昊海生科：玻尿酸稳健增长，眼科产品结构持续优化-20250329

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady growth in hyaluronic acid products, which is driving stable growth in the medical aesthetics sector. The newly launched "Hai Mei Yue Bai" is expected to become a significant revenue contributor [2]. - The execution of centralized procurement has led to a decrease in terminal prices for artificial lenses, but the rapid growth of mid-to-high-end products is continuously optimizing the product structure [2]. - The company is making progress in the research and development of innovative ophthalmic products, enriching its product line [2][3]. Financial Performance - In 2024, the company achieved operating revenue of 2.698 billion yuan, a year-on-year increase of 1.64%. The net profit attributable to the parent company was 420 million yuan, up 1.04% year-on-year [1]. - The revenue from the medical aesthetics and wound care business reached 1.195 billion yuan, representing a year-on-year growth of 13.08%, accounting for 44.38% of total revenue [2]. - The revenue from hyaluronic acid products was 742 million yuan, with a year-on-year growth of 23.23% [2]. Product Segmentation - Hyaluronic Acid: Revenue of 742 million yuan, with the third-generation product "Hai Mei" maintaining rapid growth and the fourth-generation product "Hai Mei Yue Bai" starting to contribute to revenue [2]. - Human Epidermal Growth Factor: Revenue of 189 million yuan, a year-on-year increase of 10.69% [2]. - Radiofrequency and Laser Equipment: Revenue of 264 million yuan, a decline of 6.97%, although certain products showed significant growth [2]. - Ophthalmic Business: Revenue of 858 million yuan, a year-on-year decline of 7.60%, with cataract business revenue at 421 million yuan, down 15.33% [3]. Profitability and Margins - The company's gross margin for 2024 was 69.88%, a slight decrease of 0.62 percentage points year-on-year, primarily due to price declines in artificial lenses and viscoelastic agents [4]. - The proportion of high-margin hyaluronic acid products is increasing, which is expected to enhance overall profitability [4]. Future Projections - Revenue forecasts for 2025-2027 are 3.125 billion, 3.633 billion, and 4.237 billion yuan, with year-on-year growth rates of 15.8%, 16.3%, and 16.6% respectively [4]. - Net profit attributable to the parent company is projected to be 507 million, 620 million, and 759 million yuan for the same period, with growth rates of 20.6%, 22.3%, and 22.5% respectively [4].