Zhitong Financial APP learned that Oriental Wealth released a research report that 2023H1 China's A-share ophthalmic services listed companies have an outstanding performance, the backlog of demand for the epidemic has been initially released, cataract surgery has rebounded significantly, and a strong performance is expected to continue in the second half of 2023. The bank believes that the ophthalmic service track focuses on market size and strategic development, and the market is still in the expansion stage. Considering brand awareness, physician staffing and technical level, ophthalmic facilities and equipment, as well as the company's business structure, head private ophthalmic service companies are expected to get a larger market share. It is recommended to pay attention to 300015.SZ ophthalmology and Huaxia ophthalmology (301267.SZ).
The main points of Oriental Wealth are as follows:
The performance of 2023H1, a private ophthalmology service company, has increased significantly.2023H1 A-share ophthalmology service listed companies in China showed a bright performance and a good growth trend. The business income of Aier Ophthalmology, Huaxia Ophthalmology, he's Ophthalmology and Puri Ophthalmology increased by 26.45%, 26.30%, 32.66% and 54.88% compared with the same period last year, while net profit increased by 32.61%, 50.08%, 87.38% and 358.07% respectively. The backlog of demand for the epidemic has been initially released, cataract surgery has rebounded significantly, and a strong performance is expected to continue in the second half of 2023.
The ophthalmology service market expands strongly, and the three core businesses of refraction, medical optometry and cataract continue to develop.Burning knowledge Consulting estimates that the market size of refractive surgery, medical optometry and cataract surgery will be 28.4%, 14.6% and 10.3% respectively from 2020 to 2025, and the market size of the three major businesses will reach 72.5 billion yuan, 50.03 billion yuan and 33.85 billion yuan in 2025.
There is a strong demand for ophthalmic diagnosis and treatment services, and the penetration rate of refractive surgery and cataract surgery is still at a low level.In 2021, the number of myopic operations per thousand people in China is 0.7, which is much lower than that in Europe, the United States and South Korea. The penetration rate of refractive surgery is larger. The number of cataract surgery cases per million people in China (CSR) is increasing rapidly. In 2019, China's CSR is 3143. The goal set by the Health Commission to reach 3500 CSR in 2025 is still a gap with Europe, the United States and even Asia, Japan, India and other countries.
Multiple factors drive the further growth of demand for ophthalmic services with rigidity and upgrading of consumer attributes.After the opening of the epidemic prevention and control policy at the end of 2022, the backlog of demand for ophthalmic diagnosis and treatment remains to be released, and the market for 2023H1 ophthalmic services has improved; the consumption expenditure on health care in 2022 is 2120 yuan, which increases synchronously with the per capita disposable income; the expenses for the diagnosis and treatment of cataract and glaucoma fall within the scope of medical insurance, and the prices of ophthalmic consumables such as intraocular lenses continue to be reduced, and the affordability of patients for some ophthalmic diseases is enhanced. Ophthalmic diagnosis and treatment iteratively improve safety and accuracy, and greatly improve the quality of surgery.
As a capital-intensive and labor-intensive industry, the brand reputation of ophthalmology service track, the size and professional ability of doctors, medical facilities and equipment are important factors to measure the sustainable competitiveness of private ophthalmology companies.The level of service provided by large private eye hospitals is roughly the same, and the ability to obtain customers has become the key to the competition of private hospitals. Broad and deep medical service network layout and effective marketing management are the key success factors for the sustainable development of private eye hospitals. When choosing service institutions, patients will consider the reputation of the hospital, the level of doctors, medical equipment and other aspects. Although the service process of many ophthalmology companies is homogenized, ophthalmology service as a product can not be standardized and is subject to physician technology, advanced equipment and other factors.
Risk Tips:The risk of policy change in private hospitals and specialist hospitals; the risk of medical insurance control of ophthalmology services; the risk that the expansion speed of private ophthalmology hospitals is not as fast as expected; the management risk caused by chain business expansion; the risk of brain drain or insufficient replenishment.