爱博医疗：龙晶®PR获批，高端晶状体布局日趋完善

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The approval of the Dragon Crystal® PR intraocular lens marks a significant advancement in the company's high-end lens offerings, showcasing its innovative research capabilities [1]. - The company is expected to achieve revenue growth of 46.3%, 35.8%, and 29.8% for the years 2024, 2025, and 2026, respectively, with corresponding net profit growth rates of 29.3%, 30.5%, and 29.4% [2][3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at CNY 1.392 billion, CNY 1.890 billion, and CNY 2.453 billion, respectively, reflecting year-on-year growth rates of 46.3%, 35.8%, and 29.8% [2][3]. - The net profit for the same years is projected to be CNY 393 million, CNY 513 million, and CNY 663 million, with growth rates of 29.3%, 30.5%, and 29.4% [2][3]. - The latest diluted EPS is expected to increase from CNY 1.60 in 2023 to CNY 2.71 in 2025 and CNY 3.50 in 2026 [3]. Product Development - The Dragon Crystal® PR lens is the first domestically developed posterior chamber intraocular lens, utilizing Balacrylic™ material and featuring a unique aspheric double concave design, which reduces peripheral contact risks [1]. - Clinical trials involving 187 participants demonstrated that the Dragon Crystal® PR lens outperformed the ICL lens in various effectiveness and safety metrics over a follow-up period of up to 5.5 years [1].