Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.144 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.41%, while the net profit attributable to the parent company was 290 million yuan, a year-on-year decrease of 8.64% [1] - The third quarter saw a revenue of 358 million yuan, a year-on-year decrease of 8.17%, and a net profit of 76.85 million yuan, down 29.85% year-on-year [1] - The company is focusing on strengthening sales channels and has seen a recovery in the orthokeratology lens market, with double-digit growth attributed to significant product performance advantages and ongoing sales channel enhancements [2] Financial Performance - The sales expense ratio for the first three quarters of 2025 was 16.68%, an increase of 2.65 percentage points year-on-year, while the management expense ratio remained stable at 12.08% [3] - Research and development expense ratio decreased to 6.14%, down 1.05 percentage points year-on-year, indicating good control over R&D spending [3] - The company’s sales network covers over 6,000 hospitals and vision centers across 31 provinces, autonomous regions, and municipalities in China, facilitating rapid commercialization of new products [4] Revenue and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 1.695 billion yuan, 2.085 billion yuan, and 2.552 billion yuan respectively, with net profits of 437 million yuan, 530 million yuan, and 643 million yuan [4] - The revenue growth rates are expected to be 20.18% in 2025, 23.04% in 2026, and 22.41% in 2027 [5] Valuation Metrics - The company’s earnings per share (EPS) for 2025 is projected to be 2.26 yuan, with a price-to-earnings (P/E) ratio of 28.19 [5] - The price-to-book (P/B) ratio is expected to be 4.44 in 2025, while the enterprise value to EBITDA (EV/EBITDA) ratio is projected at 17.67 [5]