昊海生科（688366）：玻尿酸稳健增长，眼科产品结构持续优化

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 company is optimizing its product structure in the ophthalmology segment, with high-end artificial lenses continuing to gain market share despite price pressures from centralized procurement [3]. - The overall revenue for 2024 is reported at 2.698 billion yuan, a year-on-year increase of 1.64%, while the net profit attributable to the parent company is 420 million yuan, up 1.04% year-on-year [1]. Summary by Sections Revenue and Profitability - In 2024, the company achieved operating revenue of 2.698 billion yuan, with a net profit of 420 million yuan. The revenue for Q4 2024 was 623 million yuan, down 7.35% year-on-year [1]. - The gross margin for 2024 was 69.88%, slightly down by 0.62 percentage points, primarily due to price declines in artificial lenses and viscoelastic agents [4]. Product Performance - The medical aesthetics and wound care business generated revenue of 1.195 billion yuan, a year-on-year increase of 13.08%, accounting for 44.38% of total revenue [2]. - Revenue from hyaluronic acid products reached 742 million yuan, growing by 23.23%, with the third-generation product "Hai Mei" maintaining rapid growth [2]. - The ophthalmology segment reported revenue of 858 million yuan, a decline of 7.60%, with cataract business revenue at 421 million yuan, down 15.33% [3]. Research and Development - The company is making progress in R&D, with several innovative products entering registration phases, including smart cross-linked collagen and injectable hydroxyapatite microspheres [2][3]. - The product line in the ophthalmology sector is continuously expanding, with new products like multi-focal and tri-focal lenses showing promising development [3]. Financial Forecast - The company is projected to achieve revenues of 3.125 billion yuan, 3.633 billion yuan, and 4.237 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 507 million yuan, 620 million yuan, and 759 million yuan [4][5].