Investment Rating - The investment rating for the company is "Outperform the Market" [5][4][27] Core Viewpoints - The vision care business is in a nurturing phase, with the first domestically produced intraocular lens, Longjing, approved for market launch [3][4] - Revenue is expected to grow rapidly, with projected revenue of 1.41 billion in 2024 (+48.24%) and a net profit of 388 million (+27.77%) [9][4] - The company is focusing on expanding its product lines, particularly in contact lenses and intraocular lenses, to enhance its market position [2][4] Revenue and Profitability - In 2024, the company achieved revenue of 1.41 billion (+48.24%) and a net profit of 388 million (+27.77%), with Q4 revenue at 335 million (+18.26%) and net profit at 71 million (+36.15%) [9][4] - The revenue from artificial lenses reached 588 million (+17.66%), with a significant volume increase of 44.93% [2][4] - The gross profit margin for 2024 was 66.23%, a decrease of 9.78 percentage points, primarily due to the increased revenue share from lower-margin contact lens products [3][4] Business Segments - The artificial lens segment is showing strong growth, while the contact lens segment has seen a revenue increase of 211.84% to 426 million, with a volume increase of 241.11% [2][17] - The company is actively diversifying its product offerings in myopia control, leading to a 20.79% increase in revenue from related products [2][4] Financial Forecasts - The company has revised its profit forecasts for 2025-2026, now expecting net profits of 469 million and 578 million, respectively, with a new forecast for 2027 at 717 million [4][27] - The projected net profit growth rates for 2025-2027 are 20.7%, 23.4%, and 23.9% respectively [4][27] Research and Development - The company maintains a high level of R&D investment, with 160 million allocated in 2024, representing 11.33% of revenue [23][4] - The successful approval of the Longjing intraocular lens fills a significant gap in the domestic market, showcasing the company's innovation capabilities [3][4]