爱博医疗：Q4经营稳健，隐形眼镜延续高增态势

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The vision care business has shown strong performance, with revenue contribution increasing to approximately 30%, a year-on-year increase of about 14 percentage points [1][2] - The company has achieved profitability in the contact lens segment, indicating a positive trend in profit margins as production capacity ramps up [2] - The approval of the Longjing® PR intraocular lens is expected to contribute to future revenue growth, as it is the first domestically developed product of its kind [2][3] Financial Performance - In 2024, the company achieved operating revenue of 1.41 billion yuan, a year-on-year growth of 48.22%, and a net profit attributable to shareholders of 387 million yuan, a year-on-year increase of 27.36% [1][4] - For Q4 2024, the company reported operating revenue of 335 million yuan, a year-on-year increase of 18.18%, and a net profit of 69.57 million yuan, a year-on-year increase of 33.76% [1] - The company forecasts revenues of 1.92 billion yuan and 2.50 billion yuan for 2025 and 2026, respectively, with corresponding year-on-year growth rates of 36.5% and 30.1% [3][4] Capacity Expansion and Product Development - The company is expanding its contact lens production capacity, with a planned annual output of 252 million contact lenses and 500 million sets of molds after the completion of new production lines [3] - The focus on high-end contact lenses aims to replace imported products, enhancing the company's competitive position in the market [3] Valuation Metrics - The report provides earnings per share (EPS) estimates of 2.04 yuan, 2.64 yuan, and 3.42 yuan for 2024, 2025, and 2026, respectively [4] - The price-to-earnings (P/E) ratios are projected to be 45.5, 35.3, and 27.2 for the same years [4]