Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in revenue, with Q3 2024 revenue reaching 390 million yuan, a year-on-year growth of 49.11%, and a net profit of 110 million yuan, up 23.38% year-on-year [4] - For the first three quarters of 2024, the company achieved a revenue of 1.075 billion yuan, representing a year-on-year increase of 60.94%, and a net profit of 318 million yuan, up 26.04% year-on-year [4] - The growth in revenue is primarily driven by the vision care business, particularly the contact lens segment, while the company has effectively controlled costs, leading to improved profitability [4][5] Financial Performance Summary - The company expects to achieve earnings per share (EPS) of 2.09, 2.68, and 3.46 yuan for the years 2024, 2025, and 2026 respectively, with net profit growth rates of 30.1%, 28.6%, and 28.9% [5][10] - Revenue projections for 2024, 2025, and 2026 are 1.463 billion yuan, 1.908 billion yuan, and 2.473 billion yuan, respectively, with year-on-year growth rates of 53.8%, 30.4%, and 29.7% [7][10] - The gross profit margin is expected to decline from 76.0% in 2023 to 61.6% by 2026, reflecting changes in the product mix and pricing pressures [10][11] Business Segment Analysis - The artificial lens segment is projected to grow from 630 million yuan in 2024 to 880 million yuan in 2026, while the contact lens segment is expected to increase from 430 million yuan in 2024 to 900 million yuan in 2026 [8] - The company has seen improvements in profitability within its vision care business, with the Tianyan factory achieving profitability, although the Youkang segment has not yet reached profitability [5][8] Valuation - The company is assigned a price-to-earnings (P/E) ratio range of 43-53 for 2024, translating to a reasonable value range of 89.72 to 110.58 yuan per share [5] - The price-to-sales (P/S) ratio is estimated at 12-15 for 2024, corresponding to a reasonable value range of 92.64 to 115.80 yuan per share [5]

会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 12 日(星期二)至 11 月 18 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者邮箱 （investors@ebmedical.com）进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 证券代码：688050 证券简称：爱博医疗 公告编号：2024-053 爱博诺德（北京）医疗科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 爱博诺德（北京）医疗科技股份有限公司（以下简称"爱博医疗"或"公司"） 已于 2024 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）发布公司《2024 年第三季度报告》。为便于广大投资者更全面深入地了解公司 2024 年第三季度经 营成果、财务状况，公司计划于 2024 年 11 月 19 日下 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company continues to experience high revenue growth, driven by the expansion of its product matrix and strong market demand for its artificial crystals and contact lenses [7]. - The company has successfully increased its production capacity through acquisitions and is expected to see improved profitability in the coming quarters [2][3]. Summary by Sections Revenue and Profitability - In the first three quarters of 2024, the company achieved revenue of 1.075 billion (up 60.94%), with a gross margin of 67.61% (down 13.90 percentage points). The net profit attributable to shareholders was 318 million (up 26.04%) [3]. - For Q3 alone, revenue reached 390 million (up 49.11%), with a net profit of 110 million (up 23.38%) [3]. Business Segments - The artificial crystal segment is benefiting from steady growth in sales volume, despite a slow growth rate in the cataract surgery market. The company’s products are gaining market share over imported brands [1]. - The contact lens business is expanding rapidly, with the company achieving full production capacity in its colored lens production line. The Tianyan factory has become profitable, while the Youkang subsidiary is expected to improve its profitability in Q4 or next year [2]. Financial Projections - The company forecasts revenues of 1.449 billion, 1.976 billion, and 2.570 billion for 2024, 2025, and 2026, respectively, with net profits of 403 million, 535 million, and 698 million for the same years [8]. - The projected earnings per share (EPS) are 2.13, 2.82, and 3.68 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 46, 34, and 26 [7][8].

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 ...

一、 回购股份的基本情况 2024 年 2 月 22 日，公司召开第二届董事会第十次会议，审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金或自筹资金通 过上海证券交易所系统以集中竞价交易方式回购公司已发行的部分人民币普通股 （A 股）股票。回购股份将在未来适宜时机全部用于股权激励或员工持股计划，并 在股份回购实施结果暨股份变动公告后三年内予以转让；若公司未能将本次回购 的股份在股份回购实施结果暨股份变动公告日后三年内转让完毕，未转让股份将 被注销。回购价格不超过 229.37 元/股（含），回购资金总额不低于人民币 2,000.00 万元（含），不超过人民币 4,000.00 万元（含）；本次回购股份的实施期限自董事会 审议通过本次回购方案之日起 12 个月内。 具体内容详见公司于 2024 年 2 月 24 日在上海证券交易所网站 1 证券代码：688050 证券简称：爱博医疗 公告编号：2024-052 爱博诺德（北京）医疗科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a strong revenue growth of 60.94% year-on-year for the first three quarters of 2024, reaching 1.075 billion yuan, with a net profit of 318 million yuan, up 26.04% year-on-year [1] - The growth in revenue is primarily driven by the continuous increase in surgical treatment and myopia prevention services, as well as rapid growth in vision care services [1] - The company is expanding its production capacity for contact lenses through a 300 million yuan private placement, which will enhance its production capabilities and support future growth [1] - The gross margin for Q3 2024 was 63.95%, a decrease of 14.99 percentage points year-on-year, attributed to the increased revenue share from lower-margin contact lens products [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 390 million yuan, a year-on-year increase of 49.11%, and a net profit of 110 million yuan, up 23.38% year-on-year [1] - The company’s operating expenses were well-controlled, with a sales expense ratio of 11.25% (down 8.55 percentage points year-on-year) and a management expense ratio of 11.18% (down 0.13 percentage points year-on-year) [1] - The company forecasts revenues of 1.392 billion yuan, 1.890 billion yuan, and 2.453 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 393 million yuan, 513 million yuan, and 663 million yuan [2][1] Market Position and Expansion - The company has established a comprehensive domestic sales network covering over 6000 hospitals and vision centers across 31 provinces and municipalities [1] - The company is also expanding its overseas market presence, with products exported to over 30 countries, including Germany, France, and the UK [1] - The company is in the process of expanding its production lines to meet the high demand for contact lenses, with plans to increase production capacity significantly [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][10] Core Views - The company achieved rapid revenue growth in the first three quarters of 2024, with revenue reaching 1.075 billion yuan, a year-on-year increase of 60.94%. The net profit attributable to shareholders was 318 million yuan, up 26.04% year-on-year [3] - The company is in a growth phase for its contact lens business, and the long-term development outlook is positive. Profit forecasts for 2024-2026 are 403 million yuan, 524 million yuan, and 667 million yuan respectively, with corresponding P/E ratios of 43.8, 33.7, and 26.5 [3][6] - The company plans to raise 300 million yuan through a private placement to expand its contact lens production capacity, targeting an annual output of 252 million contact lenses and 500 million sets of molds over three years [4] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 1.075 billion yuan (up 60.94% year-on-year) - Net profit: 318 million yuan (up 26.04% year-on-year) - Gross margin: 67.61% (down 13.9 percentage points) - Net margin: 28.28% (down 8.19 percentage points) [3] - The company’s R&D investment was 109 million yuan, accounting for 10.09% of revenue, a decrease of 2.93 percentage points year-on-year [5] - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 1.249 billion yuan in 2024 and 2.214 billion yuan in 2026 [6][7] Valuation Metrics - The current stock price is 93.12 yuan, with a market capitalization of 17.65 billion yuan. The stock has seen a 69.67% turnover rate over the past three months [1][3] - The projected P/E ratios for the next three years are 43.8 for 2024, 33.7 for 2025, and 26.5 for 2026, indicating a potential for growth in valuation as earnings increase [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust performance with a significant increase in revenue and net profit, driven by the growth in the contact lens and defocus lens segments, while the core business of artificial lenses is also expected to maintain growth [1][2] - The company plans to increase its investment in the contact lens business, with a fundraising initiative of approximately 300 million yuan aimed at expanding production capacity [1] - The financial forecasts indicate a strong revenue growth trajectory, with projected revenues of 1.38 billion yuan in 2024, 1.72 billion yuan in 2025, and 2.22 billion yuan in 2026, reflecting growth rates of 45.4%, 24.3%, and 29.2% respectively [2][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1.10 billion yuan, a year-on-year increase of 23.38%, and a net profit of 318 million yuan, up 26.04% year-on-year [1] - The gross margin for the third quarter of 2024 was reported at 63.95%, with a slight decrease attributed to the higher proportion of lower-margin contact lens products [1] - The company’s operating expenses have been well-controlled, with sales, management, and R&D expense ratios showing improvements compared to the previous year [1] Future Outlook - The company is expected to continue its growth momentum, with net profits projected to reach 4.13 billion yuan in 2024, 5.32 billion yuan in 2025, and 7.08 billion yuan in 2026, with corresponding growth rates of 35.8%, 29.0%, and 33.0% [4][2] - The earnings per share (EPS) are forecasted to be 2.18 yuan in 2024, 2.81 yuan in 2025, and 3.74 yuan in 2026, indicating a positive trend in profitability [4][2]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's performance in the first three quarters of 2024 met expectations, with total revenue reaching 1.075 billion yuan, a year-on-year increase of 60.94%, and net profit attributable to shareholders at 318 million yuan, up 26.04% [2] - The third quarter continued to show strong growth, with revenue of 390 million yuan, a 49.11% increase year-on-year, and net profit of 110 million yuan, up 23.38% [2] - The report highlights a slight decline in net profit margin and gross margin due to product mix changes, with gross margin at 63.95% and net margin at 26.92% for Q3 2024, down 14.99 percentage points and 5.62 percentage points year-on-year, respectively [2] - The company is expected to see significant growth in 2025 with the launch of new products, including a new type of artificial lens, which is anticipated to break the dominance of foreign competitors [3] - The report projects an increase in net profit for 2024-2026, adjusting estimates to 4.13 billion yuan, 5.33 billion yuan, and 7.33 billion yuan, respectively, with corresponding P/E ratios of 45, 35, and 25 times [3] Financial Summary - Total revenue for 2024 is estimated at 1.422 billion yuan, with a year-on-year growth rate of 49.52% [1][9] - Net profit attributable to shareholders is projected to be 412.88 million yuan in 2024, reflecting a growth rate of 35.83% [1][9] - The latest diluted EPS is expected to be 2.18 yuan per share in 2024, with a P/E ratio of 44.94 based on the current price [1][9] - The company’s total assets are projected to reach 3.641 billion yuan in 2024, with total liabilities at 871 million yuan [9]

爱博诺德（北京）医疗科技股份有限公司 （北京市昌平区科技园区兴昌路9号） 2024年度以简易程序向特定对象 发行股票方案论证分析报告 眼科疾病是关系到人类健康和生活质量的一类主要疾病，包括致盲类眼病 和非致盲类眼病。致盲类疾病包括白内障、青光眼、眼底相关疾病等，是关系 到人类健康和生活质量的一种主要疾病；非致盲类眼科疾病，包括屈光不正 （包括近视、远视、散光、老花等）、干眼症等，虽不像致盲类疾病具有严重 后果且急需治疗，但却是影响和困扰绝大多数人口的一个问题。近年来随着我 国青少年学习负担的加重，电子设备的迅速发展，屈光不正的患病率呈现逐年 升高的趋势，成为一个社会日益关注的焦点问题。根据《国民健康视觉报告》， 2020年我国近视人口接近7亿，总体近视率近50%，而青少年近视情况尤为严重。 国家卫健委数据显示，2022年全国儿童青少年总体近视率为53.6%，高中生达 81%。 临床医学充分证明，长期的高度近视会导致各种致盲性的病变，如青光眼、 黄斑变性、视网膜脱落、脉络膜血管增生、白内障等。治疗屈光不正的方式有 很多种，包括配戴框架眼镜、隐形眼镜、角膜塑形镜矫正、准分子激光手术等。 随着国民支付能力提升、国民 ...