希瑪眼科(03309.HK)：夯實基礎穩步前進，立足深圳輻射全國
機構：興業證券
投資要點
疫情下營收好於預期，業務拓展持續推進： 公司 2020 年上半年營業收入較去年同期僅小幅下降 1.1%至 2.62 億港元，主要是由於受到新冠疫情的影響。香港地區，營業收入同比上升 0.5%至 1.36 億港元；內地，營業收入同比下降 2.7%至 1.26 億港元，若以人民幣計，則增長 2.4%。整體來看，2020 年上半年營業收入整體好於預期。
兩地手術量持續上升，平均費用均有下降但原因不同：2020 年上半年香港及內地手術量同比分別上升 7.6%、21.1%至 2635 項、5597 項。但平均手術費用較去年同期均有下降，但原因不同。香港主要是由於較去年同期增加了 4 位新醫生，攤薄了平均手術費用。內地主要是由於兩家新眼科醫院（昆明、上海）的醫保患者較多及醫保患者收費較低導致。但隨着市場孕育成熟及品牌樹立，預計後續自費病人將增多，平均費用有望回升。
深圳為軸輻射粵港澳大灣區，試點昆明推動二三線城市滲透：目前公司重點發展大灣區業務。公司本年度將通過收購、自建或診所升級等多種策略在大灣區新設 3 家眼科醫院並投入運營，覆蓋珠海市、深圳市寶安區、惠州市。公司亦在昆明收購眼科醫院，積極尋求二三線城市的業務拓展機會。二三線城市具有患者基數大、手術成本較低、競爭對手較少等多種優勢。
眼科及管理人才是根本，內部孵化及外部聯合培育並舉：人才問題是制約內地民營專科醫院經營擴張的主要障礙之一，眼科亦不例外。公司目前擁有 73 位眼科醫生，其中內地有 57 位醫生，包括近 1/3 的主任醫師和 7 位外籍醫生。同時，公司亦聘用多達 20 位專家的國際眼科顧問團隊以及特邀來自眼科位列前茅的三甲醫院的眼科專家坐診。未來，公司將通過內部孵化、培養、提拔人才和聯合大學培養人才並舉來滿足業務擴張的需要。
我們的觀點：2018 年（IPO）至 2020 年公司主要以夯實基礎為主，穩步推進以深圳為大本營的大灣區及一線城市業務佈局。中長期來看，公司以昆明為試點積極探索二三線城市的業務拓展機會，從而實現依託香港、立足深圳、輻射全國的高端眼科診療網絡。隨着業務拓展的不斷深入、手術量的不斷提升以及品牌及口碑的樹立，公司未來的市場份額有望進一步提升。
風險提示：疫情影響超預期，市場競爭加劇，匯率波動風險。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
