Recently, Aier Ophthalmology's third quarter financial report was released. In the first three quarters, the operating income was 11.596 billion yuan, an increase of 35.38% year-on-year; the net profit was 2.003 billion yuan, an increase of 29.59% year-on-year; and the net profit after deducting non-recurring gains and losses was 2.175 billion yuan, an increase of 37.58% year-on-year. However, single-quarter revenue growth slowed down, with operating income of 4.228 billion yuan in the third quarter, down 3.48% year-on-year, becoming the second negative year-on-year revenue growth since 2019. Net profit was RMB888 million, an increase of 2.05% year-on-year, and net profit after deducting non-recurring gains and losses was RMB948 million, down 5.38% year-on-year.
The repeated outbreak of the epidemic has put pressure on performance under a high base
The latest research report of Anxin Securities pointed out that the main reason for the pressure on the performance of Aier Ophthalmology and the slowdown in growth is the high base effect. In the first half of 2020, due to the impact of the new crown epidemic, a large number of ophthalmic treatment demand was delayed, so there was a significant high base effect in the third quarter of 2020. Affected by the high base of the same period last year, the growth rate in the third quarter of 2021 fell by 3.48%, the second negative year-on-year revenue growth since 2019. Secondly, from July to September 2021, there were different degrees of repeated epidemics in various provinces, which had a negative impact on the normal operation of local hospitals and further impacted the performance of the third quarter of 2021.
Scale is constantly evolving
Although the performance is under pressure, Aier Ophthalmology has not slowed down the pace of acquisitions. Since June, Aier has issued three acquisition announcements, spending a total of 743 million yuan to acquire the equity of 13 Aier hospitals, including Dandong Aier.
In June, Aier Ophthalmology issued an announcement that it intends to acquire 55% of the equity of Dandong Aier, 51% of the equity of Linyi Aier and 80% of the equity of Wanzhou Aier, with transaction amounts of 34.595 million yuan, 37.944 million yuan and 64.64 million yuan respectively, totaling 137 million yuan.
Subsequently, on August 18, Aier Ophthalmology announced that it intends to acquire 55% of the equity of Rizhao Aier, 51% of the equity of Weihai Aier, 75% of the equity of Heyuan Aier, 65.1% of the equity of Jiangmen Xinhui Aier and 70% of the equity of Zaoyang Aier held by Nanjing Aier Anxing Ophthalmic Medical Industry Investment Center, with a total purchase price of 327 million yuan.
On October 19, Aier Ophthalmology once again announced its intention to acquire 5 target hospitals. Among them, Aier Ophthalmology will acquire 55% of the equity of Anshan Aier, 51% of the equity of Cangzhou Aier, 51% of the equity of Fuyang Aier, 72.72% of the equity of Langfang Aier and 80% of the equity of Qinhuangdao Aier, with a total purchase price of 279 million yuan.
Shareholders staged a Dunkirk evacuation
The quarterly report shows that the top ten outstanding shareholders of Aier Ophthalmology in the third quarter have undergone great changes.
Among the top ten outstanding shareholders of Aier Ophthalmology, Hillhouse Capital, which ranked fifth in the second quarter, and Zhang Kun's E Fangda Blue Chip Select Fund, which was ranked ninth, reduced their holdings in the third quarter and have now withdrawn from the top ten outstanding shareholders. Although Zhang Lei calls himself a "friend of time", Aier Ophthalmology has changed from "Little Sweetie" to "Cow Lady" in the eyes of Hillhouse Capital. In addition, among the top ten shareholders, Aier Medical Investment Group Co., Ltd., Hong Kong Securities Clearing Company Limited and Guo Hongwei also reduced their shares in Aier Ophthalmology, reducing their holdings by 500,000 shares, 6.2225 million shares and 14.2934 million shares respectively.
Only the "goddess of medicine" Gülen is still "deeply in love" with Aier Ophthalmology. As of the end of the third quarter, the Cele Medical and Health Hybrid Fund managed by Gülen increased its holdings by 35.5766 million shares of Aier Ophthalmology, and its shareholding ratio increased from 1.36% to 2.02%, making it the fourth largest outstanding shareholder of Aier Ophthalmology. It is worth noting that while the major shareholders of Aier Ophthalmology have withdrawn, the number of individual investors has been increasing. According to the latest announcement on the number of shareholders, the number of shareholders in the third quarter 270797, an increase of 38.5% compared with the second quarter.
Institutions maintain a "buy" or "overweight" rating
According to the information of oriental wealth network, at present, 14 institutions, including Huaxin Securities and Guojin Securities, have issued research reports on Aier Ophthalmology after the three quarterly reports, and they all maintain a "buy" or "overweight" rating. Pacific Securities Research Report said that maintaining the "buy" rating of Aier Ophthalmology, it is expected that the net profit attributable to the mother in 2021-23 will be 23.42/31.32/3955 million yuan, corresponding to PE of 109/82/65 times, giving a target price of 61.9 yuan.
After the release of the quarterly report, Aier Ophthalmology's stock price has experienced a high opening and low walk, as of 15:00 on October 28, 2021, Aier Ophthalmology closed at 45.76 yuan per share, from the highest point of this year's stock price of 92.69 yuan per share, which has shrunk by more than 50%. 【For submissions and regional cooperation, please reply within 24 hours by private message or 3469887933 #qq.com.com.】 】
![Nolan's new film "Dunkirk" re-exposed casting Cyrian Murphy joined[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)