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].

Core Viewpoint - Recent research by Yixin An Asset Management on Aibo Medical indicates strong revenue growth and challenges in production quality, with a focus on expanding market share in the ophthalmic medical materials sector [1] Company Summary - Aibo Medical is projected to achieve total revenue of 1.41 billion yuan in 2024, representing a year-on-year increase of 48.24%, with a net profit of 388 million yuan, up 27.77% [1] - In Q1 2025, revenue is expected to grow by 15.07%, although net profit is anticipated to decline [1] - The Dragon Crystal® PR product is performing well in promotion, with positive feedback from doctors, but initial production quality is low and costs are high, leading to expectations of significant sales growth in Q2 [1] - The All-View® series and Dragon Crystal® products together account for over one-third of the revenue from the artificial lens business, with the All-View® series contributing approximately 25% [1] - The company has expanded its surgical treatment business to over 3,500 hospitals, indicating a significant increase in market share [1] - Despite a panic-driven price drop in the industry due to centralized procurement policies, the proportion of high-end products has increased, leading to a significant rebound in average sales prices [1] - Aibo Medical has optimized its production line layout and personnel configuration to reduce the comprehensive production costs of artificial lenses [1] - The volume of artificial lenses shipped in 2024 is expected to grow by over 40% year-on-year, with implant volume increasing by over 30% [1] - The company is facing challenges with non-spherical trifocal astigmatism correction artificial lenses in the centralized procurement process, while the non-spherical extended depth of focus (EDoF) lenses are expected to participate [1] - Aibo Medical has established a cross-disciplinary process special team to focus on key areas such as materials and molds [1] - The average factory price of orthokeratology lenses has increased, while the growth of defocus frame lenses has slowed in Q1 of this year [1] - The company has a long-term focus on the biomedical materials field, extending its business from ophthalmology to medical repair, orthopedics, and sports medicine [1] - Aibo Medical's closed-loop system of independent research and production effectively mitigates risks from external supply chain disruptions or increased tariffs [1] - The surgical treatment business is expected to continue growing, with the myopia prevention business enhancing market share through high-end products, and the contact lens business improving gross margins through technological optimization [1]