Eyebright Medical(SH:688050) Guoxin Securities·2024-09-09 03:00Investment Rating - The report maintains an "Outperform" rating for the company [3][11]. Core Insights - The company achieved a strong revenue growth of 73% year-on-year in Q2, with significant contributions from the artificial lens and contact lens businesses [1][5]. - The company is the first domestic manufacturer to independently develop high-end refractive artificial lenses, with a promising pipeline for future growth [11]. Financial Performance - In the first half of 2024, the company reported revenue of 686 million (up 68.54%) and a net profit of 208 million (up 27.49%) [1][5]. - Q2 revenue reached 375 million (up 72.91%), marking the highest quarterly revenue in history, with a net profit of 105 million (up 24.01%) [1][5]. - The gross profit margin for the first half of 2024 was 69.68%, a decrease of 13.47 percentage points, primarily due to price reductions from centralized procurement and an increase in the proportion of contact lens revenue [7][9]. Business Segments - The artificial lens segment generated 319 million (up 30.20%), benefiting from successful procurement bids and market expansion [7][11]. - The contact lens segment saw revenue of 183 million (up 957%), accounting for 26.76% of total revenue, driven by acquisitions and increased production capacity [7][11]. - The company’s R&D investment in the first half of 2024 was 68.6 million, representing 10% of revenue, with several key products in clinical or registration stages [9][10]. Future Projections - The company forecasts net profits of 409 million, 518 million, and 637 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34.7%, 26.6%, and 22.8% [11][12]. - The current stock price corresponds to a price-to-earnings ratio of 36.1, 28.5, and 23.2 for the years 2024, 2025, and 2026 [11][12].