20230721-西牛证券-清晰医疗-01406.HK-Time_to_bottom-out_10页_370kb

报告摘要

Participated in site visit to new facilities: EVO ICL Premium Center, Vision Correction Center (renovated), and Children Myopia Prevention and Control Center. New business focuses on comprehensive eye care services covering whole life cycle.
Children Myopia Prevention and Control Services launched mid-2023 at The One in Tsim Sha Tsui. Provides assessment and products like Atropine or Ortho-K lenses; expected to make up ~10% of revenue within 2–3 years, offering stable income.
ICL Implantation Surgery is joint venture with STAAR Surgical; expected to be core business, accounting for 20–30% of refractive revenue, with >1,000 surgeries per year. High pricing (~HKD 79k) but vulnerable to competition lowering prices.
Transitioned to SMILE®pro surgery, which has higher pricing but potential for better margins; however, price competition in SMILE (e.g., SMILE Pro outperforming SMILE 1.0) poses risks.

Revenue fluctuated: HKD 218.4m in 2019/20 to HKD 213.8m in 2022/23, with negative YoY growth. Operating profit improved to HKD 44.7m in 2020/21 but declined to HKD -1.4m in 2022/23.
Key metrics: Lower operating margin in 2022/23 due to competition; net profit was HKD 26.4m in 2019/20, up to HKD 35.8m in 2020/21, then down to HKD -3.2m in 2022/23.
Strong focus on refractive surgeries and emerging services, with financial ratios showing recovery expected.

Limited market adoption for children myopia services due to low education.
Price competition squeezing margins for SMILE surgeries and other services.
High cost of ICL surgery may deter popularity, with risk of price declines from peers.

Expected to bottom out in FY 2022/23 and recover due to new center openings, increased ICL and SMILE Pro contributions, and diversified services.
Positive financial trends expected in upcoming periods, with stable revenue from recurring services.

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