Tianfeng Securities·2025-11-07 07:12Investment Rating - The investment rating for the company is "Buy" with a maintained rating [6][17]. Core Views - The company has experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue at 1.899 billion yuan, down 8.47% year-on-year, and net profit at 305 million yuan, down 10.63% year-on-year [1][2]. - The decrease in profit is attributed to an increase in VAT from 3% to 13% for products produced by its subsidiary, leading to a decline in revenue [2]. - The company is focusing on multi-level development in the medical beauty sector and accelerating the localization of the ophthalmic industry through self-research and investment integration [2][4]. Financial Performance - In the first three quarters of 2025, the company's gross margin was 70.39%, and the net margin was 15.51%, both remaining relatively stable year-on-year [3]. - The sales expense ratio increased by 2.97 percentage points to 31.62%, while the management expense ratio rose by 1.36 percentage points to 17.04% [3]. - The company’s R&D expense ratio decreased by 1.22 percentage points to 7.85% [3]. Product Development and Market Strategy - The company is actively developing new products, with significant advancements in clinical trials for its enhanced water-light injection products and high-permeability scleral lenses [3]. - The marketing strategy is being adjusted to enhance market share, utilizing a diverse range of hyaluronic acid products with differentiated effects and pricing [4]. - The company aims to optimize its sales structure to compensate for the loss of gross profit due to declining sales prices in the ophthalmic sector [2][4]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are adjusted to 2.763 billion yuan, 3.006 billion yuan, and 3.287 billion yuan, respectively, reflecting a downward revision due to insufficient domestic consumption and price competition [4]. - The projected net profit for the same period is 423 million yuan, 473 million yuan, and 526 million yuan, respectively [4].