Eyebright Medical(SH:688050) Huachuang Securities·2025-12-03 09:05Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 80 yuan [2][6]. Core Views - The company experienced a phase of performance pressure in 2025, with a revenue of 1.144 billion yuan (up 6.43%) and a net profit of 290 million yuan (down 8.64%) for the first three quarters [2]. - The company is accelerating its innovation and research and development efforts, with significant product launches expected to contribute to future growth [2][6]. Financial Performance Summary - Revenue and Profitability: - For Q3 2025, revenue was 358 million yuan (down 8.17%), and net profit was 77 million yuan (down 29.85%) [2]. - The projected total revenue for 2024A is 1.41 billion yuan, with a growth rate of 48.2%, and expected to reach 2.34 billion yuan by 2027E [7]. - Profit Forecast: - The forecasted net profit for 2025E is 394 million yuan, with a growth rate of 1.5%, increasing to 571 million yuan by 2027E [7]. - Earnings Per Share (EPS): - The EPS is projected to be 2.01 yuan for 2024A, increasing to 2.95 yuan by 2027E [7]. Product and Market Insights - Product Performance: - The artificial lens and contact lens businesses faced temporary pressure due to market conditions, while the orthokeratology lens business showed robust growth [2][6]. - Innovation and R&D: - The company has launched two significant products in 2025, which are expected to enhance its market position and sales potential [2][6]. Valuation and Market Position - Valuation Metrics: - The company is valued at approximately 155 billion yuan, with corresponding price-to-earnings (PE) ratios projected at 29, 24, and 20 for the years 2025E, 2026E, and 2027E respectively [2][6]. - Market Capitalization: - The total market capitalization is reported at 11.633 billion yuan [3].