Eyebright Medical(SH:688050) NORTHEAST SECURITIES·2025-09-16 07:46Investment Rating - The report assigns a "Buy" rating to the company [1][4][6] Core Views - The company reported a revenue of 787 million yuan in H1 2025, representing a year-on-year increase of 14.72%, and a net profit attributable to shareholders of 213 million yuan, up by 2.53% [1] - The growth in high-end crystals and soft lenses is accelerating, with a strong product pipeline continuing to advance [1][3] - The company is positioned as a leading domestic ophthalmic consumables manufacturer, benefiting from rapid growth in high-end consumables and capacity expansion in soft lenses [4] Financial Performance Summary - Revenue and Profit: In H1 2025, the company achieved a revenue of 787 million yuan (+14.72%) and a net profit of 213 million yuan (+2.53%) [1] - Gross Margin: The gross margin for H1 2025 was 65.25%, reflecting a decrease of 3.98 percentage points due to the dilution from the colored lens business [2] - Profitability Metrics: The net profit margin was 26.30% (-2.75 percentage points), and the attributable net profit margin was 27.11% (-3.22 percentage points) [2] Business Segments Performance - Artificial Lens: Revenue from the artificial lens business was 345 million yuan (+8.23%) with a gross margin of 86.42% [3] - Orthokeratology Lens: Revenue from orthokeratology lenses was 119 million yuan (+5.63%) with a gross margin of 84.76% [3] - Other Myopia Control Products: Revenue from other myopia control products was 47 million yuan (+15.58%) with a gross margin of 69.65% [3] - Contact Lens: Revenue from contact lenses was 236 million yuan (+28.89%) with a gross margin of 27.76% [3] Product Pipeline and R&D - The company has received approvals for several products, including the "Long Crystal" artificial lens and silicone hydrogel soft lenses [4] - Ongoing R&D includes EDoF artificial lenses and various types of hyaluronic acid for filling, with several products in clinical trials [4] Earnings Forecast and Valuation - The company is expected to generate revenues of 1.738 billion yuan, 2.229 billion yuan, and 2.751 billion yuan for the years 2025, 2026, and 2027, respectively [4] - Projected net profits for the same years are 454 million yuan, 574 million yuan, and 720 million yuan [4] - Corresponding P/E ratios for 2025, 2026, and 2027 are estimated at 33X, 26X, and 21X, respectively [4]