Financial Performance - The company's operating revenue increased by 4.40% year-on-year, while net profit attributable to shareholders decreased by 14.16% [1] - In 2024, the company recorded a significant decline in net profit in Q4, attributed to non-operational factors such as goodwill impairment and bad debt provisions [2] - The company made provisions for long-term equity investment impairment, bad debt, and goodwill impairment totaling 67.14 million yuan, a substantial increase year-on-year [4] Business Strategy - The company plans to focus on building its own brand rather than primarily acting as an OEM for its subsidiary, Duozhi Medical, which has a daily production capacity of no less than 80,000 pieces [2] - The company aims to expand its optical service terminals, with a focus on cost control and improving single-store profitability [4] - The average time for optical terminals to reach breakeven is generally within three years, depending on the scale of the operation [7] Product Development - Sales revenue from the main product, orthokeratology lenses, decreased by 6.73% year-on-year due to weak high-end consumption and intensified competition [3] - The company has made breakthroughs in R&D, with new generation orthokeratology lenses and scleral lenses having completed clinical trials and expected to be launched soon [3] - The company is exploring new myopia control products, such as atropine eye drops and defocus lenses, to enhance its market position [3] Sales and Marketing - Sales expenses increased by 22.40% year-on-year, primarily due to personnel increases and promotional activities [6] - The company has strengthened its technical services and product promotion efforts, which helped stabilize market share despite a decline in main product sales [6] Investment and Capital Management - The company is committed to using 75% of the proceeds from a 500 million yuan acquisition of 13 subsidiaries for stock buybacks, with performance-based milestones [5] - The management's compensation is linked to annual performance, with bonuses decreasing in line with performance declines [4] Talent Management - The company has implemented a dual incentive mechanism for core technical personnel, including project-based rewards and a performance-based salary system [6] - The company maintains a low turnover rate among its core personnel, indicating effective talent retention strategies [6]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 5.20% from March 28 to April 10, 2025, which is approximately 0.18 percentage points lower than the index [14][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with blood products and offline pharmacy sectors showing gains of 7.36% and 1.41%, respectively, while medical R&D outsourcing and in vitro diagnostics faced declines of 21.38% and 10.62% [15][29]. - Approximately 17% of stocks in the industry recorded positive returns, while around 83% experienced negative returns during the reporting period [16][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry is approximately 38.81 times, which is 3.38 times relative to the CSI 300, indicating a decline in industry valuation and positioning at a relatively low level compared to recent years [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 5.20% from March 28 to April 10, 2025 [14]. - Most sub-sectors recorded negative returns, with blood products and offline pharmacies leading in gains [15]. - About 17% of stocks in the industry had positive returns, while 83% had negative returns [16]. 2. Industry News - The national Chinese medicine procurement alliance began centralized procurement and information maintenance for selected drugs starting April 9, 2025, involving 20 product groups and 95 products, with 174 drugs selected [26]. 3. Important Announcements from Listed Companies - Zai Lab received approval for clinical trials of its drug ZG005 for use in combination with chemotherapy for digestive tumors [27]. - Opcon Vision received a medical device registration certificate for its orthokeratology contact lenses [28]. 4. Industry Weekly Perspective - The report suggests focusing on investment opportunities in medical devices and innovative drugs, particularly those with import substitution potential [29]. - Recommended stocks include Mindray Medical, Yuyuan Pharmaceutical, and others across various segments such as medical aesthetics and innovative drugs [30].

Group 1 - The company, Opcon Vision (300595), has received a medical device registration certificate from the National Medical Products Administration for its new product, "Orthokeratology Rigid Gas Permeable Contact Lens" [1] - The product is designed for temporary correction of myopia for users with myopia degrees between -0.50D and -4.00D and astigmatism degrees within 1.50D [1] - The product is non-sterile and requires cleaning and disinfection before use, with a recommended replacement cycle of one year and a shelf life of five years [1]

证券代码：300595 证券简称：欧普康视 公告编号：2025-033 欧普康视科技股份有限公司 关于角膜塑形用硬性透气接触镜获得医疗器械注册证的公 告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 欧普康视科技股份有限公司（以下简称"公司"）于近日收到国家药品监督 管理局颁发的《中华人民共和国医疗器械注册证》（注册证编号：国械注准 20253160760），公司的"角膜塑形用硬性透气接触镜"新产品已完成注册并获 得第三类医疗器械注册证。现将具体信息公告如下： 一、注册产品基本情况 1、注册人名称：欧普康视科技股份有限公司 2、注册人住所：合肥市高新区望江西路 4899 号 3、生产地址：合肥市高新区望江西路 4899 号 4、产品名称：角膜塑形用硬性透气接触镜 9、注册证编号：国械注准 20253160760 10、审批部门：国家药品监督管理局 11、批准日期：2025 年 4 月 9 日 12、有效期：2025 年 4 月 9 日—2030 年 4 月 8 日 二、产品的审批流程 1、目前所处注册审批阶段：注册已完成。 2、后续所需审批流程：无，注册证有 ...

证券代码：300595 证券简称：欧普康视 公告编号：2025-032 欧普康视科技股份有限公司 关于持股5%以上股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 欧普康视科技股份有限公司（以下简称"公司"）于近日收到公司持股 5% 以上股东南京欧陶信息科技有限公司（以下简称"南京欧陶"）通知，获悉其将 前期质押给广发证券股份有限公司的 559.9079 万股解除质押。现将具体情况公 告如下： 一、股东股份解除质押的基本情况 | 股东 名称 | 是否为 控股股 东或第 一大股 东及其 | 本次解除质 押股份数量 （股） | 占其所 持股份 比例（%） | 占公司 总股本 比例（%） | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行 动人 | | | | | | | | | | 1,806,379 | 1.76 | 0.20 | 2023/7/6 | 2025/4/3 2025/4/3 | | | | 否 | 2,183,700 ...

Core Viewpoint - The eye health awareness among the Chinese population is increasing, leading to significant growth in the ophthalmic optical instrument industry, which is expected to reach a market size of approximately 4 billion yuan by 2024 [1][15]. Industry Overview - Ophthalmic optical instruments are essential for diagnosing and treating eye diseases, including devices like computer visual field analyzers, automatic refractors, corneal topographers, and fundus cameras [3][4]. - The industry has seen remarkable advancements in technology and product development, with domestic companies enhancing their R&D capabilities and launching high-quality products [1][15]. Market Growth - The market size of China's ophthalmic optical instrument industry has been continuously growing from 2017 to 2023, with projections indicating it will reach around 4 billion yuan in 2024 [1][15]. - The increasing prevalence of age-related eye diseases and lifestyle changes, such as prolonged use of electronic devices, are driving the demand for ophthalmic medical services [13][25]. Industry Chain - The upstream of the ophthalmic optical instrument industry includes suppliers of optical glass and plastic, which are crucial for manufacturing high-quality instruments [9][11]. - The midstream consists of various manufacturers of ophthalmic optical instruments, while the downstream includes hospitals, clinics, and optical shops where these instruments are utilized [9]. Competitive Landscape - The market concentration in the ophthalmic optical instrument industry is relatively high, with a few companies dominating specific product areas like fundus cameras and OCT devices [17][18]. - Key players in the industry include companies like 图拜医疗, 康捷医疗, and 新眼光, which are focusing on high-end product development [17][18]. Policy Environment - Recent policies have been introduced to promote the standardization and regulation of the medical device industry, providing favorable conditions for the growth of the ophthalmic optical instrument sector [4][6]. - The government aims to enhance the quality and safety of medical devices, ensuring a robust regulatory framework by 2035 [6]. Future Trends - The market is expected to further penetrate various healthcare institutions, with handheld devices likely to see widespread adoption in grassroots medical facilities [23]. - The integration of artificial intelligence and big data into ophthalmic optical instruments is becoming mainstream, leading to the development of smart devices that enhance diagnostic capabilities [24][25].

证券代码：300595 证券简称：欧普康视 公告编号：2025-031 欧普康视科技股份有限公司 关于持股5%以上股东部分股份补充质押的公告 1、股份质押基本情况 注：本公告中所涉数据的尾数差异或不符系四舍五入所致。 2、股份累计被质押的情况 截至本公告披露日，南京欧陶所持质押股份累计情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占其 | 占公 | 情况 | | 情况 | | | | | 持股 | 本次质押前 | 本次质押后 | 所持 | 司总 | 已质押 | 占已 | 未质押 | 占未 | | 股东 | 持股数 | 比例 | 质押股份数 | 质押股份数 | 股份 | 股本 | 股份限 | 质押 | 股份限 | 质押 | | 名称 | 量（股） | | | | | | 售和冻 | | | | | | | （%） | 量（股） | 量（股） | 比例 | 比例 | | 股份 | 售和冻 | 股份 | | | | | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company reported a revenue of 1.814 billion yuan in 2024, representing a year-on-year growth of 4.40%, while the net profit attributable to shareholders was 572.23 million yuan, a decrease of 14.16% [8] - The company's main business is under short-term pressure due to macroeconomic factors, with sales of hard contact lenses declining by 6.73% in 2024 [8] - The introduction of the scleral lens is expected to contribute to growth, as it is a widely used optical product in developed countries with significant market potential [8] - The company has adjusted its profit forecasts for 2025 and 2026, lowering the net profit estimates to 646 million yuan and 694 million yuan, respectively [8] Financial Summary - Total revenue is projected to grow from 1.814 billion yuan in 2024 to 2.738 billion yuan by 2027, with a compound annual growth rate of approximately 15.70% [9] - The net profit attributable to shareholders is expected to recover from 572.23 million yuan in 2024 to 788 million yuan in 2027, reflecting a growth rate of 13.44% [9] - The earnings per share (EPS) is forecasted to increase from 0.64 yuan in 2024 to 0.88 yuan in 2027 [9]

投资要点 我们长期看好公司主业稳健增长，维持"增持"评级。 风险提示：宏观经济恢复不及预期，市场竞争加剧等风险。 盈利预测与投资评级：考虑行业整体增速情况，我们将公司2025-2026年归母净利润从8.11/9.43 亿元下 调至6.46/6.94 亿元，并预测2027 年归母净利润为7.88 亿元；2025-2027 年对应当前股价PE 分别为 22/21/18×。 事件：公司发布2024 年年报，2024FY 实现营收18.14 亿元（+4.40%，括号内为同比增速，下同），归 母净利润5.72 亿元（-14.16%）。2024Q4单季度实现营收3.83 亿元（-8.38%），归母净利润0.50 亿元 （-61.38%），受宏观经济影响，业绩略低于我们预期。 受宏观经济影响，公司主业短期承压：1）硬性接触镜类产品的销售主要来自主营产品角膜塑形镜， 2024 年总销售收入下降6.73%。公司在2024 年内延续了2023 年的应对策略，采取了增加各区域销售和 技术支持人员、出台促销政策、推出特色产品和套餐优惠等多种方式，对稳定硬镜的销售收入起了有效 的作用。2）护理产品：公司在2024 年内同样延续了202 ...

证券研究报告·公司点评报告·医疗器械 欧普康视（300595） 2024 年年报点评：业绩短期承压，期待巩膜 镜贡献增量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1737 | 1814 | 2060 | 2366 | 2738 | | 同比（%） | 13.89 | 4.40 | 13.59 | 14.86 | 15.70 | | 归母净利润（百万元） | 666.60 | 572.23 | 645.98 | 694.23 | 787.54 | | 同比（%） | 6.85 | (14.16) | 12.89 | 7.47 | 13.44 | | EPS-最新摊薄（元/股） | 0.74 | 0.64 | 0.72 | 0.77 | 0.88 | | P/E（现价&最新摊薄） | 21.79 | 25.39 | 22.49 | 20.92 | 18.45 | [Table_Tag] [Table_Summ ...