本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 博士眼镜连锁股份有限公司（以下简称"公司"）根据《上市公司监管指引 第 3 号—上市公司现金分红》《上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等相关法律法规、规范性文件及《公司章程》的规定，为进一步提 高分红频次，提升投资者回报水平，提振投资者的持股信心，结合公司实际情况， 拟定 2024 年中期或春节前分红安排如下： 一、2024 年中期或春节前分红安排 公司拟于 2024 年中期(包含半年度、前三季度)或春节前结合未分配利润与 当期业绩进行分红。 为简化分红程序，董事会拟提请股东大会批准授权，董事会根据股东大会决 议在符合下述条件时制定具体的利润分配方案并实施。 现金分红条件：（1）公司当期盈利且累计未分配利润为正；（2）董事会评 估当期经营情况及未来可持续发展所需资金后认为资金充裕，当期适合进行现金 分红。 证券代码：300622 证券简称：博士眼镜 公告编号：2024-041 博士眼镜连锁股份有限公司 关于 2024 年中期或春节前分红安排的公告 公司 2024 年 4 月 25 日召开 ...

证券代码：300622 证券简称：博士眼镜 公告编号：2024-036 博士眼镜连锁股份有限公司 关于 2021 年限制性股票与股票期权激励计划预留部分授予 股票期权第二个行权期自主行权的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 一、公司 2021 年限制性股票与股票期权激励计划已履行的相关审批程序 1、博士眼镜连锁股份有限公司（以下简称"公司"） 2021 年限制性股票与 股票期权激励计划预留部分授予股票期权第二个行权条件已成就，本次股票期权 行权人数为 38 人，可行权的股票期权共 161,400 份，占公司当前总股本的 0.0926%，行权价格为 17.01 元/份； 2、期权简称：博士 JLC2； 3、期权代码：036486； 4、本次行权采用自主行权模式，行权期限自自主行权审批手续办理完毕之日 始至 2025 年 2 月 24 日当日止，根据可交易日及行权手续办理情况，本次实际可 行权期限为 2024 年 4 月 22 日至 2025 年 2 月 24 日止； 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 ...

证券代码：300622 证券简称：博士眼镜 公告编号：2024-035 博士眼镜连锁股份有限公司 关于 2021 年限制性股票与股票期权激励计划预留部分授予 限制性股票第二个解除限售期解除限售股份上市流通的提 示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次符合解除限售条件的激励对象共 1 名，可解除限售的限制性股票数 量共计 67,500 股，占公司目前总股本的 0.0387%。实际可上市流通的限制性股 票数量为 67,500 股，占公司目前总股本的 0.0387%。 2、本次解除限售股份可上市流通日为 2024 年 4 月 22 日（星期一）。 博士眼镜连锁股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开 第五届董事会第二次会议、第五届监事会第二次会议，分别审议通过了《关于 2021 年限制性股票与股票期权激励计划预留部分授予限制性股票第二个解除限 售条件成就的议案》，公司 2021 年限制性股票与股票期权激励计划预留部分授 予限制性股票第二个解除限售期解除限售条件已成就。根据公司 2020 年度股东 大会 ...

证券代码：300622 证券简称：博士眼镜 公告编号：2024-034 博士眼镜连锁股份有限公司 董事会 二〇二四年四月十五日 截至目前，经中国证券登记结算有限责任公司深圳分公司审核确认，上述股 权激励计划合计 82,900 份股票期权注销事宜已办理完成。本次注销不影响公司 股本，公司股本结构未发生变化。 1 特此公告。 博士眼镜连锁股份有限公司 关于部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 博士眼镜连锁股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开 第五届董事会第二次会议、第五届监事会第二次会议，分别审议通过了《关于注 销 2021 年限制性股票与股票期权激励计划预留部分授予股票期权第一个行权期 满未行权股票期权的议案》《关于注销 2021 年限制性股票与股票期权激励计划 部分股票期权的议案》。 鉴于 2021 年限制性股票与股票期权激励计划预留部分授予股票期权第一个 行权期已于 2024 年 2 月 23 日届满，公司对 42,300 份逾期未行权的股票期权进 行注销。根据《2021 年限制性股票与股 ...

股 票 研 究 证 券 研 究 报 告 [Table_Range] 52 周内价格范围 12.12-25.18 市值（百万元） 2,832 -34% -28% -22% -16% -10% -4% -474 -385 -296 -207 -118 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) 公司作为国内眼镜连锁零售行业龙头之一及 A 股唯一标的，积极发力包 括离焦镜在内的功能性镜片销售并推进加盟，我们选择同为眼镜行业的 明月镜片以及同为专业零售的孩子王、红旗连锁以及商贸零售领域的王 府井作为可比公司。 其次，考虑 PS 估值方法，预测公司合理估值为 19.99 元。可比公司 2024 年平均 PS 为 2.51 倍，我们给予公司 2024 年 2.51 倍 PS，按此预计公司 合理估值为 19.99 元。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [7][18]. Core Insights - The company achieved a revenue of 1.176 billion yuan in 2023, representing a year-on-year growth of 22.20%. The net profit attributable to shareholders was 128 million yuan, with a significant increase of 68.93% [18]. - The company is recognized as a leader in the eyewear retail industry, with strong growth in its proprietary brand and functional lens business. The report highlights the ongoing expansion of its franchise channels as a new growth driver [18]. - The company is expected to continue its growth trajectory, with projected net profits of 155 million yuan, 186 million yuan, and 219 million yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 20.8%, 20.4%, and 17.3% [18]. Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 1.176 billion yuan in 2023 to 1.826 billion yuan by 2026, with growth rates of 22.2%, 17.5%, 15.2%, and 14.7% for the respective years [18]. - Net profit attributable to shareholders is expected to increase from 128 million yuan in 2023 to 219 million yuan in 2026, with growth rates of 68.9%, 20.8%, 20.4%, and 17.3% [18]. - Earnings Per Share (EPS) is forecasted to rise from 0.73 yuan in 2023 to 1.25 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 22 to 13 [18]. - The company’s gross margin for 2023 was reported at 63.07%, with a net profit margin of 10.89%, reflecting an improvement of 3.08 percentage points year-on-year [18]. Business Strategy and Market Position - The company is actively expanding its offline and online sales channels, with a total of 515 physical stores by the end of 2023, including 495 direct-operated and 20 franchise stores [18]. - Online sales have also seen significant growth, with a gross merchandise volume (GMV) of 208 million yuan in 2023, marking a year-on-year increase of 44.50% [18]. - The product mix is being optimized, with a focus on proprietary brands and functional lenses, which are expected to drive future sales growth [18].

Financial Performance - The company reported a net profit margin of 12% for the fiscal year 2023, reflecting improved operational efficiency and cost management[16]. - The company's operating revenue for 2023 reached ¥1,175,865,495.37, representing a 22.20% increase compared to ¥962,236,989.55 in 2022[21]. - Net profit attributable to shareholders for 2023 was ¥128,064,789.56, a significant increase of 68.93% from ¥75,162,301.76 in 2022[21]. - The net profit after deducting non-recurring gains and losses was ¥116,454,595.15, up 82.90% from ¥63,022,045.56 in the previous year[21]. - The net cash flow from operating activities for 2023 was ¥280,936,613.38, reflecting a 34.80% increase from ¥208,414,149.84 in 2022[21]. - Basic earnings per share for 2023 were ¥0.74, a 64.44% increase compared to ¥0.44 in 2022[21]. - Total assets at the end of 2023 amounted to ¥1,121,775,074.61, marking a 14.86% increase from ¥975,398,854.28 at the end of 2022[21]. - Net assets attributable to shareholders increased to ¥788,732,464.94, a rise of 15.14% from ¥683,770,207.38 in 2022[21]. - The company achieved a total revenue of CNY 1,175,865,495.37, representing a year-on-year growth of 22.20%[86]. - The net profit attributable to shareholders reached CNY 12,806,480, representing a significant increase of 68.93% compared to the previous year[86]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 20% for 2024, driven by new product launches and market expansion strategies[16]. - Market expansion efforts include opening 50 new stores across key cities, aiming for a 10% increase in market share by the end of 2024[16]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market share, with a budget of 500 million RMB allocated for this purpose[138]. - The company plans to expand its market presence by opening 50 new retail locations across major cities in China by the end of 2024[138]. - The company is actively pursuing new business models in collaboration with public hospitals and community health institutions to enhance its professional capabilities[50]. - The company aims to enhance its market share and in-store conversion rates by improving its sales channel layout and integrating online and offline retail networks[125]. Research and Development - The company is investing in R&D for new technologies, with an allocated budget of RMB 30 million for the development of smart eyewear products[16]. - The company is actively investing in research and development for new eyewear technologies, aiming to enhance product offerings and customer experience[149]. - New product development includes the introduction of smart eyewear, expected to contribute an additional 200 million RMB in revenue in 2024[138]. - R&D investment amounted to ¥4,669,387.17 in 2023, representing 0.40% of total revenue[101]. - The company has employed 15 R&D personnel in 2023, marking a significant increase from 0 in 2022[101]. Customer Engagement and Experience - The management highlighted a focus on enhancing customer experience through digital transformation initiatives, including an upgraded e-commerce platform[16]. - The company aims to increase its online sales contribution to 40% of total revenue by 2025, leveraging digital marketing strategies[16]. - The company has implemented a "Quality Improvement" initiative aimed at enhancing customer satisfaction, which is expected to improve retention rates by 10%[139]. - The company is exploring new strategies for market expansion, aiming to enhance its competitive position in the industry[148]. - The company has established partnerships with two major e-commerce platforms to enhance distribution and reach a broader audience[159]. Governance and Compliance - The company's governance structure has been strengthened, ensuring compliance with regulatory requirements and enhancing operational transparency[140]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced decision-making process[140]. - The company has maintained a strong financial position, with no instances of fund misappropriation by the controlling shareholder during the reporting period[140]. - The company has established a fair and transparent performance evaluation and incentive mechanism for directors and senior management, ensuring compliance with legal regulations[141]. - The company received an A grade (excellent) for its information disclosure work during the reporting period, as evaluated by the Shenzhen Stock Exchange[142]. Employee and Talent Management - The company has established a comprehensive training system for employees, including onboarding, skill enhancement, and core talent training, to improve overall employee capabilities[175]. - The company emphasizes a competitive and fair compensation system to attract and retain talent, with adjustments made to salary schemes for frontline business departments[174]. - The total number of employees at the end of the reporting period was 2,367, with 971 in the parent company and 1,396 in major subsidiaries[172]. - The company has 270 employees with a bachelor's degree or higher, representing about 11.4% of the total workforce[172]. - The company actively engages in school-enterprise cooperation to enhance talent cultivation in the optical industry[175]. Risks and Challenges - The company faces risks from macroeconomic fluctuations that could negatively impact consumer spending and overall performance[129]. - Intense market competition in the eyewear retail industry may hinder the company's ability to maintain or enhance its competitive advantages[130]. - The franchise business development is in its early stages, with uncertainties in conversion rates and procurement amounts, posing risks to expansion efforts[132]. - Human resource management risks exist as the company's growth is directly tied to the availability and quality of professional talent[134]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 6 per 10 shares to all shareholders, totaling approximately RMB 60 million based on the current number of shares[4]. - The company distributed cash dividends of RMB 3 per 10 shares (including tax) to all shareholders based on the total number of shares registered on the dividend distribution date[176]. - The company has a policy to ensure that cash dividends constitute at least 20% of the profit distribution when significant capital expenditures are planned[178]. - The cash dividend amount is derived from a distributable profit of RMB 200,357,750.78[178]. Sales and Revenue Channels - The online transaction total (GMV) was 207.50 million yuan, with corresponding operating revenue (excluding tax) of 183.92 million yuan, accounting for 15.64% of total revenue, up 44.68% year-on-year[60]. - Offline retail sales were CNY 991,941,676.07, which is 84.36% of total revenue, showing an 18.78% increase from the previous year[89]. - The company has established long-term partnerships with renowned suppliers such as Carl Zeiss and LVMH, ensuring product diversity and competitive pricing[84]. - The company has implemented a centralized procurement model, ensuring efficient supply chain management and inventory control[79]. Digital Transformation - The company is actively embracing digital transformation by enhancing its online membership system and utilizing social media platforms for brand promotion[59]. - The eyewear retail industry is experiencing a shift towards digital transformation, with new retail models enhancing the connection value of retail endpoints[46]. - The company has established official accounts on local life service platforms such as Douyin and Dazhongdianping to enhance customer engagement and service delivery[61].

证券研究报告 | 年报点评报告 2024 年 04 月 03 日 博士眼镜（300622.SZ） 数字化赋能长期发展，产品&渠道结构优化 公司发布 2023 年年报：2023 年实现收入 11.76 亿元（同比+22.2%），归母净利 润 1.28 亿元（同比+68.9%）；单 Q4 实现收入 2.70 亿元（同比+17.0%），归母 净利润 0.30 亿元（同比+11.6%）。Q4 计提商誉减值 530 万元，主要系轻加盟未达 业绩承诺目标，实际经营利润表现稳健，高毛利功能产品占比稳步提高，渠道、营 销体系持续丰富。 健全数字化零售体系，功能性产品增长亮眼。2023 年公司新设"数据运营部"、"用 户运营部"，深度挖掘和分析有效数据，优化售前售后服务管理模式，推动产品结 构升级。1）功能性产品：2023 年公司加强功能性产品的科普力度和营销推广活动， 功能性镜片销量稳中有进（同比+43.1%），其中离焦镜片/成人渐进镜片销量分别 同比+79.1%/+55.7%。2）自有品牌：2023 年自有品牌镜片销量占比 65.8%（销 量同比+6.0%）。 老店提质增效，新零售高速发展。公司完善线下销售网络并积极布局新 ...

盈利能力来看：23 年公司实现毛利率 63.07%/+1.23pct，销售费率 40.49%/- 2.4pct，管理费率 7.83%/-1.34pct，财务费率 0.40%/-0.59pct，实现净利率 11.2%/+3.53pct；2）存货周转率 2.58，应收账款周转率 20.81，相较于 22 年 均略有提升。 风险提示：加盟业务拓展不及预期，消费力疲软，竞争格局加剧 P/B 4.30 3.73 3.09 2.57 2.15 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 百万元 利润表 单位 营业总收入 962 1176 1378 营业税金及附加 3 5 5 管理费用 88 92 103 财务费用 10 5 2 投资净收益 7 9 9 营业外收支 2 -3 0 所得税 18 32 41 少数股东损益 -1 4 5 | --- | --- | |-------|------------------| | 2025E | : 百万元 \n2026E | | 1612 | 1898 | | 615 | 730 | | 6 | 8 | | 629 | 734 | | 119 ...

证券代码：300622 证券简称：博士眼镜 公告编号：2024-029 博士眼镜连锁股份有限公司 关于 2021 年限制性股票与股票期权激励计划预留部分授予 股票期权第二个行权条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 博士眼镜连锁股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开 第五届董事会第二次会议、第五届监事会第二次会议，分别审议通过了《关于 2021 年限制性股票与股票期权激励计划预留部分授予股票期权第二个行权条件 成就的议案》，公司 2021 年限制性股票与股票期权激励计划预留部分授予股票 期权第二个行权条件已成就。本次激励计划中预留部分授予股票期权符合可行权 的激励对象共 38 名，可行权的股票期权数量为 161,400 份，行权价格为 17.01 元/份（调整后）。现将相关内容公告如下： 一、公司 2021 年限制性股票与股票期权激励计划简述及已履行的相关审批 程序 （一）本次激励计划简述 1、公司《2021 年限制性股票与股票期权激励计划（草案）》（以下简称"《激 励计划》"、"本激励计划"）及其摘要已经 ...