華廈眼科登陸創業板，股價漲超30%！
11月7日，華廈眼科（301267.SZ）正式登陸創業板，其發行定價50.88元/股，對應62.63倍市盈率。上市首日，N華廈股價大幅高開，盤中一度漲至72元/股，截至發稿總市值約377億元。
新股君在《名校背書、毛利率僅次龍頭，“莆田系”闖出一個眼科IPO！》一文中提到，鑑於華廈眼科在行業內具有一定的市場地位，且近期醫療板塊整體市場情緒較好，短期內市場或能給予一定溢價空間。
華廈眼科是一家專注於眼科專科醫療服務的大型民營醫療連鎖集團，截至目前，公司無控股股東，實際控制人為蘇慶燦，其直接持有公司34.05%股份，通過華廈投資間接持有34.1%股份，合計佔比68.16%。
目前，公司在國內開設57家眼科專科醫院，覆蓋17個省及46個城市，2021年公司年門診人次達167.14萬人次，實施眼科手術的手術眼數達29.28萬眼。
同時，在國內開設了23家視光中心，為屈光不正患者提供醫學驗光配鏡服務。
值得注意的是，在公司開設的57家眼科專科醫院中，2021年有18家處於虧損狀態，公司利潤主要還是來自廈門眼科中心。
在競爭格局方面，華廈眼科在業內被稱為“全國第二民營眼科醫院”，但其實不論是從營收、門診量、醫院數，還是從全國化程度來看，其與愛爾眼科之間的差距都較為明顯。
經營成果方面，2019年至2022年1-6月，公司的營業收入分別為24.56億元、25.15億元、30.64億元和15.79億元，相應的歸母淨利潤分別為2.18億元、3.34億元、4.55億元和2.36億元，三年歸母淨利潤複合增速超40%。
報吿期各期，公司經營活動產生的現金流量淨額均高於當期利潤規模，可見公司現金流較為充沛，能夠產生真金白銀的收入。
具體來看，華廈眼科的主營業務由眼科醫療業務、配鏡業務及藥店業務構成，其中眼科醫療服務是主要收入來源，其佔比在9成左右。
報吿期內，公司綜合毛利率由40.22%增長至47.41%，2021年以來，公司毛利率水平略高於普瑞眼科、何氏眼科，而行業內僅有愛爾眼科毛利率超50%。
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