收入略超预期 ，维持谨慎增持评级。2024H1 公司实现收入 6.86 亿元（+68.5%），归母净利润2.08 亿元（+27.5%），扣非归母净利润1.99 亿元（+29.95%）；其中2024Q2 实现收入3.75 亿元（+72.9%），扣非归母净利润1.00 亿元（+28.26%），收入略超预期，利润符合预期。维持2024-2026 年EPS 预测2.11/2.74/3.47 元，维持目标价86.09元，对应2024 年PE41X，维持谨慎增持评级。Introduction to this report:
Crystals benefited from rapid growth in collection, contact lens production capacity climbed rapidly, revenue slightly exceeded expectations, profits were in line with expectations, and maintained a cautious holdings increase rating.
Key points of investment:
Revenue slightly exceeded expectations and maintained a cautious holdings increase rating. 2024H1 achieved revenue of 0.686 billion yuan (+68.5%), net profit of 0.208 billion yuan (+27.5%), net profit of non-return of 0.199 billion yuan (+29.95%); of these, 2024Q2 achieved revenue of 0.375 billion yuan (+72.9%) and net profit of 0.1 billion yuan (+28.26%). Revenue slightly exceeded expectations, and profit was in line with expectations. Maintain the 2024-2026 EPS forecast of 2.11/2.74/3.47 yuan, maintain the target price of 86.09 yuan, correspond to PE41X in 2024, and maintain a cautious holdings increase rating.
Crystals benefit from rapid growth in collection and accelerated release of contact lenses. In terms of the 2024H1 business line: (1) artificial crystals achieved revenue of 0.319 billion yuan (+30.2%), which slightly exceeded expectations. Although the price declined due to collection, the artificial crystal sector achieved rapid growth due to the company's good selection of crystals during the collection process and the gradual release of multifocal crystals with good competitive advantage and clinical feedback; (2) Angle Plastic achieved revenue of 0.113 billion yuan (+6.89%). Despite negative effects such as increased competition and consumption downgrade, it still maintained growth above the industry average; At the same time, the complementary product defocus accelerated, with revenue of +86.8%; (3) contact lenses achieved revenue of 0.183 billion yuan, and the revenue share has increased to 27%. Among them, Tianyan Pharmaceutical and Fujian Youyoukang achieved revenue of 84.95 million yuan and 62.25 million yuan respectively, which are growing rapidly. Currently, color film production is still at full capacity, and production line efficiency is expected to continue to improve.
The new business format affects profit levels in stages and is expected to contribute to increased performance in the future. The gross profit margin of 2024H1 is 69.68% (-13.5pp), mainly due to the continuous increase in the revenue share of contact lenses with low gross margins and the decline in the price of artificial crystals due to collection; the net interest rate to mother is 30.3% (-9.8pp), which is related to contact lenses still in a period of capacity expansion and the net interest rate has not yet reached a steady level. Among them, the net profit of Tianyan and Youyou Kang are respectively 6.82/-12.17 million yuan. Tianyan's net interest rate has reached 8%, and is expected to continue to increase in the future. Youyou Kang Shang is in the loss stage and is expected to increase further in the future., and It is expected to contribute to increased profits. 2024H1 sales/management/R&D/finance expense ratios were -2.9/+0/ -3.3/+0.9pp, respectively. The overall cost ratio showed a downward trend due to scale advantages.
Platform-based ophthalmology consumables companies have broad development space. The company is rich in research projects, and PR has already been registered; clinical projects such as aspheric trifocal astigmatism correction crystals, aspherical extended depth of field (eDOF) crystals, and contact lenses are progressing rapidly, progressing well, and there is broad scope for future development.
Risk warning: Product commercialization falls short of expectations, R&D falls short of expectations, etc.
