【私募调研记录】易鑫安资管调研爱博医疗

Core Viewpoint - Recent research by Yixin An Asset Management on Aibo Medical indicates strong revenue growth and challenges in production quality, with a focus on expanding market share in the ophthalmic medical materials sector [1] Company Summary - Aibo Medical is projected to achieve total revenue of 1.41 billion yuan in 2024, representing a year-on-year increase of 48.24%, with a net profit of 388 million yuan, up 27.77% [1] - In Q1 2025, revenue is expected to grow by 15.07%, although net profit is anticipated to decline [1] - The Dragon Crystal® PR product is performing well in promotion, with positive feedback from doctors, but initial production quality is low and costs are high, leading to expectations of significant sales growth in Q2 [1] - The All-View® series and Dragon Crystal® products together account for over one-third of the revenue from the artificial lens business, with the All-View® series contributing approximately 25% [1] - The company has expanded its surgical treatment business to over 3,500 hospitals, indicating a significant increase in market share [1] - Despite a panic-driven price drop in the industry due to centralized procurement policies, the proportion of high-end products has increased, leading to a significant rebound in average sales prices [1] - Aibo Medical has optimized its production line layout and personnel configuration to reduce the comprehensive production costs of artificial lenses [1] - The volume of artificial lenses shipped in 2024 is expected to grow by over 40% year-on-year, with implant volume increasing by over 30% [1] - The company is facing challenges with non-spherical trifocal astigmatism correction artificial lenses in the centralized procurement process, while the non-spherical extended depth of focus (EDoF) lenses are expected to participate [1] - Aibo Medical has established a cross-disciplinary process special team to focus on key areas such as materials and molds [1] - The average factory price of orthokeratology lenses has increased, while the growth of defocus frame lenses has slowed in Q1 of this year [1] - The company has a long-term focus on the biomedical materials field, extending its business from ophthalmology to medical repair, orthopedics, and sports medicine [1] - Aibo Medical's closed-loop system of independent research and production effectively mitigates risks from external supply chain disruptions or increased tariffs [1] - The surgical treatment business is expected to continue growing, with the myopia prevention business enhancing market share through high-end products, and the contact lens business improving gross margins through technological optimization [1]