Investment Rating - The report maintains a "Recommendation" rating for Huaxia Eye Hospital (301267) with a target price of 25 yuan [1]. Core Views - The mid-year report meets expectations, showing steady growth in consumer ophthalmology services. The company’s revenue for the first half of 2024 reached 2.71 billion yuan, with a year-on-year increase of 2.85%. However, the net profit attributable to shareholders decreased by 46.40% to 1.14 billion yuan due to high base effects from the previous year [1][3]. - The company is expanding its market influence through strategic acquisitions, including new hospitals, which is expected to enhance operational performance [1][3]. Financial Summary - For the first half of 2024, the company reported total revenue of 2.71 billion yuan, a 2.85% increase year-on-year. The net profit attributable to shareholders was 1.14 billion yuan, reflecting a decrease of 46.40% [1]. - The company’s gross margin is projected to decline due to increased costs from new hospital openings, with a gross margin of 46.32% in the second quarter of 2024 [1][3]. - The forecast for total revenue is 4.374 billion yuan for 2024, with a year-on-year growth rate of 9.0% [3]. Business Segmentation - Revenue from refractive surgery, optometry, cataract, and posterior segment services showed varied growth rates, with refractive surgery growing by 6.56% and cataract services facing pressure due to high base effects from the previous year [1][3]. - The company is actively pursuing both organic growth and external expansion strategies to enhance its service network and market presence [1]. Valuation Metrics - The report provides a projected PE ratio of 21 for 2024, decreasing to 19 by 2026, indicating an expected improvement in profitability [1][3]. - The projected net profit for 2024 is 693 million yuan, with a growth rate of 4.1% compared to the previous year [3]. Market Performance - The report includes a market performance comparison over the past 12 months, indicating fluctuations in stock performance relative to the benchmark indices [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Insights - The company's performance is stable, with a revenue of 2.051 billion yuan in the first half of 2024, representing a year-on-year growth of 2.85%. However, the net profit attributable to shareholders decreased by 25.15% to 265 million yuan [4][5]. - The company is focused on the integration of medical education and research, enhancing its talent cultivation system, and has introduced over 200 students in the first half of 2024, a historical high. It continues to expand through acquisitions, having acquired several hospitals to improve its service network [4][5]. - Future plans include the ongoing development of vision centers to establish a "1+N" medical service network layout [4][5]. Financial Performance Summary - In the second quarter of 2024, the company achieved a revenue of 1.072 billion yuan, a year-on-year increase of 0.89%, while the net profit attributable to shareholders fell by 46.40% to 110 million yuan [4][5]. - The revenue breakdown for the first half of 2024 includes: - Cataract revenue: 465 million yuan, down 6.53% - Posterior segment revenue: 262 million yuan, down 5.13% - Refractive revenue: 694 million yuan, up 6.56% - Vision optometry comprehensive project revenue: 497 million yuan, up 4.56% - Other projects revenue: 133 million yuan, up 41.76% [5][6]. Future Earnings Forecast - The company forecasts revenues of 4.615 billion yuan, 5.400 billion yuan, and 6.372 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 779 million yuan, 925 million yuan, and 1.109 billion yuan for the same years. The current stock price corresponds to a PE ratio of 19, 16, and 13 for the respective years [5][6].

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 ...

证券代码：301267 证券简称：华厦眼科 公告编号：2024-041 华厦眼科医院集团股份有限公司 关于回购公司股份进展的公告 公司 2023 年年度权益分派实施后，按照相关规定对回购股份价格上限进行 相应调整，回购股份价格上限由 50.93 元/股调整为 50.82 元/股，调整后的回购股 份价格上限自 2024 年 7 月 15 日起生效。具体内容详见公司于 2024 年 7 月 8 日 在巨潮资讯网（www.cninfo.com.cn）披露的《2023 年年度权益分派实施公告》 （公告编号：2024-034）。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 华厦眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 1 月 8 日 召开了第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于 回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易的方式回购 部分公司股份，用于实施员工持股计划或股权激励。本次回购股份的资金总额不 低于 1.5 亿元且不超过 2.5 亿元（均含本数）；回购价格不超过 50.93 元/股（含 本数）， ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has reported stable revenue growth, with a revenue of 2.051 billion yuan for the first half of 2024, reflecting a year-on-year increase of 2.85%. However, the net profit attributable to shareholders decreased by 25.15% to 265 million yuan [1] - The company is expected to achieve revenue of 4.238 billion yuan in 2024, with a year-on-year growth of 5.6%, and a net profit of 661 million yuan, showing a slight decline of 0.7% [2] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.051 billion yuan, with a net profit of 265 million yuan, and a non-recurring net profit of approximately 271 million yuan [1] - The revenue from cataract treatments was 465 million yuan, down 6.53%, while refractive surgery revenue increased by 6.56% to 694 million yuan [1] - The company’s total market capitalization is 14.4 billion yuan, with a circulating market capitalization of 5.6 billion yuan [1] Business Operations - The company operates 61 specialized eye hospitals and 65 optical centers across 18 provinces and 49 cities, demonstrating a strong regional presence [1] - Key hospitals under the company have shown robust performance, with notable revenue and net profit margins reported from various centers [1] Future Outlook - The company is expected to continue its stable growth trajectory, with projected revenues of 4.238 billion yuan in 2024, 4.787 billion yuan in 2025, and 5.341 billion yuan in 2026 [2] - The net profit is forecasted to reach 661 million yuan in 2024, with subsequent increases to 787 million yuan in 2025 and 928 million yuan in 2026 [2]

Investment Rating - The report maintains a rating of "Accumulate" for Huaxia Eye Hospital (301267) [4][10]. Core Views - Short-term performance is under pressure, but expansion is progressing steadily. The company is expected to recover as external conditions improve and scale effects enhance [5][10]. Financial Summary - For H1 2024, the company achieved revenue of 2.051 billion yuan, a growth of 2.85%, while net profit attributable to shareholders was 265 million yuan, a decrease of 25.15%. The operating cash flow was 431 million yuan, down by 1.40% [10]. - The gross margin for H1 was 45.84%, down by 4.46 percentage points, and the net margin was 13.33%, down by 4.99 percentage points [10]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.65, 0.75, and 0.82 yuan respectively, down from previous estimates of 0.94, 1.07, and 1.23 yuan [10]. Business Performance - The consumer medical segment showed stable growth, with refractive income at 694 million yuan, up by 6.56%, and a gross margin of 54.98%. However, the eye disease diagnosis segment saw a slight decline, with cataract revenue at 465 million yuan, down by 6.53% [10]. - The company has opened 61 specialized eye hospitals and 65 vision centers across 49 cities in 18 provinces and municipalities as of H1 2024, indicating ongoing expansion efforts [10]. Market Data - The current stock price is 17.16 yuan, with a target price adjusted to 22.75 yuan, down from 38.33 yuan [4][10]. - The total market capitalization is 14.414 billion yuan, with a total share capital of 840 million shares [6].

证券代码：301267 证券简称：华厦眼科 公告编号：2024-037 华厦眼科医院集团股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 华厦眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日 上午以通讯会议方式召开了第三届监事会第七次会议，会议通知于 2024 年 8 月 17 日以电子邮件的方式送达。本次会议应出席监事 3 名，实际出席监事 3 名。本 次会议由监事会主席黄妮娅女士主持，会议的召集、召开符合《中华人民共和国 公司法》《公司章程》等有关规定。 二、监事会会议审议情况 全体与会监事以投票表决方式审议通过以下决议： 1、审议通过《关于<2024 年半年度报告>及其摘要的议案》 经审议，与会监事认为：董事会编制和审核公司《2024年半年度报告》及其 摘要的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完 整地反映了公司 2024 年半年度经营的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 第三届监事会第七 ...

2024 年半年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据深圳证券交易所印发的《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》及《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》等相关的规定，华厦眼科医院集团股份有限公司（以 下简称"公司"）将 2024 年半年度募集资金存放与使用情况报告如下： 证券代码：301267 证券简称：华厦眼科 公告编号：2024-040 华厦眼科医院集团股份有限公司 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意华厦眼科医院集团股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕2085 号）同意，公司首次公开发 行人民币普通股（A 股）6,000.00 万股，每股发行价为人民币 50.88 元，募集资 金总额为人民币 305,280.00 万元，扣除不含增值税的发行费用人民币 28,430.75 万元后，实际募集资金净额为人民币 276,849.25 万元。上述募集资金已于 2 ...

证券代码：301267 证券简称：华厦眼科 公告编号：2024-036 华厦眼科医院集团股份有限公司 第三届董事会第七次会议决议公告 表决结果：同意 7 票；反对 0 票；弃权 0 票。 该议案已经公司董事会审计委员会审议通过。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华厦眼科医院集团股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日上午以通讯会议方式召开了第三届董事会第七次会议，会议通知于 2024 年 8 月 17 日以电子邮件的方式送达。本次会议应出席董事 7 名，实际出席董事 7 名 （其中：委托出席董事 1 名，董事苏庆灿先生因个人原因无法亲自出席会议，委 托董事陈凤国先生出席会议并代为行使表决权）；公司监事和高管列席了本次会 议。经全体参会董事一致推举，本次会议由董事陈凤国先生主持，会议的召集、 召开符合《中华人民共和国公司法》《公司章程》等有关规定。 二、董事会会议审议情况 全体与会董事以投票表决方式审议通过以下决议： 1、审议通过《关于<2024 年半年度报告>及其摘要的议案》 特此公告。 华厦眼 ...