As the first medical institution listed on the GEM, Aier Eye Hospital Group (hereinafter referred to as "Aer Eye Department") has recently stood on the "wave" of public opinion. The reason why it is "eye-catching" is that in just a few months, Aier Ophthalmology executives have 10 record reductions, including the same number of executives who have reduced their holdings several times. So, what is the development of Aier Ophthalmology in recent years? Why do executives frequently reduce their holdings? The reporter recently asked the relevant person in charge of the company, but did not get a reasonable explanation.
Declining growth rate
Aier Ophthalmology's current business mainly includes ophthalmologic surgery such as myopia and cataract, as well as eye plastic surgery. It has carried out corrective myopia surgery for 12 years and completed about 100,000 cataract surgery every year. However, the company's performance growth in recent years has not been as "scenario" as in previous years, and it has also cast a mist on the prospect of "high-growth white horse stocks" in the eyes of this investor.
According to the company's annual report, in 2016, Aier Ophthalmology's revenue was 4 billion yuan, a year-on-year increase of 26%, while the growth rate in 2015 reached 31%. From the perspective of net profit, in 2016, Aier Ophthalmology earned nearly 5% of non-recurring gains and losses. 1.8 billion yuan, with a growth rate of 18%, while the growth rate in 2015 was 45%. Investors are somewhat worried that they have passed the “outbreak periodâ€.
Some insiders believe that the profit growth rate of Aier Ophthalmology will continue to decline, which is related to its "private hospital" status and market fragmentation has not become an oligarch or duopoly. According to the current ophthalmic medical market data, there are phenomena such as “large-scale well-known hospitals are oversaturated, small and medium-sized hospitals are not fullâ€, such as Beijing has more than 1,000 large and small hospitals, and general dimethyl hospitals have ophthalmology, but only Tongren Hospital The share is over 40%. The competitive advantage of Aier Ophthalmology and public hospitals is not obvious. Now many patients have a distrustful attitude towards private hospitals.
Under such circumstances, Aier Ophthalmology has not formed an absolute advantage in the private eye hospital market. In a market where competition is becoming more and more fierce and more saturated in the future, if there is no way to highlight the encirclement, the development space will only become more and more compressed.
For the current state of this, Aier Eye also tried to "adjust tactics." In April, it announced a major announcement that the company will acquire ClÃnica Baviera, the largest listed chain of ophthalmic medical products in Europe, for 152 million euros. A. 100% shares.
According to its announcement, ClÃnica Baviera, S. A. With a history of 25 years, it currently operates 76 ophthalmic medical institutions in Spain, Germany, Italy and other countries. Its refractive business ranks first in Spain and Germany. Chairman Chen Bang said, "This will further enhance the company's profitability and increase shareholders' interests."
In addition to his eyes on overseas, Aier Ophthalmology also issued an additional issuance plan saying that “the size and number of hospitals in Aier Ophthalmology will maintain a rapid increase in the long run. Based on the current completion of the layout of central cities and provincial capitals, the future It will speed up coverage of prefecture-level and county-level markets."
However, investors have a question mark on whether the company can return to the "performance spring" by expanding at home and abroad.
First of all, the success of overseas mergers and acquisitions is unknown. In addition, for the development of the country, the ophthalmic medical institutions invested a lot in the early stage. Only one laser treatment instrument for myopia correction surgery is worth a million yuan. According to the ophthalmology medical market report, the general new hospital will start to make profits in 2 to 3 years. The prefecture-level county-level market audience is not as wide as the big cities, and with the return to the current period, the growth rate of performance in the next few years is not optimistic. Moreover, whether rapid expansion can guarantee the quality of medical care still has a large risk. After all, eye surgery is a very "high-precision" thing. Rapid expansion means higher management costs, and medical accidents for hospitals It is also a "fatal injury". If there is a problem, the impact on Aier's ophthalmology is huge. For example, in 2012, there was such a "black swan" incident. At that time, a famous Taiwanese doctor announced that he would no longer do laser myopia surgery, which triggered a sharp fall in the price of Aier Ophthalmology.
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