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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.39 CNY, down from a previous forecast of 32.70 CNY [5][22]. Core Insights - The company is a leading player in the domestic eyewear retail industry and is actively expanding its functional lens sales, including defocus lenses, while promoting franchising [5]. - The company's revenue for 2023 is projected to be 1.176 billion CNY, representing a year-on-year growth of 22.2%, with a net profit of 128 million CNY, reflecting a growth of 68.9% [6][22]. - The report highlights the company's focus on optimizing product offerings and organizational structure to drive future growth [6]. Financial Summary - The company's market capitalization is 2,832 million CNY, with a 52-week price range of 12.12 to 25.18 CNY [3][8]. - The estimated earnings per share (EPS) for 2024 is projected to be 0.91 CNY, with a growth rate of 23% [6]. - The company’s net profit margin is expected to improve, with a net profit growth rate of 20% projected for 2026 [6][22]. Valuation Metrics - The report uses a price-to-sales (PS) valuation method, predicting a reasonable valuation of 19.99 CNY based on a PS ratio of 2.51 for 2024 [6][11]. - The average PS for comparable companies in the industry is 2.51, indicating a competitive positioning for the company [11][12]. - The report also considers a price-to-earnings (PE) valuation method, estimating a reasonable valuation of 22.66 CNY based on a PE ratio of 24.9 for 2024 [11][22]. Performance Indicators - The company has opened 51 new stores in 2023, bringing the total to 515 stores by year-end, with a significant increase in online sales [6][22]. - The report notes a substantial increase in sales of functional lenses, with a 79.05% year-on-year growth in defocus lens sales [6][22]. - The company's operating cash flow for 2023 is projected to be 2.8 billion CNY, reflecting a 34.8% increase [6].

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 ...

Investment Rating - The report assigns a "Buy" rating for the company, Doctor Glasses [12] Core Insights - The company achieved a revenue of 1.176 billion yuan in 2023, representing a year-on-year increase of 22.2%. The net profit attributable to the parent company was 128 million yuan, up 68.93% year-on-year [12] - The gross profit margin for 2023 was 63.07%, an increase of 1.23 percentage points, while the net profit margin reached 11.2%, up 3.53 percentage points [12][1] - The company is expected to achieve revenues of 1.378 billion yuan, 1.612 billion yuan, and 1.898 billion yuan in 2024, 2025, and 2026 respectively, with corresponding net profits of 163 million yuan, 191 million yuan, and 227 million yuan [12][13] Financial Performance - In 2023, the company reported a gross profit margin of 63.07%, a net profit margin of 11.2%, and an increase in inventory turnover rate to 2.58 and accounts receivable turnover rate to 20.81 compared to 2022 [1] - The revenue breakdown shows that optical glasses and fitting services generated 792 million yuan, with a gross margin of 71.02%. The sales of functional lenses saw a robust growth of 43.11% [12][11] - The company opened 51 new stores and closed 49, resulting in a total of 515 stores, with a focus on improving store quality and operational efficiency [12][11] Future Outlook - The company is exploring new avenues in the smart glasses sector and aims to enhance its market share and core competitiveness through digital franchise models [12] - The report anticipates continued growth in the online retail segment, with a GMV of 2.08 billion yuan in 2023, contributing to overall revenue [12][11]

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 ...

一、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、2021 年 4 月 20 日，公司第四届董事会第四次会议审议通过了《关于<博 士眼镜连锁股份有限公司 2021 年限制性股票与股票期权激励计划（草案）>及其 摘要的议案》《关于<博士眼镜连锁股份有限公司 2021 年限制性股票与股票期权 激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理公司 2021 年限制性股票与股票期权激励计划相关事宜的议案》，公司独立董事对相 关事项发表了意见。同日，公司第四届监事会第四次会议审议通过了《关于<博 士眼镜连锁股份有限公司 2021 年限制性股票与股票期权激励计划（草案）>及其 摘要的议案》《关于<博士眼镜连锁股份有限公司 2021 年限制性股票与股票期权 激励计划实施考核管理办法>的议案》《关于核实<博士眼镜连锁股份有限公司 2021 年限制性股票与股票期权激励计划首次授予激励对象名单>的议案》。 1 证券代码：300622 证券简称：博士眼镜 公告编号：2024-030 博士眼镜连锁股份有限公司 关于注销 2021 年限制性股票与股票期权激励计划部分股票 期权的公告 本公司及董事会 ...