children and adolescents [6]. - Revenue from cataract projects was 872 million yuan, making up 21.67%, impacted by centralized procurement policies but improved through the introduction of high-end artificial lenses [6]. Research and Development - In 2024, Huaxia Eye Hospital's R&D expenses were 70.6319 million yuan, accounting for 1.75% of revenue [6]. - The company authorized 21 new patents and published 32 research articles, contributing to the establishment of standardized treatment protocols for diabetic retinopathy [6]. - A cash dividend of 2.20 yuan per 10 shares (including tax) is proposed [6].

Group 1 - The core viewpoint of the article highlights the performance and valuation of Huaxia Eye Hospital Group, noting its recent stock price increase and market position within the medical services industry [1] - As of May 6, Huaxia Eye Hospital's closing price was 19.13 yuan, with a PE ratio of 38.04, marking a 15-day low, and a total market capitalization of 16.069 billion yuan [1] - The company ranks 29th in the medical services industry, which has an average PE ratio of 38.66 and a median of 38.36 [1] Group 2 - As of the first quarter of 2025, 18 institutions hold shares in Huaxia Eye Hospital, including 10 funds, with a total holding of 192.8128 million shares valued at 3.843 billion yuan [1] - The company's main business focuses on ophthalmology services, with key products including cataract projects, posterior segment projects, refractive projects, and comprehensive optometry projects [1] - The latest financial results for the first quarter of 2025 show revenue of 1.093 billion yuan, a year-on-year increase of 11.74%, and a net profit of 150 million yuan, reflecting a year-on-year decrease of 4.00%, with a gross margin of 44.97% [1]

为进一步加强与投资者的互动交流，华厦眼科医院集团股份有限公司（以下 简称"公司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限 公司联合举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体 接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 5 月 15 日（周四）15:40-17:00。 出席本次业绩说明会的人员有：公司董事陈凤国先生、财务总监陈鹭燕女士、 董事会秘书曹乃恩先生以及独立董事王志强先生、保荐代表人赵冀先生。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状 况、员工持股计划和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告。 证券代码：301267 证券简称：华厦眼科 公告编号：2025-018 华厦眼科医院集团股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会暨 投资者网上集体接待日活动的公告 本公 ...

中国国际金融股份有限公司 关于华厦眼科医院集团股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：华厦眼科 | | --- | --- | | 保荐代表人姓名：周凌轩 | 联系电话：010 65051166 | | 保荐代表人姓名：赵冀 | 联系电话：010 65051166 | 一、保荐工作概述 | 项 目 | 工作内容 核查期间，上海市监察委员会已解除对 | | --- | --- | | | 公司实际控制人、董事长苏庆灿先生的 | | | 留置措施；同时，苏庆灿先生被公安机 | | | 关采取监视居住措施。针对前述情形， | | （3）现场检查发现的主要问题及整改情况 | 公司已对经营管理相关事项做出妥善安 | | | 排，除苏庆灿先生外的公司其他全部董 | | | 事、监事、高级管理人员目前均正常履 | | | 职，公司生产经营及管理情况正常。 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 次 9 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7.向本所报告情况（现场检查报告除外） | | | （1） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's performance in 2024 met expectations, with total revenue of 4.027 billion yuan, a year-on-year increase of 0.35%. However, the net profit attributable to the parent company decreased by 35.63% to 429 million yuan [6][12]. - The revenue breakdown for 2024 shows a decline in cataract project revenue by 11.56% to 873 million yuan, while the revenue from refractive projects increased by 7.44% to 1.296 billion yuan. The overall growth slowdown is attributed to changes in the industry environment, a temporary slowdown in demand, and intensified competition [2][12]. - The company is advancing its strategic acquisitions to expand its ophthalmology service network, having established 62 specialized hospitals and 66 optical centers across 48 cities in China by 2024 [12]. - The company emphasizes clinical discipline development and quality improvement in medical services, with two top-tier ophthalmology hospitals supporting clinical diagnosis, research innovation, and talent cultivation [12]. - The company has formed a three-tiered research innovation platform system and has received approval for five new research innovation platforms in 2024, along with 60 new medical research projects [12]. - Profit forecasts for the company indicate net profits of 540 million, 640 million, and 720 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 29, 25, and 22 times [12]. Financial Summary - In 2024, the total revenue is projected at 4.027 billion yuan, with a gross profit of 1.780 billion yuan, resulting in a gross margin of 44% [17]. - The company expects to see a gradual increase in revenue and net profit over the next three years, with total revenue projected to reach 5.235 billion yuan by 2027 [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company reported a stable revenue growth of 0.35% in 2024, achieving a total revenue of 4.03 billion yuan, while the net profit attributable to shareholders decreased by 35.6% to 429 million yuan. For Q1 2025, the revenue was 1.093 billion yuan, reflecting an 11.7% increase, with a net profit of 150 million yuan, down 4% [4][9]. - The establishment of an employee stock ownership plan is expected to enhance talent attraction and employee cohesion [8]. Business Segments - The refractive and optical business segments showed steady growth, with refractive business revenue reaching 1.296 billion yuan (+7.44%) and an operating margin of 52.05% (-2.45 percentage points). The optical business generated 1.069 billion yuan (+5.15%) with a margin of 45.57% (-4.49 percentage points). However, the cataract business saw a revenue decline of 11.56% to 873 million yuan, with a margin of 35.16% (-8.53 percentage points). The posterior segment generated 536 million yuan (+9.21%) with a margin of 39.64% (-4.99 percentage points) [5][6]. Financial Analysis - In 2024, the company achieved a gross margin of 44.2% (down 4.84 percentage points) and a net profit margin of 10.64% (down 5.95 percentage points). For Q1 2025, the gross margin was 44.97% (down 4 percentage points) and the net profit margin was 13.7% (down 2.25 percentage points). The company effectively controlled its expense ratios, with sales, management, and financial expense ratios at 12.5%, 11.2%, and 1% respectively [7][9]. - The financial forecast for 2025-2027 predicts net profits of 521 million yuan, 610 million yuan, and 705 million yuan respectively, with corresponding P/E ratios of 30X, 26X, and 22X [9][11].

Core Viewpoint - Recent research conducted by renowned private equity firm Ruiyang Investment on Huaxia Eye Hospital indicates a stable revenue outlook for 2024, with a slight decline in net profit, influenced by healthcare policies and market dynamics [1] Financial Performance - For the year 2024, Huaxia Eye Hospital is projected to achieve revenue of 4.027 billion yuan, representing a year-on-year growth of 0.35%, while net profit is expected to be 429 million yuan, reflecting a year-on-year decline of 35.63% [1] - In the first quarter of 2025, the company reported revenue of 1.093 billion yuan, an increase of 11.74% year-on-year, with net profit at 150 million yuan, down 4.00% year-on-year [1] Business Segments - The company's ophthalmology and cataract services are expected to stabilize due to the impact of medical insurance DRG/DIP policies, while refractive and optometry services are showing good growth [1] - The cataract business has experienced a slight decline due to centralized procurement policies [1] Strategic Initiatives - Huaxia Eye Hospital has launched the "365 Myopia Prevention Model" to enhance optometry center construction and increase outpatient volume, focusing on adult eyewear solutions [1] - The implementation of the "Ophthalmology Medical Service Pricing Project Establishment Guidelines" is expected to standardize pricing and promote technological innovation in myopia prevention [1] Market Trends - The aging population is driving demand for the diagnosis and treatment of age-related eye diseases, while the need for myopia prevention and treatment for dry eye and diabetic patients continues to grow [1] Expansion Plans - The company has outlined a plan to manage 200 hospitals through self-built or acquisition methods, with a focus on expanding in Europe and Asia [1] - Huaxia Eye Hospital is actively recruiting an overseas investment and acquisition director to identify potential acquisition targets and talent [1]

公司24 年收入/归母净利40.27/4.29 亿元（yoy+0.4%/-35.6%），利润端低于Wind 一致预期（预期5.63 亿 元），我们推测主因行业需求阶段性放缓及竞争加剧等短期扰动，叠加公司短期强化人员及设备投入。 公司1Q25 收入/归母净利10.93/1.50 亿元（yoy+11.7%/-4.0%，qoq+29.3%/+1824.0%），公司业绩已呈边 际提速态势。公司同日发布2025 年员工持股计划（草案），其公司层面的业绩考核指标（解锁比例 100%）为25/26/27 年公司收入或净利润较24 年业绩基数增长率不低于10%/20%/30%，对应25/26/27 年 公司收入或净利润同比增速不低于10.0%/9.1%/8.3%，彰显长期发展信心。 盈利预测与估值 考虑屈光新术式推广及人员设备投入强化对于销售费用率和管理费用率的影响，我们预计25-27 年EPS 为0.57/0.66/0.76 元（相比25/26 年前值下调22%/22%）。公司诊疗实力过硬且服务网络积极扩张，给予 公司25 年40xPE（可比公司Wind 一致预期均值34x），对应目标价22.87 元（前值27.03元，对 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 4.027 billion, a year-on-year increase of 0.35% [2] - The net profit attributable to shareholders was CNY 429 million, a decrease of 35.63% [2] - As of the end of the reporting period, total assets amounted to CNY 7.924 billion, with net assets of CNY 5.794 billion [3] - In Q1 2025, operating revenue reached CNY 1.093 billion, a year-on-year growth of 11.74%, while net profit was CNY 150 million, down 4.00% [3] Business Segment Performance - In 2024, the cataract business generated revenue of CNY 873 million, a decline of 11.56% due to the implementation of centralized procurement policies [3] - The refractive business achieved revenue of CNY 1.296 billion, growing by 7.44% [3] - The comprehensive optometry business reported revenue of CNY 1.069 billion, an increase of 5.15% [3] - The eye posterior segment business saw revenue of CNY 536 million, a slight increase of 0.19% [3] Market Outlook - The aging population is expected to drive demand for various age-related eye diseases, including cataracts, with an estimated 80% incidence rate among individuals over 60 [8] - By 2050, the number of cataract patients in China is projected to reach 241 million [8] - The prevalence of myopia among children and adolescents is a significant public health issue, with a reported rate of 51.9% in 2022 [9] - The market for eye care services in China is anticipated to grow, driven by increasing demand in various segments [9] Strategic Initiatives - The company plans to expand its operations through mergers and acquisitions or self-built facilities in 24 key investment provinces [10] - There is a focus on enhancing the eye care service network and improving operational efficiency through technology and management systems [7] - The company is actively seeking overseas expansion opportunities, particularly in Europe and Asia, to enhance its global footprint [11]