Eyebright Medical(688050) 东方财富·2024-11-07 10:23Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company continues to experience high revenue growth, driven by the expansion of its product matrix and strong market demand for its artificial crystals and contact lenses [7]. - The company has successfully increased its production capacity through acquisitions and is expected to see improved profitability in the coming quarters [2][3]. Summary by Sections Revenue and Profitability - In the first three quarters of 2024, the company achieved revenue of 1.075 billion (up 60.94%), with a gross margin of 67.61% (down 13.90 percentage points). The net profit attributable to shareholders was 318 million (up 26.04%) [3]. - For Q3 alone, revenue reached 390 million (up 49.11%), with a net profit of 110 million (up 23.38%) [3]. Business Segments - The artificial crystal segment is benefiting from steady growth in sales volume, despite a slow growth rate in the cataract surgery market. The company’s products are gaining market share over imported brands [1]. - The contact lens business is expanding rapidly, with the company achieving full production capacity in its colored lens production line. The Tianyan factory has become profitable, while the Youkang subsidiary is expected to improve its profitability in Q4 or next year [2]. Financial Projections - The company forecasts revenues of 1.449 billion, 1.976 billion, and 2.570 billion for 2024, 2025, and 2026, respectively, with net profits of 403 million, 535 million, and 698 million for the same years [8]. - The projected earnings per share (EPS) are 2.13, 2.82, and 3.68 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 46, 34, and 26 [7][8].