兴齐眼药（300573）：公司信息更新报告：业绩高速增长，2025年低浓度阿托品有望快速放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience rapid growth in 2025, particularly with the anticipated increase in sales of low-concentration atropine [3][4] - In 2024, the company reported a revenue of 1.943 billion yuan, representing a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 338 million yuan, up 40.84% [3][4] - The company is positioned as a leader in the myopia prevention medication sector, with a strong focus on the promotion of its core product, low-concentration atropine [3][4] Financial Summary - The company's revenue is projected to grow from 1.943 billion yuan in 2024 to 2.948 billion yuan in 2025, reflecting a year-on-year growth rate of 51.7% [6] - The net profit attributable to shareholders is expected to increase significantly from 338 million yuan in 2024 to 688 million yuan in 2025, marking a growth of 103.6% [6] - The gross margin is forecasted to improve from 78.3% in 2024 to 80.6% in 2025, while the net margin is expected to rise from 17.4% to 23.3% during the same period [6] Product Development - The company has developed a series of ophthalmic products, including the first approved cyclosporine eye drops for dry eye syndrome in China, which generated sales of 298 million yuan in 2023 [4] - The approval of sulfate atropine eye drops in March 2024 is expected to enhance the company's product lineup and meet the growing demand for myopia treatment among children and adolescents [4] - The revenue from eye drops is projected to reach 1.366 billion yuan in 2024, with a remarkable growth rate of 106.08% [4]