证券研究报告 | 公司点评 gszqdatemark 2025 01 08 年 月 日 风险提示：市场竞争加剧风险；政策变动风险；市场推广不及预期风险。 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 579 | 951 | 1,392 | 1,890 | 2,453 | | 增长率 yoy（%） | 33.8 | 64.1 | 46.3 | 35.8 | 29.8 | | 归母净利润（百万元） | 233 | 304 | 393 | 513 | 663 | | 增长率 yoy（%） | 35.8 | 30.6 | 29.3 | 30.5 | 29.4 | | EPS 最新摊薄（元/股） | 1.23 | 1.60 | 2.07 | 2.71 | 3.50 | | 净资产收益率（%） | 11.8 | 12.1 | 13.8 | 15.7 | 17.3 | | P/E（倍） | 78.8 | 60.3 | 46.7 | 35.8 | 27.6 | | P/B ...

财联社1月7日电，爱博医疗公告，公司"有晶体眼人工晶状体"近日通过国家药品监督管理局创新医疗器 械特别审查获准注册。 该产品型号包括PR115至PR142，规格为-3.25D至-18.00D，适用于成年人有晶状体眼的治疗，矫正/降低 成年人-3.25D至-18.00D的近视度数。 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 爱博医疗（688050）公司季报点评 2024 年 11 月 12 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------------|--------------| | 股票数据 | | | 11 [ Table_StockInfo 月 11 日收盘价（元） ] | 103.23 | | 52 周股价波动（元） | 65.17-198.47 | | 总股本 / 流通 A 股（百万股） | 190/190 | | 总市值 / 流通市值（百万元） | 19567/19567 | | 相关研究 | | | [Table_ReportInfo] 《营收大幅加速，隐形眼镜板块贡献比例提 | | | 高》 2024.04.23 《公司 23 年快报：隐形眼镜等视力保健产品 | | | 快速增长》 2024.02.08 | | | 《收 ...

研究 > 医药生物 > 证券研 Q3收入维持高增长,继续扩张美瞳产能 爱博医疗（688050）2024年三季报点评 2024 年 11 月 07 日 � � 【投资要点】 人工晶体集采放量稳健,离焦镜加速上量。1）人工晶体:行业内白 内障手术量增长缓慢甚至下降,但受益于集采中标和勾选良好,公司 产品出货量稳健增长,影响力优于进口品牌。在渠道库存差价方面, 代理商和医院端库存均已盘点完毕,价差近乎补完,预计 Q4 不会再 产生相关影响。公司双焦点人工晶体前三季度放量明显,但达到预期 水平仍需要一定时间。随着多焦晶体等产品逐步拓开市场,产品竞争 力持续提升,同时以公司现有的分销渠道和丰富的院瑞资源加持,预 计将继续保持高速增长。2）角塑：虽受限于阶段性消费降级、竞品 增加等影响,行业增速有所放缓,公司仍保持高于行业平均的增长水 平，并在离焦镜等互补产品方面进行布局,处于加速推进阶段。 隐形眼镜业务增资扩产，增长潜力持续兑现。公司向更广阔的视光消 费市场扩张,通过并购天眼医药、福建优你康、美悦瞳快速提升产能 拓展市场,目前彩片产线处于满产状态,业务实现规模化生产,形成 新的增长驱动。公司旗下天眼工厂已实现盈利,但优 ...

证券代码：688050 证券简称：爱博医疗 爱博诺德（北京）医疗科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |----------------|-------------------------|----------------------------------------------------------|---------------------| | | | | 编号： 202411 － 01 | | | □特定对象调研 | □分析师会议 □媒体采访 | | | 投资者关系活动 | □业绩说明会 □新闻发布会 | | □路演活动 | | 类别 | □现场参观 | 其他（电话会议） | | | | | 安本资产、宝盈基金、贝莱德资产、北京源峰私募、财通基金、 | | | | | 碧云银霞投资管理咨询（上海）有限公司、彬元资本、博道基 | | | | | 金、成泉资本、澄金资产管理、创金合信基金、淡马锡、德邦 | | | | | 证券、东北证券、东方证券资产、东方阿尔法基金、敦孚投资、 | | | | | 方正证券、复星恒利证券、富安达基金、富达基金、邓普 ...

证券研究报告 | 季报点评 gszqdatemark 2024 11 04 年 月 日 爱博医疗（688050.SH） Q3 收入端延续高增长，定增扩张美瞳产能，未来可期 爱博医疗发布 2024 年三季度报告。2024Q1-Q3，实现营业收入 10.75 亿元，同比增长 60.94%；归母净利润 3.18 亿元，同比增长 26.04%；扣 非后归母净利润 3.04 亿元，同比增长 27.41%。2024Q3，实现营业收入 3.90 亿元，同比增长 49.11%；归母净利润 1.10 亿元，同比增长 23.38%； 扣非后归母净利润 1.05 亿元，同比增长 22.88%。 观点：Q3 收入端延续高增长，毛利率波动预计为毛利率较低美瞳业务占 比提升，进而导致利润端增速不及收入端。期间费用控制良好，费用率同 比有所改善。定增募资 3 亿元，助力美瞳产能扩张，筑牢高速发展根基。 Q3 收入端延续高增长，利润端增速不及收入端预计为美瞳占比提升导致 毛利率波动影响。Q3 收入端延续高增长态势，主要系手术治疗和近视防 控业务持续增长、视力保健业务快速增长驱动。利润端增速不及收入端主 要系毛利率波动影响，2024Q3 毛利 ...

f 隔证券 公 司 研 究 爱博医疗（688050.SH） 2024 年 11 月 02 日 目 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/11/1 | | 当前股价 ( 元 ) | 93.12 | | 一年最高最低 ( 元 ) | 198.47/65.17 | | 总市值 ( 亿元 ) | 176.50 | | 流通市值 ( 亿元 ) | 176.50 | | 总股本 ( 亿股 ) | 1.90 | | 流通股本 ( 亿股 ) | 1.90 | | 近 3 个月换手率 (%) | 69.67 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-11 2024-03 2024-07 爱博医疗 沪深300 数据来源：聚源 相关研究报告 《2024 上半年业绩快速增长，隐形眼 镜业务超预期增长—公司信息更新报 告》-2024.8.22 《国产人工晶体标杆企业，掘金隐形 眼镜蓝海市场—公司首次覆盖报告》 -2024.6.26 医药生物/医疗器械 2024 前三季度业绩快速 ...

爱博医疗（ [Table_StockNameRptType] 688050） 公司点评 业绩增长稳健，定增加码美瞳业务 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·公司点评报告·医疗器械 爱博医疗（688050） 2024 三季报点评：业绩符合预期，明年业绩 加速可期 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 579.50 | 951.18 | 1,422.18 | 1,925.36 | 2,603.28 | | 同比（ % ） | 33.81 | 64.14 | 49.52 | 35.38 | 35.21 | | 归母净利润（百万元） | 232.69 | 303.98 | 412.88 | 532.61 | 733.11 | | 同比（ % ） | 35.80 | 30.63 | 35.83 | 29.00 | 37.64 | | EPS- 最新摊薄（ ...

Revenue and Profit Growth - Revenue for the third quarter reached 389.55 million yuan, a year-on-year increase of 49.11%[2] - Net profit attributable to shareholders of the listed company was 109.55 million yuan, up 23.38% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached 1,075,267,105.77 RMB, a significant increase from 668,099,047.91 RMB in the same period of 2023[14] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 913,270,453.15 RMB, up from 647,181,036.71 RMB in the same period of 2023[13] - Total profit for the period was RMB 361.83 million, an increase from RMB 277.23 million in the previous period[15] - Net profit attributable to the parent company's shareholders was RMB 317.59 million, up from RMB 251.97 million[15] - Basic earnings per share (EPS) increased to RMB 1.68 from RMB 1.33[15] R&D and Operating Expenses - R&D investment for the quarter was 39.93 million yuan, accounting for 10.25% of revenue, a decrease of 2.11 percentage points year-on-year[2] - R&D expenses for the first three quarters of 2024 amounted to 77,654,725.68 RMB, up from 64,674,073.63 RMB in the same period of 2023[14] - Sales expenses for the first three quarters of 2024 were 150,875,501.68 RMB, compared to 126,933,548.78 RMB in the same period of 2023[14] - Operating costs for the first three quarters of 2024 were 720,300,574.45 RMB, compared to 402,850,711.88 RMB in the same period of 2023[14] Assets and Liabilities - Total assets as of the end of the reporting period were 3.41 billion yuan, an increase of 11.24% compared to the end of the previous year[3] - The company's equity attributable to shareholders of the listed company was 2.33 billion yuan, up 9.42% from the end of the previous year[3] - Total assets as of Q3 2024 were 3,406,015,585.20 RMB, an increase from 3,061,786,608.56 RMB in the previous year[12] - Fixed assets increased to 1,387,928,661.32 RMB in Q3 2024, up from 1,088,802,327.00 RMB in the previous year[12] - Long-term loans rose to 547,497,926.78 RMB in Q3 2024, compared to 258,532,806.61 RMB in the previous year[13] - Total liabilities as of Q3 2024 were 863,139,790.82 RMB, up from 705,851,951.24 RMB in the previous year[13] Cash Flow and Financial Activities - Operating cash flow for the first three quarters was 217.06 million yuan, a significant increase of 65.99% year-on-year[2] - Net cash flow from operating activities was RMB 217.06 million, up from RMB 130.77 million[17] - Net cash flow from investing activities was negative RMB 597.13 million, compared to positive RMB 125.10 million in the previous year[18] - Net cash flow from financing activities was positive RMB 114.50 million, compared to negative RMB 53.95 million[18] - Total cash and cash equivalents at the end of the period were RMB 266.23 million, down from RMB 552.00 million[18] - Cash received from sales of goods and services was RMB 1,006.01 million, compared to RMB 658.87 million in the same period last year[17] - Cash paid for the purchase of goods and services was RMB 290.48 million, up from RMB 154.35 million[17] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets was RMB 284.24 million, compared to RMB 182.60 million[17] Shareholder and Equity Information - The company's total share capital increased from 105,250,992 shares at the beginning of the period to 189,544,528 shares at the end of the period[11] - The largest shareholder, Jie Jiangbing, holds 24,490,410 shares, accounting for 12.92% of the total shares[8] - Beijing Bojian Hechuang Technology Co., Ltd. holds 10,926,407 shares, accounting for 5.76% of the total shares[8] - Bai Ying holds 10,662,746 shares, accounting for 5.63% of the total shares[8] Financial Position and Performance Metrics - The company's basic earnings per share for the quarter were 0.58 yuan, a 23.40% increase year-on-year[2] - Weighted average return on equity (ROE) for the quarter was 4.74%, an increase of 0.36 percentage points year-on-year[2] - The company's revenue growth was driven by sustained growth in surgical treatment and myopia control businesses, as well as rapid growth in vision care business[6] - Operating profit for the first three quarters of 2024 was 363,056,896.70 RMB, compared to 277,234,392.29 RMB in the same period of 2023[14] Asset and Liability Changes - The company's monetary funds decreased from 536,658,290.19 RMB to 271,078,313.67 RMB[11] - The company's accounts receivable increased from 212,818,441.20 RMB to 386,231,641.63 RMB[11] - The company's inventory increased from 181,350,575.21 RMB to 247,963,387.33 RMB[11] - The company's trading financial assets increased significantly from 20,122,739.73 RMB to 198,171,961.25 RMB[11] - The company's prepayments slightly increased from 29,422,681.29 RMB to 30,260,973.37 RMB[11] - The company's other receivables decreased from 6,033,624.30 RMB to 4,480,013.42 RMB[11] Government Subsidies and Non-Recurring Gains - Government subsidies received during the quarter amounted to 5.37 million yuan, contributing to non-recurring gains[4]