The three giants of the ophthalmology sector: Al-Eye, Dr. Glasses, Ophthalmology, who has more potential?
China has a population of 1.4 billion people, of which more than 300 million are myopic or have eye diseases, and with the increasing burden of primary and secondary school students and more and more people playing cell phones for long periods of time, this number continues to show a clear upward trend, which means that more and more people will have the need to dispense eyeglasses and treatment of eye diseases in the future.
In the A-share listed companies, there are three such relatively scarce with eye diseases related to the listed companies, which are the chain of eye hospitals giant Aier Eye, the well-known eyeglasses chain Dr. Eyeglasses, the global contact lens giant OPPCONVision, their main business is the treatment of eye diseases, correction and auxiliary products sales, then stand in the investment point of view, Aier Eyeglasses, Dr. Eyeglasses, Dr. Eyeglasses, OPPCONVision, who has more potential for the future of the eye disease. Who has more potential?
From the point of view of their respective business scope
Aier Eye: Aier Eye is the world's largest ophthalmology medical institutions in China's provinces and cities, the United States, and Southeast Asia have a chain of branches. Aier Ophthalmology is located in the industry has a great deal of rigid demand and potential, because at present, China itself has a lot of basic eye disease population, and many colleges and industries require vision can not have a problem, for example, many public security colleges and universities, military colleges and universities, sports colleges and so on have a very high vision requirements, even if the student's college entrance examination scores meet the standard, if the vision can not meet the standard will not be admitted, therefore, the surgical operation of myopia is not the most important thing. The first thing you need to do is to get your eyesight corrected, so there is a huge rigid demand for myopia surgery, and this market is still growing in the process, do not believe you can look at the current primary and secondary school students, myopia wearing glasses more and more people.
Dr. Glasses: Dr. Glasses is one of the few national eyeglasses chains, with a total of about 400 directly-managed stores and franchises, mainly engaged in the sale of frames, lenses, sunglasses, presbyopia, myopia and other products. The optometry industry is not as profitable as the eye hospital, because the industry is not a high technical threshold, the monopoly is not strong, a lot of people with some experience in optometry can do, there are a variety of optometry places in various cities.
However, the reason why Dr. Glasses has a certain advantage over ordinary scattered stores is mainly based on three reasons, the first is that China's myopic population is huge, the current myopic population has more than 300 million people, according to each person every 3 years to replace a pair of glasses to calculate, every year there will be hundreds of millions of people who need to buy glasses, the market demand is huge; the second reason is that the cost of glasses is cheap, the profit is huge, I believe that many people know the cost of glasses is very high, and the cost of glasses is very high. The second reason is that the cost of glasses is low and the profit is huge, I believe that many people know how low the cost of glasses in the end, a pair of glasses of about 300 yuan, the cost of the left and right may only add up to fifty or sixty dollars; the third reason is that the brand advantage, as long as the economy allows, the majority of people still like to choose the brand of eyeglasses sellers, with the improvement of the economic level, I believe that in the future, there will be more and more people will choose the brand of the chain business.
Opecom Visuals: Opecom Visuals is China's largest producer of corneal reshaping lenses and related care, and corneal reshaping lenses are often referred to as contact lenses. Contact lenses believe that we are no strangers, the same is a lot of industry and beauty lovers just need products, why so, although there are a lot of myopic people, a lot of people also wear glasses, but not all people like to bring a big glasses, feel the impact of the image, and a lot of work occasions are not suitable for work with glasses, will give a bad feeling, but contact lenses can be a good solution to this problem! But contact lenses can be a good solution to this problem. At the same time, there are also some people who are not nearsighted in order to highlight the beauty of personal glasses or some kind of demand, will also choose to wear contact lenses, so that, like the OpusCare such a relative monopoly on the field of contact lenses has a great potential.
Therefore, from the point of view of their respective business scope and industry dominance, the investment potential of the three for Aier Ophthalmology & gt; Optimum Vision & gt; Dr. Eyewear.
From the more important financial return indicators
Gross margins: Aier Ophthalmology is about 48%, Dr. Eyeglasses about 65%, and Ophthalmology about 80%.
Return on Equity: Aier Eye Care is around 22%, Dr. Eyewear is 4.7%, and Ophthalmology is 16%.
Earnings per share (EPS) aspect: $0.38 for Aier Ophthalmology, $0.16 for Dr. Eyewear, $0.46 for OPC.
From the above indicators can be seen, ophthalmology industry gross profit margin is quite high, can be said to be a very profitable industry, but from the ultimate earning capacity ROE point of view, Aier ophthalmology earning capacity is significantly higher than Dr. Glasses and Oprah Combs, on the one hand, the medical diagnosis and treatment of the Aier ophthalmology profits to be higher than the profit of the material production of the Oprah Combs, material production of the Oprah Combs and the profits are clearly greater than the eyeglasses chain of Dr. Glasses. On the other hand, it also shows that Dr. Eyewear's profits are much lower under the premise that the gross profit margin is obviously higher than that of Aier Eyewear, which can be seen that Dr. Eyewear has some problems with its operation and management, resulting in serious internal conflicts and low profits.
Comprehensively from the investment potential, Aier ophthalmology & gt; OpusCare & gt; Dr. glasses, we think who has more investment potential?