Group 1: Xianglou New Materials - Xianglou New Materials reported that the profit margin for bearing materials at their Anhui factory is slightly higher than that of automotive materials, with prices potentially exceeding 10,000 yuan per ton, and expected profits higher than the automotive business [1] - The company is focusing on the development of sheet materials to replace rod materials in automotive, bearing, and robotics sectors, leveraging successful case studies to drive technological collaboration [1] - The company has a stable profit margin due to a pricing model where 50% of clients adjust prices monthly while the other 50% have locked prices [1] - The company anticipates growth in the automotive sector from both existing and new clients, particularly in passive safety systems [1] - The Anhui factory will allocate some production for bearing materials in the second half of the year, with equipment upgrades similar to automotive materials [1] - Schaeffler is expected to become the company's largest client in 2024, with growth trends continuing into 2025 [1] - The company is exploring other fields such as high-speed rail and aviation, but development is limited by the size of their R&D team [1] Group 2: Dongfang Tantalum Industry - Dongfang Tantalum Industry achieved a revenue of 1.281 billion yuan in 2024, a year-on-year increase of 15.57%, and a net profit of 213 million yuan, up 13.94% [2] - The company has optimized its product structure, with significant growth in high-temperature alloys and semiconductor sectors [2] - The impact of US tariffs on the company is minimal, with domestic and international sales accounting for 64% and 36% respectively [2] - The company plans to advance multiple technological transformation projects to enhance core competitiveness [2] - The consumer electronics market is showing signs of weak recovery, while demand for high-temperature alloys, semiconductor targets, and superconductors is increasing [2] Group 3: Doctor Glasses - Doctor Glasses is embracing the trend of smart technology, focusing on integrating traditional and smart eyewear to meet consumer needs [3] - The company is building a specialized team for smart eyewear selection to ensure product offerings remain at the forefront of the industry [3] - The company has set up smart eyewear display areas in over 100 retail stores, allowing consumers to experience the technology firsthand [3] - Doctor Glasses plans to invest 350.12 million yuan to establish 225 new eyewear stores in key cities and upgrade existing ones to enhance market share and brand recognition [3] - The company is strengthening its advantages through multi-channel strategies, digital transformation, and supply chain management [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [7][6]. Core Insights - The company reported a revenue of 288 million in Q4 2024, a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 20 million, down 33.9% year-on-year [1]. - For the full year 2024, the company achieved a revenue of 1.203 billion, reflecting a 2.3% increase year-on-year, but the net profit attributable to the parent company decreased by 19.1% to 104 million [1]. - The company's gross margin for 2024 was 61.71%, a decrease of 1.36 percentage points, and the net profit margin was 8.62%, down 2.28 percentage points [1]. Product Performance - In 2024, the revenue from optical glasses and fitting services was 806 million, up 1.78% year-on-year, with a gross margin of 70.2% [2]. - The revenue from the complete glasses series was 178 million, showing an increase of 11.97%, while the revenue from contact lenses decreased by 5.03% to 156 million [2]. - The company has cultivated its own brands, with self-owned brand lenses and frames accounting for 58.65% and 65.40% of total sales, respectively [3]. Store Expansion and Digital Transformation - By the end of 2024, the company had 557 stores, with a net increase of 42 stores, including 510 direct-operated stores [4]. - The company is enhancing its collaboration with major supermarket chains and hospitals to deepen its market presence in core consumer areas [4]. - Online sales totaled 190 million in 2024, a decrease of 7.83% year-on-year, with the company focusing on brand exposure through social media and live streaming [4]. Embracing Smart Technology - The company is actively engaging in the smart eyewear market, collaborating with leading brands to enhance its service offerings [5]. - The launch of the Thunder V3 AI shooting glasses is scheduled for January 7, 2025, with plans to upgrade retail stores to include smart eyewear displays [5]. Financial Adjustments - The report adjusts profit forecasts, projecting net profits of 120 million, 140 million, and 160 million for 2025 to 2027, respectively [11]. - The company’s revenue is expected to grow to 1.37 billion in 2025, with a growth rate of 13.87% [12].

证券代码：300622 证券简称：博士眼镜 博士眼镜连锁股份有限公司 投资者关系活动记录表 编号：2025-01 | | ☑ 特定对象调研 ☑ 分析师会议 | | --- | --- | | 投资者关系活动 | □ 媒体采访 □ 业绩说明会 | | 类别 | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | ☑ 其他 电话会议 | | 参与单位名称 | 博时基金、摩根士丹利基金、国泰基金、海南羊角私募基金、红 | | | 土创新基金、鸿运私募基金、汇丰晋信基金、诺安基金、上海玖 | | | 鹏资管、上海宽潭私募基金、西部利得基金、益民基金、新华基 | | | 金、中信保诚资管、上海翀云投资、上海五聚资产、上海优思投 | | | 资、百达世瑞(上海)、耕霁（上海）投资、宽潭资本、深圳创富 | | | 兆业金融、深圳市辰禾投资、深圳市君茂投资、遠東宏信、德邦 | | | 证券、方正证券、广发证券、国海证券、国联证券、国盛证券、 | | | 国泰君安证券、国信证券、华创证券、华福证券、华西证券、开 | | | 源证券、申万宏源证券、天风证券、信达证券、长江证券、招商 | | | 证券资管、浙商证券 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][6] Core Views - The company reported a revenue of 288 million in Q4 2024, a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 20 million, down 33.9% year-on-year [1] - For the full year 2024, the company achieved a revenue of 1.203 billion, a 2.3% increase year-on-year, but the net profit attributable to the parent company decreased by 19.1% to 104 million [1] - The company is actively implementing a marketing strategy focused on core regions and a combination of online and offline channels, which has led to steady revenue growth despite a decline in profits due to goodwill impairment [1] Financial Performance - The company's gross margin for 2024 was 61.71%, a decrease of 1.36 percentage points, and the net profit margin was 8.62%, down 2.28 percentage points [1] - The revenue from optical glasses and fitting services was 806 million, up 1.78% year-on-year, with a gross margin of 70.2% [2] - The revenue from the complete glasses series was 178 million, an increase of 11.97%, with a gross margin of 46.8% [2] - The revenue from contact lenses decreased by 5.03% to 156 million, with a gross margin of 36.9% [2] Product Structure Optimization - The company has cultivated its own brands, owning 13 brands by the end of 2024, with self-branded lenses and frames accounting for 58.65% and 65.40% of total sales, respectively [3] - Sales of functional lenses and adult progressive lenses saw significant year-on-year growth, with increases of 33.87% and 7.28%, respectively [3] Store Expansion and Digital Transformation - By the end of 2024, the company had 557 stores, a net increase of 42, with 510 direct-operated stores [4] - The company is deepening partnerships with major supermarket chains and hospitals to enhance its retail presence in key urban areas [4] - Online sales totaled 190 million in 2024, a decrease of 7.83% year-on-year, but the company is focusing on increasing brand exposure through social media and live streaming [4] Embracing Smart Technology - The company is actively engaging in the smart eyewear market, collaborating with leading brands to enhance its service offerings [5] - The launch of the Thunder V3 AI shooting glasses is scheduled for January 7, 2025, with plans to upgrade retail stores to include smart eyewear displays [5] Profit Forecast Adjustments - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 at 120 million, 140 million, and 160 million, respectively [11]

Group 1 - The core viewpoint of the article highlights the performance of 博士眼镜 in 2024, with a revenue of 1.203 billion yuan, representing a year-on-year growth of 2.29%, while the net profit attributable to shareholders decreased by 19.08% to 104 million yuan [2] - 博士眼镜 operates in the eyewear retail industry, focusing on the downstream segment of the eyewear supply chain, and has expanded its offline sales channels and brand promotion efforts [2] - As of December 31, 2024, 博士眼镜 had a total of 557 stores, including 510 direct-operated stores and 47 franchised stores [2] Group 2 - The company is actively embracing the wave of smart technology, aiming to integrate traditional eyewear with smart solutions, particularly in the fitting services for smart glasses [3] - In August 2024, 博士眼镜 signed a cooperation agreement with 雷鸟创新 to jointly establish a company for the development of smart eyewear products, with the 雷鸟 V3 AI shooting glasses set to launch on January 7, 2025 [3] - 博士眼镜 is upgrading its retail stores, having installed smart eyewear showcases in over 100 locations to enhance consumer experience and increase product conversion rates through a "try before you buy" model [3]

Group 1: Market Overview - The convertible bond market continued to decline alongside the equity market, with the China Convertible Bond Index dropping by 1.70% to 420.91 points as of April 11, 2025, while the Shanghai Composite Index fell by 3.11% to 3,238.23 points [1][11][24] - The trading volume and turnover of convertible bonds saw significant increases, with trading volume rising by 105.0% and turnover increasing by 93.0% to 30,833 million hands and 4,654.56 billion respectively [2][24] - The performance of various sectors varied, with the agriculture, forestry, animal husbandry, fishery, retail, national defense, and food and beverage sectors showing positive performance, while the electrical equipment, communication, machinery, media, and steel sectors experienced the largest declines [19][36] Group 2: Convertible Bond Valuation - The convertible bond premium rate rose to 54.99%, an increase of 20.11% from the previous week, approaching the 50th percentile level of the past 24 years [3][39] - High premium rates were observed in the textile, food and beverage, pharmaceutical, construction materials, and non-bank financial sectors, while lower rates were noted in agriculture, banking, communication, and commercial trade sectors [42] - The pure bond premium rates were higher in the public utility, national defense, automotive, computer, and mining sectors, while lower rates were seen in media, commercial trade, non-bank financial, steel, and banking sectors [42] Group 3: Supply and Demand Dynamics - As of April 11, 2025, the total balance of listed convertible bonds was 7,023.16 billion, a decrease of 18.29 billion from the previous week, with a weighted average remaining term of 2.8 years [4][48] - The issuance dynamics included three new convertible bonds listed, with total issuance sizes of 5.00 billion, 0.67 billion, and 0.354 billion respectively, and one bond announced for issuance with a planned size of 1.175 billion [51][52] - Demand for convertible bonds from convertible bond funds continued to rise, with the market value held by these funds reaching 1,688.97 billion, a growth of 15.4% compared to the previous quarter [4][48]

对于社保基金，本期新披露持有博士眼镜的社保基金共计1个，即全国社保基金一零四组合。 外资态度来看，本期较上一季未再披露的外资机构包括MORGAN STANLEY & CO. INTERNATIONAL PLC.、高盛公司有限责任公司、J.P.Morgan Securities PLC-自有资金。 2025年4月15日，博士眼镜(300622.SZ)发布2024年年度报告。截至2025年4月14日，共有108个机构投资 者披露持有博士眼镜A股股份，合计持股量达1484.89万股，占博士眼镜总股本的8.47%。其中，前十大 机构投资者包括江西江南道企业管理有限公司、上海银行股份有限公司-中欧产业前瞻混合型证券投资 基金、上海浦东发展银行股份有限公司-鹏华创新未来混合型证券投资基金(LOF)、全国社保基金一零四 组合、中国银行股份有限公司-广发中小盘精选混合型证券投资基金、浙江浩坤昇发资产管理有限公司- 浩坤星空飞马六期私募证券投资基金、中国农业银行股份有限公司-交银施罗德定期支付双息平衡混合 型证券投资基金、中欧景气前瞻一年持有混合A、华泰柏瑞品质成长混合A、银华数字经济股票发起式 A，前十大机构投资者合计持股比 ...