兴齐眼药（300573）：利润环比高速增长，在研临床稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in profits, with a year-on-year revenue growth of 32.27% to 1.904 billion yuan and a net profit growth of 105.98% to 599 million yuan for the first three quarters of 2025 [4][5] - The company is effectively managing costs, with a gross margin of 81.33%, an increase of 2.94 percentage points year-on-year, and a reduction in expense ratios across various categories [5] - The company is advancing its pipeline of ophthalmic drugs, with ongoing clinical trials for new treatments targeting conditions such as diabetic macular edema and neurotrophic keratitis [6][7] Financial Summary - For 2025, the company is projected to achieve revenues of 2.756 billion yuan, a 41.8% increase year-on-year, and a net profit of 756 million yuan, reflecting a 123.7% growth [9] - The company’s gross margin is expected to improve to 80.5% in 2025, with a return on equity (ROE) projected at 34.8% [9] - The earnings per share (EPS) is forecasted to be 3.08 yuan in 2025, with a price-to-earnings (P/E) ratio of 26.61 [9]