AUTEK(300595) 东吴证券·2024-08-15 18:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 883 million yuan (+13.21% YoY) and net profit attributable to the parent company of 324 million yuan (+4.42% YoY) [3] - OK lens sales declined slightly due to weak high-end consumption, with revenue of 373 million yuan (-3% YoY) and gross margin of 88.32% (-1.13pct) [3] - The company's R&D pipeline is progressing well, with multiple new products in development and clinical trials [3] Financial Performance - Revenue is expected to grow from 1,737 million yuan in 2023 to 2,752 million yuan in 2026, with a CAGR of 14.45% [2] - Net profit attributable to the parent company is forecasted to increase from 666.60 million yuan in 2023 to 943.01 million yuan in 2026, with a CAGR of 12.24% [2] - EPS is projected to rise from 0.74 yuan in 2023 to 1.05 yuan in 2026 [2] Regional Performance - Revenue growth exceeded 10% in the Northeast, East China, and North China regions, driven by contributions from newly consolidated medical institutions [3] - The company has established partnerships with over 2,000 terminal outlets and owns or holds stakes in more than 470 optometry service terminals [3] Product Development - The company is expanding production of its self-developed lens replacement materials, with the second-generation materials for high-oxygen permeable orthokeratology lenses and scleral lenses already submitted for registration [3] - Multi-focus soft contact lenses are in multi-center clinical trials, and new specifications for care products have been launched to meet offline and online demand [3] - The company has made breakthroughs in the development of hydrogen peroxide disinfectant and is researching medical-grade hydrogen peroxide care solutions [3] Valuation - The company's current P/E ratio is 21.56x, expected to decrease to 15.24x by 2026 [2] - The P/B ratio is 3.30x, projected to decline to 2.12x by 2026 [9] - ROE is forecasted to remain stable around 13.88% from 2024 to 2026 [9]