Eyebright Medical(SH:688050) KAIYUAN SECURITIES·2024-11-02 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][10] Core Views - The company achieved rapid revenue growth in the first three quarters of 2024, with revenue reaching 1.075 billion yuan, a year-on-year increase of 60.94%. The net profit attributable to shareholders was 318 million yuan, up 26.04% year-on-year [3] - The company is in a growth phase for its contact lens business, and the long-term development outlook is positive. Profit forecasts for 2024-2026 are 403 million yuan, 524 million yuan, and 667 million yuan respectively, with corresponding P/E ratios of 43.8, 33.7, and 26.5 [3][6] - The company plans to raise 300 million yuan through a private placement to expand its contact lens production capacity, targeting an annual output of 252 million contact lenses and 500 million sets of molds over three years [4] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 1.075 billion yuan (up 60.94% year-on-year) - Net profit: 318 million yuan (up 26.04% year-on-year) - Gross margin: 67.61% (down 13.9 percentage points) - Net margin: 28.28% (down 8.19 percentage points) [3] - The company’s R&D investment was 109 million yuan, accounting for 10.09% of revenue, a decrease of 2.93 percentage points year-on-year [5] - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 1.249 billion yuan in 2024 and 2.214 billion yuan in 2026 [6][7] Valuation Metrics - The current stock price is 93.12 yuan, with a market capitalization of 17.65 billion yuan. The stock has seen a 69.67% turnover rate over the past three months [1][3] - The projected P/E ratios for the next three years are 43.8 for 2024, 33.7 for 2025, and 26.5 for 2026, indicating a potential for growth in valuation as earnings increase [6][7]