Eyebright Medical(688050) Huachuang Securities·2025-05-31 07:15Investment Rating - The report gives a "Buy" rating for the company, with a target price of 98 CNY based on a DCF model evaluation [2][10]. Core Insights - The company is a pioneer in the ophthalmic device sector, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, and is strategically expanding its product matrix [6][14]. - The company has established itself as a leading domestic player in the intraocular lens market, with a strong product lineup and favorable bidding results in national procurement [8][46]. - The report highlights the increasing demand for cataract surgeries due to an aging population, which is expected to drive growth in the intraocular lens market [36][41]. Summary by Sections Company Overview - The company was founded in 2010 and has a strong R&D capability, achieving key technological breakthroughs in various fields, including multifocal intraocular lenses, thus breaking the import monopoly [6][14]. - The company has a diversified product matrix, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, and aims to cover the entire lifecycle of eye health products [14][26]. Intraocular Lenses - The company is a domestic leader in intraocular lenses, with a comprehensive product system and good performance in national procurement [8][35]. - The report notes that cataract surgeries are the most direct and effective treatment for cataracts, which are prevalent among the elderly population [35][36]. - The company has successfully introduced innovative products, including the first domestic toric intraocular lens and a dual-focus intraocular lens, which has been well-received in national procurement [8][46]. Orthokeratology Lenses - The company’s orthokeratology lenses are positioned in the first tier of product performance, with ongoing efforts to expand the myopia prevention industry chain [9][20]. - The increasing prevalence of myopia among children and adolescents is driving demand for orthokeratology lenses, which have been recognized in national guidelines [9][20]. Contact Lenses - The company has a solid technological foundation for contact lenses, aiming to penetrate both high-end and consumer markets [9][20]. - Recent acquisitions have accelerated the development of the contact lens business, with plans to focus on high-end silicone hydrogel contact lenses and soft contact lenses for consumer markets [9][20]. Financial Projections - The company is expected to achieve net profits of 4.7 billion CNY, 5.9 billion CNY, and 7.1 billion CNY for the years 2025 to 2027, with corresponding EPS of 2.45 CNY, 3.03 CNY, and 3.69 CNY [2][10]. - The report anticipates a gradual recovery in profit margins as the impact of national procurement pricing on intraocular lenses diminishes and the contact lens business stabilizes [20][10]. Market Potential - The report projects that the intraocular lens market in China could reach 100 billion CNY by 2030, driven by increasing surgical demand and the ongoing shift towards domestic products [41][42]. - The company is well-positioned to benefit from the growing market share of domestic brands in the intraocular lens sector, which is expected to continue rising due to national procurement policies [42][46].