Eyebright Medical(SH:688050) Shenwan Hongyuan Securities·2025-05-05 15:17Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company achieved a total revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48%, and a net profit attributable to shareholders of 388 million yuan, up 28% year-on-year, aligning with market expectations [8]. - For Q1 2025, the company reported a revenue of 357 million yuan, a 15% increase year-on-year, but a net profit of 93 million yuan, which is a 10% decline year-on-year, slightly below market expectations [8]. - The company's gross margin for 2024 was 66%, down from 76% in 2023, attributed to price declines and an increased proportion of contact lenses [8]. - The company is optimistic about the growth of high-end products, particularly the "All View" multifocal intraocular lenses, which are expected to gain market share in 2025 [8]. - The report notes a slight downward adjustment in profit forecasts due to industry growth slowdown, with projected net profits for 2025, 2026, and 2027 being 471 million yuan, 575 million yuan, and 706 million yuan respectively [8]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 1.76 billion yuan, with a year-on-year growth rate of 24.8% [6]. - The company anticipates a gross margin of 65.9% for 2025, with a return on equity (ROE) of 16.9% [6]. - The earnings per share (EPS) for 2025 is estimated at 2.49 yuan, with a price-to-earnings (PE) ratio of 32 [6].