Industry perspective
The situation of myopia in China is not optimistic. Myopia shows a trend of younger age. The incidence of myopia in children and adolescents remains high. Myopia prevention and control has become a national strategy. According to the data of the National Health Commission, the incidence of myopia among children and adolescents in China in 2018, 2019 and 2020 were 53.6%, 50.2% and 52.7% respectively. Children and adolescents are the golden age of myopia prevention and correction. The state attaches great importance to the prevention and control of children and adolescents' myopia and has issued a number of eye protection policies, which has given birth to the continuous release of the demand for the prevention, control and correction of children and adolescents' myopia.
The industry concentration in the sales of China's lens market is high, and international manufacturers still have an advantage. According to airy consulting, the market share of lenses in China is more than 20% for both ezilo and Carl Zeiss; Wanxin spectacle lenses and Mingyue lenses, as representatives of domestic lens manufacturers, ranked third and fourth in terms of sales, with market shares of 8.5% and 6.1% respectively. At present, international manufacturers still have an advantage in China's lens market, and there is still a certain gap in sales between local manufacturers and international leading enterprises, but they are in the stage of rapid growth in recent years.
Functional lenses using peripheral defocus, multipoint defocus and other technologies promote the rapid development of the lens industry. Lens is the core functional component of glasses. In recent years, based on ordinary glasses, functional lenses using peripheral defocus, multi-point defocus and other technologies have developed rapidly. After imaging the peripheral area of ordinary lens in the retina, it will induce the further growth of ocular axis, which will lead to the deepening of myopia. Defocus lens can make the surrounding area image in front of the retina, so as to inhibit the growth of ocular axis, prevent and control myopia, and improve the added value of glasses and lens products.
The multi-point defocus lens has a significant effect on the correction and prevention of myopia, opening a new era of defocus lens. Corneal plastic lens, defocus lens and low concentration atropine are the main ways to prevent and control juvenile myopia. Clinical research data show that multi-point defocus lens can effectively inhibit the growth of ocular axis, so as to achieve the effect of myopia prevention and control. Compared with other prevention and control methods, multi-point defocus lens has the advantages of simple fitting, simple nursing, no complications, and the effect of myopia control is not easy to rebound. Compared with other prevention and control methods, multi-point defocus lenses are more convenient and affordable for those who wear glasses.
Defocus lens products of imported brands currently occupy the main market share in China. Considering the cost performance advantages of Chinese enterprises, it is expected to realize domestic substitution in the future. At present, China's defocus lens products are mainly imported brands, including Zeiss's growth music, Yishilu's Xingqu control, haoya's new music learning, Mingyue lens has launched easy control in June 2021, Eyebright Medical Technology(Beijing) Co.Ltd(688050) punuotong micro lens gradient defocus lens in October 2021. With the popularization of defocus lens and the continuous progress of R & D technology of Chinese enterprises, it is expected to realize domestic substitution in the future.
Investment advice
We believe that with the launch of defocus mirror products by Chinese enterprises and considering its pricing advantages, it is expected to realize domestic substitution in the future.
We are optimistic about medical service institutions that provide defocus lenses and other optometry services. Considering that the sales channels of defocusing glasses overlap with those of traditional frame glasses and OK glasses to a certain extent, ophthalmic medical service terminals with sales services of traditional frame glasses and OK glasses are expected to benefit.
Key companies: Aier Eye Hospital Group Co.Ltd(300015) , Eyebright Medical Technology(Beijing) Co.Ltd(688050) , bright moon lens, etc.
Risk tips
The risk of sales promotion falling short of expectations, the risk of intensified industry competition, and the risk of domestic substitution falling short of expectations.
