Eyebright Medical(688050) 招商证券·2025-05-14 15:34Investment Rating - The report maintains an "Accumulate" investment rating for the company [3]. Core Views - The company is a leading player in the domestic ophthalmic medical device industry, focusing on innovation, particularly in intraocular lenses and orthokeratology lenses. The business is expected to gradually recover from the impact of centralized procurement, with the launch of the dual-focus intraocular lens contributing to revenue growth [1][6]. - The company has received special approval from the National Medical Products Administration for its refractive intraocular lens, which is anticipated to facilitate domestic substitution and enhance performance [1][6]. - Revenue projections for the company are optimistic, with expected revenues of 1.734 billion yuan in 2025, representing a 23% year-on-year growth, and net profit expected to reach 465 million yuan, also reflecting a 20% increase [2][6]. Financial Data and Valuation - The company’s total revenue is projected to grow from 951 million yuan in 2023 to 2.56 billion yuan in 2027, with year-on-year growth rates of 64%, 48%, 23%, 22%, and 21% respectively [2][8]. - Operating profit is expected to increase from 327 million yuan in 2023 to 750 million yuan in 2027, with growth rates of 26%, 32%, 20%, 21%, and 19% [2][8]. - The earnings per share (EPS) is projected to rise from 1.57 yuan in 2023 to 3.49 yuan in 2027, with a corresponding decrease in the price-to-earnings (PE) ratio from 49.5 to 22.3 over the same period [2][8]. Market Performance - The current stock price is 77.91 yuan, with a total market capitalization of 15 billion yuan [3]. - The company has experienced a decline in stock performance, with absolute performance down by 25% over the past month and six months, and down 11% over the past year [5]. Shareholder Information - The major shareholder is Xie Jiangbing, holding a 12.68% stake in the company [3].