Eyebright Medical(SH:688050) ZHESHANG SECURITIES·2025-12-17 09:51Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is a leading domestic manufacturer of artificial lenses and a technology-driven ophthalmic materials and optical platform company. Although the performance in Q3 2025 is under pressure due to the impact of medical insurance cost control, the recovery of the OK lens business and the steady progress of new product pipelines are expected to support long-term growth [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 358 million yuan, a year-on-year decrease of 8.17%, and a net profit attributable to shareholders of 77 million yuan, down 29.85% year-on-year. The decline in cataract surgery volume, influenced by national procurement and adjustments in medical insurance expenditure structures, has significantly pressured the company's performance [2]. Product Lines and Market Strategy - The OK lens business has shown double-digit year-on-year growth in Q3 2025, supported by strengthened sales channel construction and academic promotion. The new generation of OK lenses is expected to be launched in 2026, with industry-leading oxygen permeability [3]. - The high-end product pipeline is clear, with a continuous increase in the proportion of high-end products in the artificial lens sector. The company is also expanding its overseas market presence, leveraging product quality and performance to enhance growth quality and sustainability [4]. Profit Forecast and Valuation - Due to lower-than-expected volume growth in artificial lenses and declining factory prices for contact lenses, the revenue and profit forecasts for 2025-2027 have been adjusted. Expected revenues are 1.537 billion yuan in 2025, 1.894 billion yuan in 2026, and 2.275 billion yuan in 2027, with corresponding net profits of 396 million yuan, 492 million yuan, and 595 million yuan respectively. The company maintains a PE ratio of approximately 24 times for 2026, indicating potential growth driven by new products [5].