Current investment tips:
AHP score - he ophthalmology 2.19 points, 42.1% of the total score. After considering the liquidity premium factor, we calculate that the AHP score of he ophthalmology is 2.19, which is 42.1% of the total score of the AHP model of non scientific innovation system, and is at the lower level of the upstream. Assuming a 70% finalist rate and under the neutral expectation, the placing proportion of class A, B and C placing objects under he's ophthalmology network is 0.0342%, 0.0337% and 0.0151% respectively.
The company has a team of doctors with profound technical background and rich medical experience, and has a good social reputation. The company was founded by He Wei, the doctor of Ophthalmology, the deputy leader of the national anti blindness technical guidance group, the director of the International Council of Ophthalmology (ICO) and his team. The core business backbones of the company are team members in the early stage of the establishment of the hospital, with an average working life of 20 years, and have been working in the Chinese Medical Association, the Chinese Medical Association The relevant ophthalmology branch of the Chinese society of traditional Chinese medicine and other national societies serve as the leader or member of the study group. Shenyang Heshi ophthalmic hospital was rated as "national key clinical specialty", as well as the "blindness prevention and treatment training base" of the National Health Commission, the ophthalmologist training base of the international ophthalmic Council and the national drug clinical trial institution. According to the "Chinese hospital specialist reputation and comprehensive ranking list" released by the Institute of hospital management of Fudan University, he's in Shenyang is the only private eye hospital in the Northeast eye reputation ranking list for three consecutive years from 2016 to 2018.
The company has established a perfect three-level eye health medical service model, and its business layout is deep in the northeast and looks at the whole country. The company has explored a sustainable and reproducible three-level eye health medical service model, and has 3 three-level eye health service institutions, 32 secondary eye health service institutions and 55 primary eye health service institutions. At present, the company has achieved full coverage of municipal hospitals in the mainland of Liaoning Province. At the same time, it has begun to lay out the Beijing Tianjin Hebei region centered on Beijing, the Yangtze River Delta centered on Shanghai, Dawan District centered on Shenzhen and the western region centered on Chengdu and Chongqing, and initially formed the layout of regional chain networks and the strategic layout of national key cities.
It has rich clinical diagnosis and treatment experience, and has obvious advantages in ophthalmic medical technology and diagnosis and treatment experience. The company is one of the first medical institutions in China to introduce cataract phacoemulsification technology, vitrectomy technology and fundus laser technology. Adhering to the principle of "high-precision" equipment configuration, the company has continuously introduced world-class ophthalmic diagnosis and treatment equipment. In terms of inspection equipment, the company has introduced fundus coherent light tomography angiography (octa), corneal confocal microscope Ultra wide angle fundus scanning laser imaging system (SLO) and other advanced inspection equipment; In terms of surgical equipment, the company introduced German Zeiss visumax3 0 all femtosecond laser system, mel90 excimer laser system and Germany AMAS 1050rs kilofrequency excimer laser system and other international leading surgical equipment. The medical technicians of the company actively explore the front-end field of ophthalmic medicine, and their papers have been published in core journals at home and abroad for many times. As a national drug clinical trial institution, Shenyang Heshi ophthalmic hospital has presided over or participated in the clinical trial research of many ophthalmic new drugs, equipment and consumables. At present, the 0.01% atropine eye drops developed by the company for the prevention and control of juvenile myopia have obtained the preparation registration approval of medical institutions on October 12, 2021 and are used in Shenyang he family with the prescription of a licensed doctor.
The scale and growth rate of revenue, net profit attributable to parent company are lower than the comparable average, the gross profit margin is higher than the industry average, and the growth rate of R & D expenditure is lower than Aier Eye Hospital Group Co.Ltd(300015) . From 2018 to 2020, the compound growth rates of the company's revenue and net profit attributable to the parent company were 16.88% and 33.66% respectively, which were lower than the average of comparable companies. From 2018 to the first half of 2021, the gross profit margin was 42.04%, 43.21%, 43.43% and 42.84% respectively, higher than the comparable average level. The compound growth rate of the absolute scale of R & D expenditure from 2018 to 2020 was - 13.84%, lower than Aier Eye Hospital Group Co.Ltd(300015) .
Risk tips: changes in national medical insurance policies, changes in industrial regulatory policies, medical disputes or accidents, brain drain and talent shortage, management problems caused by business expansion, uncertainty of market expansion outside Liaoning Province, etc.
