Core Insights - The company reported a strong performance for 2024, with total revenue reaching 1.41 billion yuan, representing a 48.2% increase, and a net profit attributable to shareholders of 390 million yuan, up 27.8% [1] - The contact lens business showed exceptional growth, with revenue soaring to 430 million yuan, a remarkable 211.8% increase, driven by a 241.1% rise in sales volume [1][2] - The company is increasing its R&D investment, with R&D expenses reaching 110 million yuan, a 14.5% increase, and a R&D expense ratio of 7.6% [1] Business Performance - The artificial crystal business generated revenue of 590 million yuan, growing by 17.7%, with sales volume increasing by 44.9%, although revenue growth was slightly lower due to price reductions from centralized procurement [1] - The orthokeratology lens (OK lens) segment achieved revenue of 240 million yuan, an 8.0% increase, with growth slowing due to intensified industry competition and changes in consumer environment [1] - The contact lens segment's revenue accounted for 30.2% of total revenue, up 15.9 percentage points, indicating a significant expansion in this area [2] R&D and Future Outlook - The company has a rich pipeline of products under development, including the PR artificial crystalline lens approved for market in January 2025 and other promising clinical projects [1] - The contact lens segment is expected to continue contributing to revenue growth and improving profitability due to capacity expansion and the introduction of high-value silicone hydrogel products [2] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 2.64 yuan, 3.46 yuan, and 4.31 yuan, respectively [3]

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].