Eyebright Medical(SH:688050) Huaan Securities·2024-10-31 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust performance with a significant increase in revenue and net profit, driven by the growth in the contact lens and defocus lens segments, while the core business of artificial lenses is also expected to maintain growth [1][2] - The company plans to increase its investment in the contact lens business, with a fundraising initiative of approximately 300 million yuan aimed at expanding production capacity [1] - The financial forecasts indicate a strong revenue growth trajectory, with projected revenues of 1.38 billion yuan in 2024, 1.72 billion yuan in 2025, and 2.22 billion yuan in 2026, reflecting growth rates of 45.4%, 24.3%, and 29.2% respectively [2][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1.10 billion yuan, a year-on-year increase of 23.38%, and a net profit of 318 million yuan, up 26.04% year-on-year [1] - The gross margin for the third quarter of 2024 was reported at 63.95%, with a slight decrease attributed to the higher proportion of lower-margin contact lens products [1] - The company’s operating expenses have been well-controlled, with sales, management, and R&D expense ratios showing improvements compared to the previous year [1] Future Outlook - The company is expected to continue its growth momentum, with net profits projected to reach 4.13 billion yuan in 2024, 5.32 billion yuan in 2025, and 7.08 billion yuan in 2026, with corresponding growth rates of 35.8%, 29.0%, and 33.0% [4][2] - The earnings per share (EPS) are forecasted to be 2.18 yuan in 2024, 2.81 yuan in 2025, and 3.74 yuan in 2026, indicating a positive trend in profitability [4][2]