Producer: Sina Finance Listed Company Research Institute
作者:新消费主张/CICI
Orthokeratology lenses, commonly known as "OK lenses", are mainly used for vision correction and myopia control, and temporarily reduce the degree of myopia by temporarily changing the shape of the cornea.
As the only two orthokeratology lens manufacturers in Chinese mainland, OPCOM and Aibo Medical have a certain first-mover advantage, and their products and profitability are often compared. Recently, the "OK Mirror Double" OPCOM and Aibo Medical have released their 2023 financial reports. On the whole, the performance evaluation of the annual report of OK Mirror Shuangxiong in mainland China is as follows:
Performance growth & profitability: In 2023, Aibo Medical's revenue increased by 64.18% year-on-year, and the net profit attributable to the parent company increased by 38.12% year-on-year, while the revenue of OPCOM increased by 13.89% year-on-year, and the net profit attributable to the parent company only gained a single-digit growth of only 6.85%. From the perspective of revenue growth, both the revenue growth rate and the net profit attributable to the parent company are far higher than OPCOM. From the perspective of profitability indicators, the gross sales margin of Aibo Medical in 2023 is slightly higher than that of OPCOM, which will be 76.01% in 2023 and 74.78% in 2023.
Product strength & R&D strength: In comparison, Aibo Medical Punuo Punuo Pulong products have higher oxygen permeability coefficient, lower wetting angle, more advanced design, and higher market potential. From the perspective of R&D investment, OPCOM and Aibo Medical have chosen different paths, Aibo Medical maintains a high level of R&D investment, while OPCOM chooses to enter the field of optometry terminals with low R&D investment, fierce market competition and high customer acquisition costs.
Performance PK: OPCOM has slowed down in the growth rate of its performance, and its stock price has been "cut off at the ankle", and its performance is not as good as that of Aibo Medical, and the pressure of competition has increased
Although in terms of revenue and net profit attributable to the parent company, OPCOM is slightly better, but from the perspective of performance growth, OPCOM is far less performant than Aibo Medical. In 2023, Aibo Medical will achieve a total revenue of 951 million yuan, a year-on-year increase of 64.14%, a total net profit attributable to the parent company of 304 million yuan, a year-on-year increase of 31.26%, and a total revenue of 1.737 billion yuan, a year-on-year increase of 13.89%, and a total net profit attributable to the parent company of 667 million yuan, with a single-digit growth of only 6.85%.
For Aibo Medical, the company's performance has been in a state of steady growth since the approval of the company's OK mirror, and the growth rate of revenue and net profit attributable to the parent company has maintained double-digit growth. From 2021 to 2023, Aibo Medical's revenue will be 433 million yuan, 579 million yuan, and 951 million yuan respectively, a year-on-year increase of 58.61%, 33.81%, and 64.14%, respectively, and the net profit attributable to the parent company will be 171 million yuan, 233 million yuan, and 304 million yuan, respectively, a year-on-year increase of 77.45%, 35.81%, and 30.63%, respectively.
In 2022 and 2023, the growth rate of OPCOM revenue and net profit attributable to the parent company will decline. From 2021 to 2023, OPCOM's revenue will be 1.295 billion yuan, 1.525 billion yuan, and 1.737 billion yuan respectively, a year-on-year increase of 48.74%, 17.78%, and 13.89%, respectively, and the net profit attributable to the parent company will be 555 million yuan, 624 million yuan, and 667 million yuan respectively, a year-on-year increase of 28.02%, 12.44%, and 6.85% respectively.
From the perspective of profitability indicators, in 2023, the gross profit margin and net profit margin of sales of Aibo Medical and OPCOM will decline, of which Aibo Medical will decline relatively largely. Judging from the results, the gross profit margin of Aibo Medical is slightly higher than that of OPCOM, and in 2023, the gross profit margin of Aibo Medical will be 76.01%, and the gross profit margin of OPCOM will be 74.78%. However, Aibo Medical's sales net profit margin (30.07%) is not as good as that of OPCOM (41.96%).
The gross profit margin and net profit margin of sales of Aibo Medical and OPCOM both declined, which was not without an impact on the intensified competition in the OK mirror market. At present, there are more and more registered brands of orthokeratology lenses in China, and there are 19 domestic and imported registration certificates, and the market competition is intensifying, and the retail price of orthokeratology lens products is the general trend.
From the perspective of performance growth alone, OPCOM has been left far behind by its competitor Aibo Medical, and the growth rate of both revenue growth and net profit attributable to the parent company far exceeds that of OPCOM. From the perspective of profitability indicators, Aibo Medical's gross profit margin is slightly better, but its net sales profit margin is not as good as that of OPCOM Vision. Considering the two factors, we believe that Aibo Medical's earnings performance in 2023 is slightly better.
OPCOM's performance in the secondary market is also not optimistic. The company's share price has fluctuated downward since reaching a high of 134.34 yuan / share in 2021, and as of the close of trading on April 17, the company's share price was only 17.20 yuan / share, a cumulative decline of 87.2%.
Product comparison: Aibo Medical's R&D expense rate far exceeds that of Opcom and its Punuotong brand comfort and other Mewtwo David
The barriers to the OK mirror industry are high, and enterprises with relevant production qualifications can make profits by virtue of their first-mover advantage. The root cause of the high barriers is that it is difficult to approve. As a Class III medical device, orthokeratology lenses have strict clinical trial requirements and a long registration and approval time. For a long time, OPCOM has been the only manufacturer in China that has obtained the registration certificate of orthokeratology lenses, and has enjoyed the first-mover advantage for a long time.
From the perspective of R&D investment, the proportion of R&D investment in total operating income is far less than that of Aibo Medical. In 2023, Aibo Medical's R&D expense ratio will be 9.85%, while OPCOM's R&D expense ratio will only be 2.32% in the same period.
OPCOM's core products are orthokeratology lenses, and its orthokeratology lens products obtained product registration certificates in 2016, and it has two brands of orthokeratology lenses, "Dream David" and "DreamVision". Aibo Medical's core products are intraocular lenses, color soft hydrophilic contact lenses (commonly known as "contact lenses"), orthokeratology lenses, and its orthokeratology lens products obtained the registration certificate in 2019, and the core brand is Puruotong.
As the only 2 orthokeratology lens manufacturers in Chinese mainland, OPCOM and Aibo Medical's OK lenses are often compared by consumers. In order to measure the advantages and disadvantages of orthokeratology lens products, the industry usually considers several factors such as materials, design, processing technology and quality content.
First of all, let's take a look at the lens materials, Aibo Medical's lens materials are all highly permeable fluorosilicone acrylate polymers. The difference is that Aibo Medical's Punuo Tong OK lens material has all been converted to self-production, while OPCOM has purchased raw materials and partially self-produced. In contrast, the production cost of self-produced materials is significantly lower than that of external procurement, which can effectively reduce the manufacturing cost of lenses, which may be one of the reasons why the gross profit margin of Aibo Medical is higher than that of OPCOM.
In addition, oxygen permeability and wetness are also key indicators related to the wearing comfort of consumers. Generally speaking, because the human cornea needs oxygen to remain transparent, corneal hypoxia can lead to eye diseases such as eye redness, dry eye, corneal edema, and corneal ulcers, so the higher the oxygen permeability coefficient, the better, and the lower the wetting angle, the better.
According to public data, the oxygen permeability coefficient (DK) of the Obcom Dream Davy brand orthokeratology lens is 100 and the wetting angle is 49 degrees, while the oxygen permeability coefficient (DK) of the Aibo Medical Punuo Pupil brand orthokeratology lens is 125 and the wetting angle is about 43 degrees. In contrast, Aibo Medical Puno Hitomi is more comfortable.
In addition, the design of orthokeratology lens products has a great impact on the wearing comfort and the stability of myopia control effect. Aibo Medical's orthokeratology lens Punuo Pulong adopts an innovative full-arc aspheric orthokeratology lens, which has a global patent layout, which can provide optimized peripheral defocus, make the myopia control effect more stable, and also have a certain degree of advancement.
To sum up, Aibo Medical's Puno Pupil, because of its higher oxygen permeability coefficient, wetting angle, more advanced product design and other factors, the product strength may be slightly better than that of OPCOM Dream David. In addition, it can also be seen from the annual report data that in 2023, the sales growth rate of Aibo Medical rigid contact lenses will be significantly higher than that of OPCOM, of which the sales volume of Aibo Medical-related products will increase by 20.70% year-on-year, which is much higher than the sales growth rate of OPCOM of 3.54%.