Eyebright Medical(SH:688050) Guoxin Securities·2025-05-27 09:33Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The vision care business is in a nurturing phase, with the first domestically produced intraocular lens, Longjing, approved for market launch [3][4] - Revenue is expected to grow rapidly, with projected revenue of 1.41 billion in 2024 (+48.24%) and a net profit of 388 million (+27.77%) [9][4] - The company is focusing on expanding its product lines, particularly in contact lenses and intraocular lenses, to enhance its market position [4][17] Revenue and Profitability - In 2024, the company achieved revenue of 1.41 billion (+48.24%) and a net profit of 388 million (+27.77%), with Q4 2024 revenue at 335 million (+18.26%) and net profit at 71 million (+36.15%) [9][4] - The revenue from artificial lenses reached 588 million (+17.66%), with a volume increase of 44.93% [2][16] - The gross profit margin for 2024 was 66.23%, down 9.78 percentage points, primarily due to the increased revenue share from lower-margin contact lens products [3][18] Business Segments - The artificial lens segment is growing, with high-end products like "All-View" multifocal lenses seeing rapid growth, although their market share remains low [2][16] - The revenue from contact lenses surged to 426 million (+211.84%), with a volume increase of 241.11%, driven by increased production capacity and market investment [17][2] - The company is actively diversifying its product offerings in myopia control, leading to a 20.79% increase in revenue from related products [2][16] Financial Forecasts - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 469 million and 578 million, respectively, with a new forecast for 2027 at 717 million [4][28] - The projected net profit growth rates for 2025-2027 are 20.7%, 23.4%, and 23.9% respectively [4][28] - The current stock price corresponds to a PE ratio of 30.7 for 2025, 24.8 for 2026, and 20.1 for 2027 [4][28] Research and Development - The company maintains a high level of R&D investment, with 160 million allocated in 2024, representing 11.33% of revenue [23][4] - The first domestically produced intraocular lens, Longjing, was approved for market launch in early 2025, filling a significant gap in the domestic market [3][23] - The company has a rich pipeline of projects, including various advanced intraocular lenses and contact lenses, indicating strong future growth potential [24][23]