受益于集采中标和双焦人工晶状体的逐步放量，2024H1 公司人工晶状体收入3.19亿元，同比增长30.20%。公司为国内首家高端屈光性人工晶状体厂家，产品多元化，产品涵盖球面和非球面单焦点人工晶状体、功能性人工晶状体（包括双焦点）、预装式人工晶状体；同时非球面三焦散光矫正人工晶状体在临床试验阶段，非球面扩景深（EDoF）人工晶状体于2024 年8 月已产品注册受理。在渠道方面，公司已覆盖中国超过3500 家医院，同时销往海外30 余个国家。我们认为，随着国内老龄化趋势加剧，以及行业渗透率的提升，公司新品的放量，公司人工晶状体有望持续增长。occurrences
The company disclosed the 2024 semi-annual report, achieving revenue of 0.686 billion yuan, up 68.54% year on year; net profit to mother 0.208 billion yuan, up 27.49% year on year; net profit after deducting 0.199 billion yuan, up 29.95% year on year; single Q2 achieved revenue of 0.375 billion yuan, up 72.91% year on year; net profit due to mother of 0.105 billion yuan, up 24.01% year on year; net profit without return to mother 0.1 billion yuan, up 28.26% year over year.
Sampling and multifocal emission drive rapid growth of artificial crystals
Benefiting from successful bid collection and gradual release of bifocal intraocular lenses, 2024H1's artificial lens revenue was 0.319 billion yuan, an increase of 30.20% over the previous year. The company is the first high-end refractive intraocular lens manufacturer in China. The products are diversified, covering spherical and aspherical single-focus intraocular lenses, functional intraocular lenses (including bifocals), and pre-assembled intraocular lenses; at the same time, aspheric trifocal astigmatism correction artificial lenses (eDOF) intraocular lenses were registered and accepted in August 2024. In terms of channels, the company has covered more than 3,500 hospitals in China and sold to more than 30 countries overseas. We believe that as the domestic aging trend intensifies and the industry penetration rate increases, the company's artificial lenses are expected to continue to grow with the release of the company's new products.
Rapid increase in production capacity drives high growth in contact lenses
2024H1's contact lens revenue was 0.183 billion yuan, an increase of 957% over the previous year, mainly due to the company's mergers and acquisitions of Tianyan Pharmaceutical, Fujian Youyou Kang, and Meiyuetong rapidly increasing contact lens production capacity and expanding the contact lens market. Currently, the color film production line is full. In the future, as the company's contact lens production capacity rises, profit margins are expected to increase, gradually contributing to the increase in performance. The company's corneal reshaping lens revenue was 0.113 billion yuan, up 6.89% year on year. The growth rate slowed down mainly due to factors such as downgrading consumption and increased competition. Revenue from other myopia prevention and control products was 40.88 million yuan, an increase of 64.77% over the previous year, mainly due to the rapid release of “Puno” and “Xinnuoti” defocus lenses.
Profit Forecasts, Valuations, and Ratings
We expect the company's revenue for 2024-2026 to be 1.364/1.868/2.383 billion yuan, respectively, with year-on-year growth rates of 43.37%/37.01%/27.54%, net profit to mother 0.407/0.526/0.66 billion yuan, respectively, 33.85%/29.19%/25.62%, EPS 2.15/2.77/3.48 yuan/share, respectively, and a 3-year CAGR of 29.51%. Since the company is a leading enterprise in the domestic ophthalmic medical device industry, it was given a “buy” rating.
Risk warning: risk of product promotion falling short of expectations, risk of increased market risk, industry regulatory risk.
