How to View the Investment Value of Ophthalmology Medical Service?
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The expansion of the ophthalmic medical market has accelerated, and the number of private ophthalmic hospitals has increased rapidly. After a wave of listings of private ophthalmic hospitals, Haitong suggests paying attention to $CHAOJU EYE CARE (02219.HK)$.
1. Ophthalmic track: golden track of medical services
The state still encourages its attitude towards medical treatment. Non-public medical care has always been positioned as a useful supplement to public hospitals, jointly expanding the supply of medical resources. Encouraging the society to run medical services is reflected in the key tasks of deepening the medical and health system of the State Council every year, and related statements are also made in other documents at all levels.
Among the five private specialized medical service tracks, ophthalmology has the fastest relative growth rate, and the industry growth rate has reached 15%-20%.
2. Ophthalmology has a clear pattern of "super-strength" and "multi-strength", enjoying the high prosperity of the industry together, focusing on the α-capability of each company
It is concerned that after a wave of listings of private ophthalmic hospitals, with the help of M&A funds, the supply of high-quality private ophthalmology services will increase and the market competition will intensify. Haitong believes that the market share of private ophthalmology is still small compared with that of public hospitals (private ophthalmology accounts for about 25% of the ophthalmology market), and the supply of specialized services of high-quality private ophthalmology is conducive to the brand promotion of private medical services. According to Haitong's research, the market share of private ophthalmology in some cities and other places has reached more than 60%. Haitong believes that at present, the ophthalmic industry has a clear pattern of "one super and many strong" and enjoys a high prosperity together, and each family has sufficient room for growth, focusing on the α ability of each company. Under the single-store model, pay attention to the target with chain expansion and replication ability.
3. Comparison of future expansion strategies: vision and first and second-tier cities are the key words
Haitong believes that the population ceiling of prefecture-level cities is low, and there are usually local public hospitals. Under the background of the national layout of Longtou Aier, the national layout of the second-line ophthalmic companies is mainly based on the differentiated layout strategy, seeking differentiated competition in terms of region and business. Key cities (provincial-capitals and developed prefecture level cities) have become the main battlefields among ophthalmology companies. In terms of business competition, Hrshi Ophthalmology takes optometry clinic as the main carrier to expand nationwide.
4. Suggestions:
H share: Chaoju Ophthalmology.
A shares: Aier Ophthalmology, Purui Ophthalmology, Hrshi Ophthalmology.
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