2023 年公司人工晶体收入5.00 亿元，同比增长41.67%，毛利率89.23%，同比减少0.31pct。随着年初市场环境逐步恢复，白内障手术量快速增长，公司人工晶状体销量同步增长，国内年销量突破百万片，同时国际市场也加快推进，境外人工晶状体收入同比增长为127.90%。角膜塑形镜收入2.19亿元，同比增长26.03%，毛利率85.13%，同比减少1.11pct，主要受消费降级、竞品增加等因素影响，市场增速有所放缓。Incidents:
The company released its 2023 annual report and 2024 quarterly report. In 2023, it achieved revenue of 950 million yuan (+64% year over year), net profit of 304 million yuan (+31%), net profit after deducting non-return to mother of 289 million yuan (+39%), in line with expectations; revenue of 310 million yuan (+64%) in the first quarter of 2024, net profit to mother of 103 million yuan (+31%), exceeding expectations.
Artificial crystals continue to grow at a high rate, and the overseas growth rate is impressive
In 2023, the company's artificial crystal revenue was 500 million yuan, up 41.67% year on year, gross profit margin 89.23%, down 0.31 pct year on year. With the gradual restoration of the market environment at the beginning of the year, the number of cataract surgeries grew rapidly, and the company's intraocular lens sales increased simultaneously. Domestic annual sales exceeded one million tablets. At the same time, the international market also accelerated. Overseas intraocular lens revenue increased 127.90% year-on-year. Corneal contouring mirror revenue was 219 million yuan, up 26.03% year on year, gross profit margin was 85.13%, down 1.11 pct year on year. Mainly affected by factors such as consumption downgrade and increased competition, the market growth rate slowed down.
Contact lenses became the second growth curve
The market size of Chinese soft contact lens manufacturers in 2022 was 12.2 billion yuan, and the CAGR in 2018-2022 was 12.4%. In terms of penetration rate, developed countries are above 20%, while China's penetration rate is only 7.5%. There is plenty of room for development, and it is expected to maintain rapid growth in the future. The company has various registration certificates including colored contact lenses and silicon hydrogel contact lenses. In 2023, the company's contact lens business achieved revenue of 137 million yuan, an increase of 1504.78% over the previous year. Through mergers and acquisitions of Tianyan Pharmaceuticals, Fujian Youyou Kang, and Meiyuedi, it quickly increased production capacity and expanded the contact lens market. Currently, the color film production line is in full production, and the contact lens business has become the company's second growth curve.
Profit Forecasts, Valuations, and Ratings
Considering that the company's contact lens business volume exceeded expectations, and that the gross margin of the contact lens industry was lower than the level of artificial lenses and corneal reshaping lenses, and that the business was in the early stages of capacity expansion, and the unit cost was high, which affected the company's net interest rate level, we expect the company's revenue for 2024-2026 to be 13.64/18.68/2,383 billion yuan, respectively, with year-on-year growth rates of 43.37%/37.01%/27.54%, respectively. 33.86%/29.20%/25.63%, EPS was 3.87/5.00/6.28 yuan/share respectively, and 3-year CAGR was 29.52%. Given that the company is a leader in the domestic ophthalmic medical device industry, based on comparable company estimates, we gave the company 42 times PE in 2024, with a target price of 162.38 yuan, maintaining a “buy” rating.
Risk warning: risk of product promotion falling short of expectations, risk of increasing market risk, risk of product development progress falling short of expectations, risk of industry regulation.
