Eyebright Medical(SH:688050) Huachuang Securities·2025-09-17 01:14Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company reported a revenue of 787 million yuan for the first half of 2025, representing a year-on-year growth of 14.72%, with a net profit of 213 million yuan, up 2.53% [2]. - The high-end intraocular lens segment is experiencing rapid growth, and the company is accelerating its overseas market expansion [2][6]. - The company has a strong pipeline of innovative products, with several projects in the registration phase and expected to launch soon [6]. Financial Performance - For the first half of 2025, the company achieved a revenue of 787 million yuan, with a net profit of 213 million yuan, and a non-recurring net profit of 204 million yuan [2]. - The revenue for Q2 2025 was 430 million yuan, reflecting a year-on-year increase of 14.44%, while the net profit for the same period was 121 million yuan, up 14.85% [2]. - The company forecasts total revenue of 1,795 million yuan for 2025, with a year-on-year growth rate of 27.3% [7]. Business Segmentation - The high-end intraocular lens revenue reached 364 million yuan in H1 2025, growing by 9.70%, with artificial lens products contributing 345 million yuan, up 8.23% [6]. - The company’s near-sightedness prevention segment generated 166 million yuan, with a growth of 8.28%, while vision care revenue was 249 million yuan, increasing by 27.43% [6]. - Domestic revenue was 744 million yuan, up 12.37%, while overseas revenue surged by 80.10% to 43 million yuan, indicating a strong international market strategy [6]. Valuation and Price Target - The report sets a target price of 100 yuan, based on a DCF model that values the company at approximately 194 billion yuan [3][6]. - The expected earnings per share (EPS) for 2025 is projected at 2.40 yuan, with a price-to-earnings (P/E) ratio of 32 [7].