20200414-软库中华金融服务-德视佳-01846.HK-Short_term_headwind_brought_by_macro_uncertainties,_revise_target_price_to_HKD_6.10_per_share,_maintain__HOLD__8页_731kb
报告摘要
EuroEyes (01846.HK) Summary
Core Content
EuroEyes (01846.HK) is a Hong Kong-listed company that operates eye clinics in multiple regions, including Germany, China, and Denmark. The company's performance and strategic direction have been analyzed by SBI China Capital, which has revised its target price and recommendation due to macroeconomic uncertainties and challenges in the Chinese market.
Key Financial Performance (2019)
- Revenue: EUR 49.0 million, representing a 14.0% YoY growth.
- Gross Margin: Expanded by 0.9 p.p. to 41.4%, contributing to a 4.2% YoY increase in adjusted net profit to EUR 5.7 million.
- Regional Contributions:
- Germany: Revenue increased by 12.5% YoY to EUR 30.2 million.
- Denmark: Revenue surged by 45.7% YoY to EUR 5.8 million.
- China: Revenue grew by 6.8% YoY to EUR 12.9 million, which was weaker than expected, contributing to a 23.2 p.p. drop in adjusted EBITDA margin to 23.0%.
Strategic Adjustments
In response to the slower-than-expected performance in China, the Group has initiated new marketing strategies to enhance brand visibility and customer acquisition:
- Collaboration with a marketing solution house specializing in big data analysis and precision marketing.
- Introduction of eye-screening services for diabetic patients, to be launched in Shanghai in 2020 through partnerships with health examination centers, private hospitals, and pharmaceutical companies.
Impact of Coronavirus (COVID-19)
The outbreak of the Coronavirus in late 2019 and its global spread in early 2020 affected the Group's operations:
- China: Clinics were closed in January 2020 and operations resumed gradually from March, with Beijing West clinic remaining open.
- Denmark: Operations were temporarily suspended.
- Germany: Surgery performance was halted in four clinics.
While the short-term impact of surgery cancellations and delays is not significant at this moment, a prolonged pandemic or resurgence in China could:
- Impede expansion plans.
- Reduce ROI and increase payback periods for new clinics.
- Lead to weaker cash inflows and lower profitability.
Revised Target Price and Recommendation
- Recommendation: HOLD
- Target Price: Revised to HKD 6.10 per share.
- Reason: The Group may face short-term headwinds due to macroeconomic uncertainties and the impact of the pandemic, leading to revised profit estimates of -11.7% to -25.1%.
Peer Comparison (HKD)
| Ticker | Company | Market Cap (mn) | PE (X) | Fw PE (X) | PB (X) | PS (X) | Revenue (mn) | GM (%) | ROE (%) | Free Float (%) |
|---|---|---|---|---|---|---|---|---|---|---|
| 03309.HK | C-Mer | 4,396.6 | 106.1 | - | 5.1 | 7.6 | 576.2 | 33.2 | 4.9 | 29.8 |
| 300015.CH | Aier | 148,634.9 | 108.5 | 69.0 | 21.0 | 15.7 | 9,496.3 | 47.0 | 25.4 | 27.9 |
| 01846.HK | EuroEyes | 1,771.3 | 55.3 | - | 1.8 | 4.1 | 429.5 | 41.4 | 6.2 | 27.3 |
Financial Ratios and Projections (2019–2022)
| Metric | 2019 (A) | 2020 (E) | 2021 (E) | 2022 (E) |
|---|---|---|---|---|
| Gross Margin | 41.4% | 40.4% | 40.3% | 40.2% |
| Operating Margin | 7.1% | 14.9% | 14.7% | 14.2% |
| Net Profit Margin | -0.9% | 9.9% | 9.6% | 9.0% |
| Adj. EBITDA Profit Margin | 32.3% | 31.5% | 28.9% | 26.5% |
| Return on Equity (ROE) | -0.7% | 4.9% | 5.2% | 5.4% |
| Return on Assets (ROA) | -0.4% | 3.5% | 3.7% | 3.6% |
| Debt-to-Equity Ratio | 1.0% | 0.8% | 0.7% | 0.6% |
| Net Debt-to-Equity Ratio | -91.5% | -89.5% | -91.9% | -93.2% |
| Current Ratio | 457.8% | 679.6% | 527.1% | 452.8% |
| Quick Ratio | 423.4% | 638.6% | 485.9% | 417.6% |
| Cash Ratio | 422.1% | 634.7% | 483.7% | 414.5% |
Risk Factors
- Second outbreak of Coronavirus in China.
- Global spread of the virus.
- Potential economic turnaround.
- Sluggish wage growth in China, affecting demand for mid to high-end services.
- Keen competition.
- Medical malpractice and negligence.
- Inability to provide services with the latest technology.
Conclusion
Despite a solid performance in 2019, the Group faces short-term challenges due to macroeconomic uncertainties and the impact of the pandemic, particularly in China. The company is adjusting its strategies to improve market penetration and brand awareness, but the growth in China is expected to be slower than previously anticipated. The target price has been revised to HKD 6.10, and the recommendation remains "HOLD". The Group is expected to maintain its long-term growth potential, provided it continues to adapt its strategies without deviating from its core business model.
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