Text/Forbes China
Image from OPCOM's official website.
On January 20, opcom vision (300595. SZ) released its 2021 annual results forecast, and the net profit attributable to shareholders of listed companies last year was 5.. Between 200 million yuan and 610 million yuan, an increase of 20%-40% year-on-year. Net profit after deducting non-operating gains and losses was 460 million to 540 million yuan, an increase of 15% to 35% year-on-year.
Despite the local epidemic in the third and fourth quarters of last year, in accordance with the epidemic prevention measures, some regions have adopted restrictions or suspensions of optometry service business. However, the announcement said that the profit growth in the reporting period was mainly due to factors such as increased sales volume and increased revenue from marketing service terminals.
OPCOM Vision's main product is orthokeratology lenses and their care products for vision correction and myopia control. It has two brand shapewear mirrors, "Dream David" and "DreamVision". Among them, Montvy brand orthokeratology mirrors have been applied for fifteen years and have more than one million users.
The rate of myopia among adolescents in mainland China remains high, the growth rate of myopia degree is accelerating, and the number of people with high myopia is increasing. Plus from an international perspective. The "Eye Care and Optometry" market is outpacing the trend of the "Eye Disease" market. Optometry Service is a long-sloped track with thick snow.
The major mid-game players in the mainland orthokeratology market include OPCOM Vision, Abenoord, Hentai Optics, Eudid Systems, Lucid Korea, Procomea in the Netherlands, Alpha in Japan, C&E GP Specialist in the Us, and Paragon Vision Sciences in the US.
According to the data of the 2021 semi-annual report, OPCOM is the absolute leader in the field of domestic orthokeratology mirrors, and the sales of its "Dream David" products in half a year were 325 million yuan, an increase of 82.59% year-on-year.
The key to OPCOM's success lies in choosing the right style of play. The company's development of service terminals is not only to sell orthokeratology lenses, but to build a community-based optometry service system, "eye care and optometry" service demand relies on scene stimulation, and actively cultivates the development of professional, community-based, convenient and personalized optometry terminals to meet the growing demand. The focus is on two directions: new products, new technologies, and optometry services.
However, after the secondary market OPCOM reached a high of 109.7 yuan / share in June last year, it oscillated all the way down, and as of the close of Trading on January 19, it was quoted at 48.25 yuan / share, down nearly 56%. On the morning of the 20th, it still fell more than 5%.
The market's concern comes from the landing of "double reduction", and the growth rate of adolescent myopia rate may slow down. As well as concerns about the inclusion of orthokeratology mirrors in the collection, in addition to more players entering the game.
For the collection, the company announced moisturizing, the National Medical Insurance Bureau has clearly stated that the glasses are not within the scope of medical insurance collection, and from the perspective of vision correction, the frame mirror is the most basic need, such as the inclusion of medical insurance should first be the frame mirror.
However, today, the research report released by Zhongtai Securities gave OPCOM a buy rating.