The national eye health plan for the 14th five year plan (2021-2025) has been released, and the eye medical industry has a high vision and broad space.
Recently, the National Health Commission issued the national eye health plan for the 14th five year plan (2021-2025) (hereinafter referred to as the plan). The plan points out that we should establish and improve the national regional provincial city county five level ophthalmic medical service system and optimize the layout of medical resources. Strengthen the setting and construction of ophthalmology in general hospitals above level II, and supplement the shortcomings of Ophthalmology and its supporting disciplines. At least one general hospital above grade II in each prefecture level city shall set up ophthalmology independently. Encourage qualified county-level general hospitals to set up ophthalmology independently and provide outpatient services.
The relevant person in charge of the National Health Commission said that during the 14th Five Year Plan period, China will improve the ability of ophthalmic medical services, focus on children and elderly patients, and focus on improving the ability of scientific correction of myopia, cataract surgery and screening of common eye diseases. Improve the efficiency of ophthalmic medical services and build a “separation of urgency and slowness” model. Strengthen the construction of grass-roots service capacity, and promote the application of effective vision screening and fundus screening technology at the grass-roots level.
China’s myopia prevention and control market exceeds 200 billion
In 2019, the World Health Organization released the first world vision report. The data show that the number of people with visual impairment or blindness in the world is more than 2.2 billion, of which at least 1 billion could have been prevented or have yet to be solved. In 2020, the World Health Organization put forward the 2030 global eye health goal, proposing that countries with cataract surgery coverage (ECSC) increased by 40% and baseline effective coverage reached 60% or higher by 2030 strive to achieve universal coverage.
The problem of juvenile myopia in China has attracted much attention. In 2018, a research report of the World Health Organization showed that Chinese myopia patients reached 600 million, and the myopia rate of teenagers has ranked first in the world , and is still rising. According to the Ministry of education in October last year, the overall myopia rate of children and adolescents in China in 2020 was 52.7%, an increase of 2.5 percentage points over 2019.
“Planning” pointed out that at present, China is still one of the most blind and visually impaired patients in the world. The main blinding eye diseases are cataract, myopic retinopathy, glaucoma, corneal diseases and diabetic retinopathy.
According to the calculation of China International Capital Corporation Limited(601995) , the market scale of myopia prevention and control is expected to reach about 210 billion yuan in 2030, with a 10-year compound growth rate of about 13.7% ; It is estimated that the market scale of refractive surgery and cataract surgery is expected to reach 100 billion yuan in 2030, and the ten-year compound growth rate will reach 21.4% and 15.6% respectively.
institutions gather to pay attention to the emergence of ophthalmic medical leaders
Statistics show that at present, a total of 14 listed companies layout ophthalmic medical business. As of January 14, the market value of A-Shares of these companies totaled 355.1 billion yuan. Aier Eye Hospital Group Co.Ltd(300015) is the largest ophthalmic chain medical institution in the world. As of June 30, 2021, the company has 155 hospitals and 107 outpatient departments in China. In the first three quarters of last year, the company’s revenue reached 11.596 billion yuan.
Autek China Inc(300595) the main products are corneal shaping lenses and their nursing products, which are used for vision correction and myopia control. At present, more than 300 optometry service terminals have been established.
Eyebright Medical Technology(Beijing) Co.Ltd(688050) focuses on the field of ophthalmic medical devices. Its main products cover the two major fields of surgery and optometry, mainly aiming at the two major ophthalmic diseases that cause blindness and visual impairment, cataract and ametropia. The company is the first manufacturer of high-end refractive intraocular lens in China.
In terms of secondary market performance, the overall trend of ophthalmic medical companies is flat. Data treasure statistics show that since new year’s day, the average share price of ophthalmic medical companies has increased by 0.22%, only Zhejiang Shapuaisi Pharmaceutical Co.Ltd(603168) , Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) has increased by more than 10%. In the long term, compared with the highs since 2021, Shanghai Haohai Biological Technology Co.Ltd(688366) , Chengdu Kanghong Pharmaceutical Group Co.Ltd(002773) , Autek China Inc(300595) , Aier Eye Hospital Group Co.Ltd(300015) and other four stocks have retreated by more than 50%. The industry leader Aier Eye Hospital Group Co.Ltd(300015) fluctuated downward after hitting a record high in early July last year, and has retreated 50.95% so far.
From the perspective of institutional attention, 11 ophthalmic medical companies were given positive ratings by securities companies. The most concerned is Aier Eye Hospital Group Co.Ltd(300015) , with 27 research reports focusing on the unit. According to the unanimous prediction of more than five institutions, Aier Eye Hospital Group Co.Ltd(300015) , Eyebright Medical Technology(Beijing) Co.Ltd(688050) , Autek China Inc(300595) , Shanghai Haohai Biological Technology Co.Ltd(688366) the net profit growth of four companies in 2021, 2022 and 2023 is expected to exceed 30%.
