Core Viewpoint - The company reported strong revenue growth in 2024, but faced a decline in net profit in Q1 2025 due to market pressures from centralized procurement and reduced surgical volumes [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.41 billion yuan, a year-on-year increase of 48.24%, and a net profit of 388 million yuan, up 27.77% [1]. - For Q1 2025, revenue was 357 million yuan, reflecting a year-on-year growth of 15.07%, while net profit decreased to 93 million yuan, down 10.05% [1]. Product Performance - Revenue from artificial crystalline lenses reached 588 million yuan in 2024, growing by 17.66%, with sales volume increasing by 44.93% [2]. - The company’s revenue from myopia control products grew by 20.79%, driven by the introduction of various new products [2]. R&D Investment and New Business Growth - The company increased R&D investment to 160 million yuan in 2024, a rise of 20.80%, representing 11.33% of total revenue [3]. - The contact lens business saw significant growth, with revenue reaching 426 million yuan, a staggering increase of 211.84% [3]. Market Outlook - The company is projected to achieve revenues of 1.81 billion yuan, 2.26 billion yuan, and 2.79 billion yuan for 2025-2027, with respective growth rates of 28.44%, 24.91%, and 23.12% [4]. - Expected net profits for the same period are 467 million yuan, 600 million yuan, and 778 million yuan, with growth rates of 20.21%, 28.55%, and 29.63% [4]. Earnings Per Share - The projected EPS for the years 2025, 2026, and 2027 are 2.46 yuan, 3.17 yuan, and 4.10 yuan respectively [5].

1）爱博医疗 （易鑫安资管参与公司电话会议） 易鑫安成立于2011年4月，2014年4月获批了《私募投资基金管理人登记证书》。易鑫安拥有完整的投资研究团队，核心投资经理具有长期证券投 资经验，经历多轮牛熊市洗礼，对资本市场及上市公司有着长期、深刻的理解。核心投研成员均来自于国内外一流大学及行业资深人士，具有出 色的研究能力及敏锐的市场分析能力。成立十年来，易鑫安受到了主流金融机构及专业评级机构的认可，客户涵盖银行、保险、券商、信托、国 企、高净值客户等多种类型，囊括了英华奖、金阳光、金樟奖、金长江、百舸奖等多个行业重要奖项。易鑫安专注于二级市场投资，秉承日就月 将、行稳致远的投资理念，致力于打造不断迭代升级、勤勉尽责的学习型组织，以客户资产持续增值为目标，追求长期复合绝对收益，为客户创 造价值。 根据市场公开信息及4月28日披露的机构调研信息，知名私募易鑫安资管近期对1家上市公司进行了调研，相关名单如下： 调研纪要：2024年爱博医疗实现营业总收入14.10亿元，同比增长48.24%，净利润3.88亿元，同比增长27.77%。2025年Q1营收增长15.07%，但净利 润下滑。龙晶®PR产品推广顺利，医生反馈 ...