Eyebright Medical(688050) 东吴证券·2025-04-24 05:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48.24%, and a net profit attributable to shareholders of 388.4 million yuan, up 27.77% year-on-year [8] - The first quarter of 2025 is expected to face short-term pressure due to the impact of national centralized procurement policies on artificial crystalline lenses, leading to a decrease in surgical volumes and prices [8] - The company anticipates a recovery in its artificial lens business as new products, such as bifocal lenses and PR crystals, gradually gain market traction [8] Financial Forecasts - Total revenue projections for the company are as follows: - 2023: 951.18 million yuan - 2024: 1,410.02 million yuan - 2025: 1,832.77 million yuan - 2026: 2,316.38 million yuan - 2027: 2,988.12 million yuan - Net profit attributable to shareholders is forecasted as: - 2023: 303.98 million yuan - 2024: 388.40 million yuan - 2025: 465.50 million yuan - 2026: 584.36 million yuan - 2027: 717.18 million yuan [1][9] - The earnings per share (EPS) estimates are: - 2023: 1.60 yuan - 2024: 2.05 yuan - 2025: 2.46 yuan - 2026: 3.08 yuan - 2027: 3.78 yuan [1][9] Market Data - The closing price of the company's stock is 85.98 yuan, with a market capitalization of 16,297.04 million yuan [5] - The price-to-earnings (P/E) ratio based on the latest diluted EPS is projected to be: - 2024: 41.96 - 2025: 35.01 - 2026: 27.89 - 2027: 22.72 [1][9]