Eyebright Medical(SH:688050) Guohai Securities·2024-08-27 06:33Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][8] Core Views - The company reported a revenue of 686 million yuan in the first half of 2024, representing a 69% year-on-year increase, and a net profit attributable to shareholders of 208 million yuan, up 27% [3] - The artificial lens business showed strong performance due to successful bidding in centralized procurement and market expansion, with revenue from artificial lenses reaching 319 million yuan, a 30% increase [3] - The company has expanded its coverage to over 3,500 hospitals nationwide, an increase of approximately 300 hospitals compared to the end of 2023 [3] - The OK lens segment grew by 7% to 113 million yuan, while other myopia control products saw a significant increase of 65% to 41 million yuan [3] - The company’s contact lens revenue surged by 957% to 183 million yuan, indicating strong growth potential [3] - The company is recognized as a leader in innovative research and commercialization capabilities in the ophthalmology sector, with a diverse product pipeline [5] Financial Summary - The company’s projected revenues for 2024-2026 are 1.416 billion yuan, 1.961 billion yuan, and 2.631 billion yuan, with year-on-year growth rates of 49%, 38%, and 34% respectively [5][6] - The net profit attributable to shareholders is expected to be 394 million yuan, 552 million yuan, and 772 million yuan for the same period, with growth rates of 30%, 40%, and 40% respectively [5][6] - The company’s price-to-earnings (P/E) ratios are projected to be 36x, 25x, and 18x for 2024, 2025, and 2026 respectively [5][6]