Eyebright Medical(688050) 东吴证券·2025-02-07 13:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance met expectations, with total revenue of 1.41 billion yuan (+48.22%) and net profit attributable to shareholders of 387.15 million yuan (+27.36%) [8] - The company's main revenue continues to grow steadily, with rapid growth in the contact lens business, indicating resilience against economic downturns [8] - The launch of the new PR crystal product in 2025 is expected to create a second growth curve for the company, with significant revenue potential [8] Financial Summary - Total revenue projections for 2024-2026 are 1.41 billion yuan, 1.89 billion yuan, and 2.53 billion yuan, respectively, with year-on-year growth rates of 48.22%, 33.77%, and 33.97% [1][9] - Net profit attributable to shareholders is projected to be 387.15 million yuan, 508.94 million yuan, and 689.41 million yuan for 2024-2026, with growth rates of 27.36%, 31.46%, and 35.46% [1][9] - The company's earnings per share (EPS) is expected to increase from 2.04 yuan in 2024 to 3.64 yuan in 2026 [1][9] - The current price-to-earnings (P/E) ratio is projected to decrease from 45.54 in 2024 to 25.57 in 2026, indicating potential for valuation improvement [1][9]