Aier Eye Hospital Group Co.Ltd(300015) (300015)
The company’s single quarter performance in the third quarter was poor: the company achieved an operating revenue of 11.596 billion yuan in the first three quarters, a year-on-year increase of 35.38%, and a net profit attributable to the parent company of 2.003 billion yuan, a year-on-year increase of 29.59%. In the third quarter alone, the company realized an operating revenue of 4.248 billion yuan, a year-on-year decrease of 3.48%, and a net profit attributable to the parent of 888 million yuan, a year-on-year increase of 2.05%. On the whole, the company has a good recovery and growth in the first three quarters of 21 years on the overall basis of 2020. Affected by the epidemic in the first half of 2020, the demand for ophthalmic treatment in that year was delayed, so the performance broke out in the third quarter of 2020. In the third quarter of 21, affected by the epidemic situation in various places, the company’s performance was poor on the basis of a higher base in the third quarter of 20.
In vitro hospital continues to inject and promote long-term performance growth: on December 17, 2021, the company issued an announcement to acquire 59.50% equity of Yiwu Aier, 51% equity of Yuanjiang Aier, 51% equity of Gaizhou Aier, 80% equity of Jiamusi Aier, 80% equity of Hezhou Aier, 75% equity of Beibei Aier, 55% equity of Guyuan Aier, 65% equity of Liangshan Aier 60.8696% of Ganzhou Aier, 75% of Fushun Aier, 55% of Tieling Aier, 75% of Qiqihar Aier, 75% of Huludao Aier and 55% of Yingkou Aier. A total of 14 hospitals are planned to be acquired through M & A. The company’s model of cultivating ophthalmic hospitals in vitro and injecting them into listed companies has provided a continuous driving force for the company’s long-term growth.
Investment suggestion: it is estimated that from 2021 to 2023, the company will realize operating revenue of RMB 15.142 billion, 19.072 billion and 23.918 billion, with growth rates of 27.11%, 25.96% and 25.41% respectively; The net profit attributable to the parent company was 2.338 billion yuan, 3.079 billion yuan and 4.009 billion yuan, with growth rates of 35.63%, 31.68% and 30.23% respectively; The current share price corresponds to a PE valuation of 99 / 75 / 58 times and is rated “recommended”.
Risk tips: repeated epidemic risk, less than expected demand risk, greater goodwill risk, consumption degradation risk and industry policy risk.
