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]
华厦眼科（301267）：学术为基，连锁扩张稳中求进