Core Viewpoint - The recent removal of Hema Medical from the Hong Kong Stock Connect list has led to significant stock price declines, with a notable drop of 26.92% over the month following the adjustment [1][4]. Company Performance - Hema Medical's stock price fell sharply after being removed from the Hong Kong Stock Connect list, with a 16.25% drop on April 7, reaching a new low of 1.33 HKD [1]. - The company experienced a total of 35 share buybacks in 2023, with 15 occurring in April alone, amounting to 10.81 million shares, or 0.86% of total share capital [4][7]. - Despite the stock price recovery after April 7, trading volume has significantly decreased, indicating low investor interest [7]. Financial Results - For the fiscal year 2024, Hema Medical reported revenues of 1.913 billion HKD, a decrease of 0.56% year-on-year, and a loss attributable to shareholders of 135 million HKD, compared to a profit of 61.99 million HKD in the previous year [7][10]. - The decline in revenue was attributed to a significant drop in sales of COVID-related medical supplies, which fell from 19.43 million HKD to zero [7][12]. Industry Context - The overall ophthalmology market in China has been growing, with expectations of reaching 252.15 billion HKD by 2025, but the sector is facing structural challenges leading to a slowdown in growth [11]. - Major players in the ophthalmology sector, including Hema Medical, are experiencing revenue declines, with Hema's eye care revenue in key cities like Beijing and Shanghai dropping by 2.8% and 16.1%, respectively [12]. - The competitive landscape in the ophthalmology sector has intensified, leading to significant challenges for both private and public hospitals, resulting in a risk of goodwill impairment and reduced profitability [12].

Core Viewpoint - The introduction of the minimally invasive all-laser precise 4.0-VISULYZE technology by Suqian Aier Eye Hospital marks a significant advancement in the refractive surgery field, responding to the increasing demand for safety, precision, and personalization in myopia correction surgeries [1][13]. Group 1: Technological Advancements - The development of refractive surgery has reached multiple milestones, with the introduction of the all-laser SMILE technology representing the 3.0 era, and the new 4.0-VISULYZE technology being a comprehensive upgrade focused on intelligent and personalized care [1][4]. - The 4.0-VISULYZE technology features four core innovations: visualized surgical results, full-process variable control, personalized Nomogram analysis system, and a closed-loop patient management system, ensuring precise control throughout the surgical process [4][6]. Group 2: Precision and Safety Enhancements - The technology utilizes big data algorithms to analyze various patient-specific metrics, allowing for customized surgical plans that move away from traditional one-size-fits-all approaches [6]. - Full environmental, process, and variable management significantly reduces postoperative refractive errors and lowers the risk of complications such as dry eyes and glare, providing a more stable and safer postoperative experience [8]. - Compared to traditional laser and semi-laser technologies, the 4.0 technology reduces the corneal cutting area by approximately 45%, preserving corneal nerve integrity and enhancing postoperative visual quality, leading to quicker recovery and a more comfortable visual experience [11].

[Table_Reportdate] 2025年05月09日 买入（维持） 报告原因：业绩点评 [华厦眼科（ Table_NewTitle] 301267）：业绩短期承压，消 费眼科稳健增长 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：行业政策不确定性风险，医疗事故风险，外延扩张管理风险等。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,027.01 | 4,463.88 | 4,965.08 | 5,519.62 | | 增长率（%） | 0.35% | 10.85% | 11.23% | 11.17% | | 归母净利润（百万元） | 428.64 | 514.61 | 605.41 | 697.01 | | 增长率（%） | -35.63% | 20.06% | 17.64% | 15.13% | | EPS（元/股） | 0.51 | 0.61 | 0.72 | 0.83 | | 市盈率（P/E） | 3 ...

Core Viewpoint - As of May 8, 2025, the stock price of Puri Eye Hospital (301239) closed at 43.0 yuan, reflecting a decrease of 1.17% with a turnover rate of 2.33% and a trading volume of 16,500 shares, amounting to a transaction value of 71.48 million yuan [1]. Group 1: Business Operations - Puri Eye Hospital operates as a large-scale non-public ophthalmology specialty medical group, with all its hospitals included in the medical insurance designated point system [2]. - The company has a dual pricing logic for its products and services: it has full pricing autonomy for selective consumer projects and high-end examinations (outside the medical insurance catalog), while it strictly adheres to national medical insurance cost control policies for basic treatments and routine examinations (within the medical insurance catalog) [2]. - The company is leveraging the benefits of medical insurance cost control policies, such as centralized procurement price reductions and optimized payment methods, to enhance the accessibility and affordability of eye disease treatments for patients [2]. Group 2: Financial Flow - On May 8, 2025, the financial flow for Puri Eye Hospital showed a net outflow of 3.06 million yuan from major funds and a net outflow of 2.09 million yuan from speculative funds, while retail investors saw a net inflow of 5.15 million yuan [2].

Core Insights - Aier Eye Hospital reported a revenue of 20.983 billion yuan for 2024, representing a year-on-year growth of 3.02% [2] - The net profit attributable to shareholders reached 3.556 billion yuan, an increase of 5.87% year-on-year [2] - The company's basic earnings per share stood at 0.38 yuan [2] Financial Performance - The gross profit margin for 2024 was 48.12%, a decrease of 5.27% compared to the previous year [4] - The weighted average return on equity was 17.89%, down by 0.99 percentage points year-on-year [4] - The net cash inflow from operating activities was 4.882 billion yuan, a decline of 16.86% year-on-year, primarily due to an increase in accounts receivable and a reduction in government subsidies [4] - The year-end debt-to-asset ratio was 34.41%, a slight increase of 0.75 percentage points year-on-year, indicating stable short-term solvency with a current ratio of 1.45 and a quick ratio of 1.26 [4] Business Segment Performance - Revenue from refractive projects was 7.602 billion yuan, growing by 2.31% year-on-year, accounting for 36.23% of total revenue, driven by the promotion of new technologies [4] - Vision care services generated 5.278 billion yuan in revenue, up 6.42% year-on-year, representing 25.16% of total revenue, supported by increased demand for myopia control among youth [4] - Revenue from cataract projects reached 3.489 billion yuan, a growth of 4.87% year-on-year, although the growth rate was impacted by medical insurance cost control [4] Research and Development - Aier Eye Hospital invested 320 million yuan in research and development, with an R&D expense ratio of 1.53% [4] - The company launched the AierGPT ophthalmology model and an intelligent customer service system that handled 2.01 million inquiries, improving service efficiency by 30% [4] - The digital persona "Aiko" was implemented in over 200 hospitals, providing virtual guidance and health education [4] Dividend Distribution - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) to all shareholders [4]

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 news highlights the financial performance and market position of Puri Eye Hospital Group, indicating a recent stock price increase and a significant market capitalization of 6.586 billion yuan [1] - As of May 6, the stock closed at 44.02 yuan, reflecting a 2.28% increase, with a latest price-to-book ratio of 3.09, marking a new low in 16 days [1] - The company experienced a net outflow of 976,800 yuan in principal funds on May 6, with a total outflow of 23.9214 million yuan over the past five days, indicating a trend of capital withdrawal [1] Group 2 - In the first quarter of 2025, the company reported an operating income of 742 million yuan, representing a year-on-year increase of 9.82%, and a net profit of 27.2794 million yuan, which is a 61.18% increase compared to the previous year [2] - The company's sales gross margin stands at 39.34%, which is a critical indicator of its profitability [2] - The company has a price-to-earnings ratio (TTM) of -71.97, which is significantly lower than the industry average of 38.66, indicating potential undervaluation in the market [2]

Core Viewpoint - The article discusses the resilience and growth potential of Aier Eye Hospital, highlighting its strong performance in the eye care sector amidst global economic challenges and increasing demand for eye health services [2][6][18]. Industry Overview - The eye care sector is experiencing significant growth due to rising demand driven by increasing eye health issues among all age groups, particularly children and the elderly [3][4]. - The overall market size for eye care services in China has expanded from 50.71 billion yuan in 2015 to an estimated 223.1 billion yuan by 2024, with a projected compound annual growth rate (CAGR) of 16% from 2020 to 2025 [4][5]. Company Performance - Aier Eye Hospital reported a revenue of 20.983 billion yuan in 2024, a year-on-year increase of 3.02%, and a net profit of 3.556 billion yuan, up 5.87% [8][12]. - In Q1 of the current year, Aier achieved a revenue of 6.026 billion yuan, with a net profit of 1.050 billion yuan, reflecting year-on-year growth rates of 15.97% and 16.71%, respectively [7][8]. Competitive Advantage - Aier Eye Hospital has established a leading position in the market with a significant share in outpatient services, demonstrating resilience even in challenging economic conditions [6][10]. - The company employs a tiered chain model to optimize resource allocation and patient access, enhancing its operational efficiency and market reach [10][11]. Strategic Initiatives - Aier is advancing its "AI + Eye Care" strategy, integrating artificial intelligence into its services to improve diagnostic efficiency and patient care [17]. - The company has expanded its international presence, with 974 facilities globally, including 811 in mainland China, contributing to a revenue of 2.625 billion yuan from overseas operations in 2024 [18][19]. Financial Metrics - Aier's gross margin has remained high, with figures of 50.46%, 50.79%, and 48.12% over the past three years, while its net margin has been 16.69%, 17.95%, and 17.81% [12][15]. - The company's sales expense ratio has been consistently lower than its competitors, indicating effective cost management [12][13].

公司研究丨点评报告丨华厦眼科（301267.SZ） 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title] 业绩符合预期，稳步夯实眼科服务网络根基 报告要点 [Table_Summary] 业绩短期业绩承压：2024 年公司收入为 40.27 亿元，其中白内障项目收入 8.73 亿元，同比下 滑 11.56%；眼后段项目收入 5.36 亿元，同比增长 0.19%；屈光项目收入 12.96 亿元，同比增 长 7.44%；眼视光综合项目收入 10.69 亿元，同比增长 5.15%。2024 年公司业绩增速放缓， 主要受行业环境变化、行业需求阶段性放缓及竞争加剧等因素影响，未来随着消费需求进一步 释放，眼科医疗行业依然具备良好的发展空间。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 1 华厦眼科（301267.SZ） cjzqdt11111 [Table_Title2] 业绩符合预期，稳步夯实眼科服务网络根基 [Tabl ...

公 司 华福证券 医院 2025 年 05 月 06 日 华厦眼科（301267.SZ） 买入（维持评级） 研 究 25Q1 收入增长稳健，员工持股计划有望增强人 才吸引力 投资要点： 公 司 财 报 点 事件：公司公布 2024 年年报及 2025 年一季报，2024 年公司实现收入 40.3 亿 元（+0.35%），实现归母净利润 4.29 亿元（-35.6%）；2025Q1 公司实现收入 10.93 亿元（+11.7%），实现归母净利润 1.5 亿元（-4%），业绩符合预期。 此外，公司公布设立 2025 年员工持股计划。 分业务：屈光和视光实现稳健增长。 评 分业务看，24 年公司屈光业务实现收入 12.96 亿元（+7.44%），毛利率 52.05% （-2.45pct），视光业务实现收入 10.69 亿元（+5.15%），毛利率 45.57%（-4.49pct）， 白内障业务实现收入 8.73 亿元（-11.56%），毛利率 35.16%（-8.53pct），眼后段 业务实现收入 5.36 亿元（+9.21%），毛利率 39.64%（-4.99pct），其他业务收入 2.53 亿元（-5.63%） ...