20200311-软库中华金融服务-德视佳-01846.HK-Stable_growth_with_certainty_initiate_with_Hold_rating_17页_961kb
报告摘要
EuroEyes (01846.HK) Summary
Core Information
- Company Name: EuroEyes
- Ticker: 01846.HK
- Founded: 1993 by Dr. Jørgensen
- Headquarters: Hong Kong
- Contact:
- T: +852 2533 3700
- E: research@sbichinacapital.com
- Address: 4/F, Henley Building, No.5 Queen's Road Central, Hong Kong
Investment Thesis
Main Points
- Market Potential: EuroEyes targets the growing vision correction market in China, which has a significantly higher number of myopia and presbyopia patients compared to Germany and Denmark.
- Growth Strategy: The Group plans to open 1–3 clinics annually in China, aiming to reach a total of 15 clinics within 3 years, focusing on 1-tier and 2-tier cities.
- Service Offerings: The Group provides refractive laser surgery (ReLEx SMILE, FemtoLASIK, PRK/LASEK), phakic lens (ICL) surgery, and lens exchange surgery for presbyopia and cataract.
- Valuation & Rating: SBI China Capital has initiated a "Hold" rating with a target price of HKD 8.01 per share, implying a PE of 75.0x, 54.6x, and 40.9x for 2019, 2020, and 2021 respectively.
- Investment Returns: The Group expects a breakeven point within 3–5 years and a payback period within 4–6 years. The investment is considered stable with good visibility.
Key Services & Procedures
Refractive Laser Surgery
- Types: ReLEx SMILE, FemtoLASIK, PRK/LASEK
- Indications: Myopia, hyperopia, astigmatism
- ASP (Average Selling Price): EUR 1,814 (2018) to EUR 1,802 (2019)
- Revenue Contribution: EUR 3.0mn (2018) and EUR 3.5mn (2019), representing 29.8% and 30.7% of total revenue respectively
Phakic Lens (ICL) Surgery
- Indications: High myopia (> -6.0 dioptres), hyperopia, astigmatism
- ASP: EUR 3,303 (2018) to EUR 3,393 (2019)
- Revenue Contribution: EUR 1.6mn (2018) and EUR 1.4mn (2019), representing 15.4% and 12.4% of total revenue respectively
Lens Exchange Surgery
- Indications: Presbyopia and cataract
- Types: Trifocal and monofocal
- ASP: EUR 3,115 (2018) to EUR 3,179 (2019)
- Revenue Contribution: EUR 4.2mn (2018) and EUR 5.4mn (2019), representing 41.54% and 47.3% of total revenue respectively
Intracorneal Ring Segment (ICRS) Implantation
- Indication: Keratoconus, a cone-shaped cornea disorder
- Procedure: Implantation of a polymethyl methacrylate ring segment combined with corneal crosslinking
Market & Financial Overview
China Market Exploration
- Myopia Patients: 579.5mn in 2018, with high myopia growing at a CAGR of 2.3%
- Presbyopia Patients: 391.5mn in 2018
- Penetration Rates:
- ReLEx SMILE: 0.07% (vs. Germany: 0.14%)
- ICL Surgery: 0.06% (vs. Germany: 0.27%)
- Trifocal Lens: 0.001% (vs. Germany: 0.01%)
- Market Concentration: Low in China, with potential for M&A growth
Financial Highlights
| Metric | 2018 (A) | 2019 (E) | 2020 (E) | 2021 (E) |
|---|---|---|---|---|
| Revenue | EUR 43.0 | EUR 49.2 | EUR 54.8 | EUR 70.6 |
| YoY Growth | - | 14.4% | 11.4% | 28.9% |
| Gross Profit | EUR 17.4 | EUR 19.9 | EUR 22.1 | EUR 28.3 |
| Net Profit | EUR 4.3 | EUR 4.0 | EUR 5.6 | EUR 7.4 |
| Operating Margin | 19.0% | 17.2% | 20.1% | 20.5% |
| Net Profit Margin | 10.0% | 8.1% | 10.2% | 10.5% |
| Gross Margin | 40.5% | 40.4% | 40.3% | 40.2% |
Balance Sheet Highlights
| Metric | 2018 (A) | 2019 (E) | 2020 (E) | 2021 (E) |
|---|---|---|---|---|
| PPE | EUR 36.8 | EUR 38.6 | EUR 44.3 | EUR 53.4 |
| Intangible Assets | EUR 1.5 | EUR 1.4 | EUR 1.3 | EUR 1.2 |
| Total Assets | EUR 65.9 | EUR 141.3 | EUR 149.2 | EUR 163.3 |
| Total Liabilities | EUR 39.3 | EUR 39.3 | EUR 41.8 | EUR 48.8 |
| Controlling Interests | EUR 25.3 | EUR 100.2 | EUR 105.0 | EUR 111.3 |
| Cash & Cash Equivalents | EUR 16.6 | EUR 87.7 | EUR 83.7 | EUR 84.1 |
Key Financial Ratios
| Ratio | 2018 (A) | 2019 (E) | 2020 (E) | 2021 (E) |
|---|---|---|---|---|
| Current Ratio | 141.8% | 554.2% | 527.4% | 450.4% |
| Quick Ratio | 101.3% | 507.7% | 457.9% | 378.8% |
| Cash Ratio | 98.2% | 505.1% | 454.5% | 375.4% |
| Debt-to-Equity Ratio | 0.2% | 0.2% | 0.0% | 0.0% |
| Net Debt-to-Equity Ratio | -61.9% | -85.8% | -78.0% | -73.5% |
| Inventory Turnover Days | 36.8 | 36.3 | 35.9 | 35.4 |
| Receivable Turnover Days | 3.6 | 3.6 | 3.6 | 3.6 |
| Payable Turnover Days | 31.2 | 30.4 | 29.6 | 28.8 |
Key Risk Factors
- Malpractice and Medical Negligence: Could damage the Group's reputation.
- Longer-than-Expected Payback Period: Potential for delays in clinic ROI.
- Sluggish Wage Growth in China: May reduce demand for mid to high-end services.
- Keen Competition: Especially in the vision correction industry.
- Inability to Provide Services with the Latest Technology: Risk of falling behind in innovation.
Company Overview
- Founder & Leadership: Dr. Jørgensen, an experienced ophthalmologist, serves as the founder, chairman, CEO, and executive director.
- Operations: The Group operates in Germany, China, and Denmark, with clinics in major cities such as Shanghai, Beijing, Guangzhou, and others.
- IPO Details: Listed in Hong Kong in October 2019 at HKD 7.5 per share, with net proceeds of approximately HKD 684.3mn for establishing clinics and other growth initiatives.
- Use of Proceeds:
- 40.0% for establishing clinics in China
- 33.0% for potential M&A in Europe
- 17.0% for marketing
- Remaining for working capital
Conclusion
EuroEyes is positioned to benefit from the growing vision correction market in China, driven by increasing prevalence of myopia and presbyopia, as well as rising awareness and wealth. The Group has a stable expansion plan and experienced management, which supports its long-term growth. However, the current valuation may not be fully justified, leading to a "Hold" recommendation.
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