Eyebright Medical(SH:688050) Xin Lang Cai Jing·2026-01-22 10:30Core Viewpoint - Aibo Medical has signed a Letter of Intent with Demei Medical to acquire at least 51% of its shares, with an estimated valuation of Demei Medical not exceeding 1 billion yuan, indicating a stable profit growth commitment from 2026 to 2028 [1][2] Acquisition Details - The acquisition is expected to be financed through a combination of self-funds and bank loans [1] - Demei Medical's preliminary valuation corresponds to a price-to-earnings (PE) ratio of approximately 22X, 18X, and 15X for the years 2026, 2027, and 2028 respectively [1] - Demei Medical's net profit commitments for 2026, 2027, and 2028 are projected to be 45 million, 55 million, and 65 million yuan, representing year-on-year growth rates of +28.5%, +22.2%, and +18.2% respectively [1] Company Profile - Demei Medical, established in 2015, is a leading brand in China's sports medicine sector, offering a comprehensive range of products including imaging equipment, surgical tools, implantable consumables, and rehabilitation devices [1] - The company has achieved significant breakthroughs in core technologies and has established a full industry chain layout, making it a representative manufacturer of sports medicine in China [2] Financial Performance - Demei Medical's projected revenues for 2023, 2024, and 2025 are 178 million, 236 million, and 286 million yuan, with year-on-year growth rates of +32.6% and +21.4% [2] - The adjusted net profits for the same years are expected to be -7.08 million, 9.29 million, and 23.60 million yuan, indicating a significant increase in profitability [2] International Expansion - Demei Medical has developed strong international capabilities, with a sales network covering over 50 countries and regions, and plans to participate in more than 10 international exhibitions and academic exchanges in 2025 [2] - The collaboration with Aibo Medical is expected to enhance its overseas business, which accounted for 5.5% of total revenue in the first half of 2025 [2] Profit Forecast and Investment Outlook - Aibo Medical is projected to achieve revenues of 1.572 billion, 1.823 billion, and 2.173 billion yuan from 2025 to 2027, with year-on-year growth rates of +11.5%, +16.0%, and +19.2% respectively [3] - The expected net profits for the same period are 414 million, 476 million, and 575 million yuan, with growth rates of +6.7%, +14.9%, and +20.7% respectively [3] - The current stock price corresponds to PE ratios of 29X, 25X, and 21X for the years 2025, 2026, and 2027 [3] Rating - The company maintains a "recommended" rating [4]