爱博医疗（688050）：2024年年报和2025年一季报点评：一季度利润下滑，看好龙晶等业务的长期成长性

Investment Rating - The report maintains a "Buy" rating for the company [1][8][9] Core Views - The company reported a decline in profits in Q1 2025 but is optimistic about the long-term growth potential of its Dragon Crystal and other businesses [1][5] - The company achieved a revenue of 1.41 billion yuan in 2024, representing a 48% year-on-year increase, and a net profit of 388 million yuan, up 28% [4][5] - In Q1 2025, the company generated revenue of 357 million yuan, a 15% increase, but net profit decreased by 10% to 93 million yuan [4][5] Summary by Sections Financial Performance - In 2024, the company’s artificial lens revenue was 588 million yuan (+18%), with a gross margin of 89.16% (+0.56 percentage points) [5] - Other surgical products generated 28 million yuan (+33%) with a gross margin of 39.67% (-0.85 percentage points) [5] - The company’s revenue from contact lenses surged to 426 million yuan (+212%), although the gross margin decreased to 26.18% (-0.45 percentage points) [5] Business Development - The Dragon Crystal® PR type artificial lens received approval for registration, marking a significant step in domestic production and reducing reliance on imports [5][8] - The company invested 160 million yuan in R&D in 2024, accounting for 11.33% of revenue, and increased R&D spending to 40 million yuan in Q1 2025 (+34%) [5][8] Market Position and Strategy - The company is expanding into digital consumer markets and has partnered with Meituan Health to launch a 24-hour smart store for contact lenses [5][8] - The report highlights the company's leadership in the ophthalmic medical device industry, covering various fields including surgical treatment, myopia prevention, and vision care [8][9] Future Projections - Revenue projections for 2025-2027 are set at 1.686 billion yuan, 2.074 billion yuan, and 2.475 billion yuan, with respective growth rates of 20%, 23%, and 19% [7][8] - Expected net profits for the same period are 467 million yuan, 612 million yuan, and 800 million yuan, with growth rates of 20%, 31%, and 31% [7][8]