Eyebright Medical(688050) 国盛证券·2025-04-25 03:23Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong revenue growth in 2024, achieving 1.41 billion yuan, a year-on-year increase of 48.24%, while net profit attributable to the parent company reached 388 million yuan, up 27.77% [1][2] - The growth in the contact lens segment is robust, with a significant increase in revenue, and the company is optimistic about the launch of high-end new products in 2025 [2][3] - The profit growth rate is lagging behind revenue growth due to fluctuations in gross margins, influenced by intensified competition in the artificial lens and orthokeratology markets [2][3] Revenue and Profit Analysis - In 2024, the company reported revenue of 1.41 billion yuan, with a gross margin of 66.23%, down 9.78 percentage points year-on-year [2] - For Q1 2025, revenue was 357 million yuan, a 15.07% increase year-on-year, but net profit decreased by 10.05% [1][2] - The company’s gross margins for 2024 and Q1 2025 were 66.23% and 64.60%, respectively, reflecting the impact of competitive pricing and a higher proportion of lower-margin products [2] Segment Performance - Contact lenses generated revenue of 426 million yuan in 2024, a remarkable increase of 211.84%, with a gross margin of 26.18% [3] - Revenue from artificial lenses was 588 million yuan, up 17.66%, with a gross margin of 89.16% [3] - The orthokeratology lens segment saw revenue of 236 million yuan, an 8.03% increase, with a gross margin of 85.68% [3] Market Expansion - Domestic revenue reached 1.36 billion yuan in 2024, a 49.52% increase, while overseas revenue was 46 million yuan, up 16.73% [4] - The company has established a comprehensive domestic sales network covering over 6000 hospitals and optical centers across 31 provinces and municipalities [4] - Internationally, the company has expanded its sales network to Europe, Asia, and Oceania, with products recognized in over 30 countries [4] Financial Forecast - Revenue projections for 2025-2027 are 1.82 billion yuan, 2.38 billion yuan, and 3.07 billion yuan, with year-on-year growth rates of 29.2%, 30.5%, and 29.1% respectively [4] - Net profit forecasts for the same period are 469 million yuan, 585 million yuan, and 725 million yuan, with growth rates of 20.8%, 24.8%, and 23.9% respectively [4]