Group 1: Financial Performance - In 2024, the company achieved total revenue of 770 million yuan, a year-on-year increase of 2.88% [1] - The gross profit margin was 58.56%, up 0.98 percentage points from the same period last year, with a net profit attributable to shareholders of 177 million yuan, an increase of 12.21% year-on-year [1] - For Q1 2025, the company reported total revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] Group 2: Product Performance - The lens business grew by 8.72% year-on-year after excluding the negative impacts of overseas and raw material businesses, with star products performing exceptionally well [1] - The PMC Ultra Bright series saw revenue growth of nearly 45.6%, with three star products accounting for 54.6% of total revenue from regular lenses [1] - The "Easy Control" product line maintained rapid growth, with Q4 2024 sales reaching 41.58 million yuan, a year-on-year increase of 23.6%, and total sales for the year at 163.65 million yuan, up 22.7% [1] Group 3: Strategic Partnerships and Market Position - In April 2024, the company announced an exclusive partnership with Leica, focusing on high-end lens markets in China [2] - The company primarily operates in the domestic market with a direct sales model complemented by distribution, optimizing its customer structure [2] - By the end of 2024, the company had 2,707 direct sales customers and 66 distribution customers, including medical channels [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 859 million, 951 million, and 1.05 billion yuan, with year-on-year growth rates of 11.5%, 10.7%, and 10.4% respectively [2] - Net profit projections for the same period are 199 million, 227 million, and 257 million yuan, with growth rates of 12.5%, 14.2%, and 13.3% respectively [2]

Core Insights - The company reported steady growth in 2024 and Q1 2025, with revenue increasing by 2.9% and 2.6% year-on-year, and net profit attributable to shareholders rising by 12.2% and 11.7% respectively [1][5] - Key drivers of growth include product structure optimization, deepening channel advantages, and expansion into emerging markets such as AI glasses [1][5] Revenue Breakdown - In 2024, the company's lens revenue reached 634 million yuan, up 6.5% year-on-year, with a gross margin of 63.37%, an increase of 1.3 percentage points [2] - The PMC Ultra Bright series saw significant growth, with revenue increasing by 45.6% and 44% in 2024 and Q1 2025 respectively [2] - The "Easy Control" series also performed well, with sales increasing by 22.7% and 22.1%, and even higher growth when excluding the impact of product upgrades [2] Sales Channels and Market Performance - Domestic market revenue for 2024 was 741 million yuan, a 4.6% increase, while overseas revenue fell to 29 million yuan, down 27.8% [3] - The distribution channel showed strong performance, with dealer revenue increasing by 13.3% to 265 million yuan, while direct sales slightly declined by 2.3% [3] Profitability and Cost Management - The company's gross margin for 2024 was 58.56%, up 0.98 percentage points year-on-year, indicating improved profitability [4] - The sales expense ratio decreased, contributing to enhanced profitability, with the net profit margin for 2024 at 22.95%, an increase of 1.91 percentage points [4] Product Development and Future Outlook - The company is focusing on product upgrades and expanding into the AI glasses market, aiming to address high prescription needs with personalized solutions [5] - A new product matrix has been established, including various series of lenses and the "1+3+N" product strategy [5] - The company is expected to achieve net profits of 220 million, 250 million, and 280 million yuan in 2025-2027, with respective year-on-year growth rates of 24%, 13%, and 13% [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown continuous product upgrades, leading to improved profitability. In 2024, the company achieved revenue of 770 million yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 177 million yuan, up 12.21% year-on-year [1] - The "Light Control" series continues to lead sales, with a revenue of approximately 164 million yuan in 2024, reflecting a year-on-year growth of 22.7%. The company has also launched new products to enhance near-sightedness prevention [2] - The company's gross margin has further improved, with a gross margin of 58.56% in 2024, an increase of 0.98 percentage points year-on-year. The net profit margin for 2024 was 22.95%, up 1.91 percentage points year-on-year [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 770 million yuan and a net profit of 177 million yuan. The first quarter of 2025 saw a revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] - The company’s gross margin for 2024 was 58.56%, with a net profit margin of 22.95% [3] Business Segments - The "Light Control" series generated sales of 1.73 billion yuan in 2024, a year-on-year increase of 29.5%. The lens business revenue was 634 million yuan, up 6.50% year-on-year, and the company’s star products contributed significantly to sales [2] - The company’s domestic business revenue was 741 million yuan in 2024, reflecting a year-on-year growth of 4.6%, while overseas revenue decreased by 27.8% [2] Product Development - The company has introduced a series of new high-refractive index products and is actively exploring the potential market for smart glasses, aiming to provide comprehensive solutions for smart glasses manufacturers [4][9] Future Outlook - The company is expected to achieve revenues of 857 million yuan, 987 million yuan, and 1.119 billion yuan from 2025 to 2027, with corresponding net profits of 201 million yuan, 235 million yuan, and 271 million yuan, indicating a strong growth trajectory [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown continuous product upgrades, leading to improved profitability. In 2024, the company achieved revenue of 770 million yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 177 million yuan, up 12.21% year-on-year [1] - The "Light Control" series continues to lead sales, with a revenue of approximately 164 million yuan in 2024, reflecting a year-on-year growth of 22.7%. The company has also launched new products to enhance near-sightedness prevention [2] - The company's gross margin has further improved, with a gross margin of 58.56% in 2024, an increase of 0.98 percentage points year-on-year. The net profit margin for 2024 was 22.95%, up 1.91 percentage points year-on-year [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 770 million yuan and a net profit of 177 million yuan, with a quarterly revenue of 197 million yuan in Q1 2025, reflecting a year-on-year increase of 2.63% [1] - The company’s gross margin for 2024 was 58.56%, with a net profit margin of 22.95% [3] Business Segments - The "Light Control" series generated sales of 173 million yuan in 2024, a year-on-year increase of 29.5%. The lens business revenue was 634 million yuan, up 6.50% year-on-year [2] - The company’s domestic business revenue reached 741 million yuan in 2024, a year-on-year increase of 4.6%, while overseas revenue declined by 27.8% [2] Product Development - The company has introduced a series of new high-refractive index products and is actively exploring the potential market for smart glasses, aiming to provide comprehensive solutions for smart glasses manufacturers [4][9] Future Outlook - The company is expected to achieve revenues of 857 million yuan, 987 million yuan, and 1.119 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 201 million yuan, 235 million yuan, and 271 million yuan [10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7][12]. Core Insights - The company achieved a revenue of 770 million yuan in 2024, representing a year-over-year growth of 2.88%. The net profit attributable to shareholders was 177 million yuan, with a year-over-year increase of 12.21% [1]. - The company's star products continue to show high growth, with the PMC Ultra Bright series experiencing a revenue increase of 45.6% in 2024 and 44% in Q1 2025 [2]. - The company's profitability is steadily improving, with a gross margin of 58.42% in Q1 2025, reflecting a year-over-year increase of 0.35 percentage points [3]. - The company is actively expanding its product lines and enhancing brand strength, particularly in the youth myopia prevention market, with a new product series "Easy Control Pro 2.0" [4]. Financial Performance Summary - In 2024, the company reported total revenue of 770 million yuan, with projected revenues of 891 million yuan in 2025, 1,045 million yuan in 2026, and 1,244 million yuan in 2027, indicating a growth rate of 15.7% in 2025 [6][10]. - The net profit attributable to shareholders is expected to grow from 177 million yuan in 2024 to 207 million yuan in 2025, with a projected growth rate of 16.8% [6][10]. - The company's earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.03 yuan in 2025, with a price-to-earnings (PE) ratio of 47x for 2025 [6][10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [7]. Core Insights - The company achieved a revenue of 770 million yuan in 2024, representing a year-over-year growth of 2.88%. The net profit attributable to shareholders was 177 million yuan, with a year-over-year increase of 12.21% [1]. - The company's star products continue to show high growth, with the PMC Ultra Bright series experiencing a revenue increase of 45.6% in 2024 and 44% in Q1 2025 [2]. - The company's profitability is steadily improving, with a gross margin of 58.42% in Q1 2025, reflecting a year-over-year increase of 0.35 percentage points [3]. - The company is actively expanding its product lines and enhancing brand strength, particularly in the youth myopia prevention market, with a new product series "Easy Control Pro 2.0" [4]. Financial Performance Summary - In 2024, the company reported total revenue of 770 million yuan, with projected revenues of 891 million yuan in 2025, 1,045 million yuan in 2026, and 1,244 million yuan in 2027, indicating growth rates of 2.9%, 15.7%, 17.3%, and 19.0% respectively [6][10]. - The net profit attributable to shareholders is expected to grow from 177 million yuan in 2024 to 207 million yuan in 2025, 256 million yuan in 2026, and 316 million yuan in 2027, with growth rates of 12.2%, 16.8%, 23.8%, and 23.6% respectively [6][10]. - The company's earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.03 yuan in 2025, 1.27 yuan in 2026, and 1.57 yuan in 2027 [6][10].

Core Insights - The company announced a revenue of 770 million yuan for 2024, representing a year-on-year increase of 3%, and a net profit attributable to shareholders of 180 million yuan, up 12% year-on-year [1] - The company's product focus strategy has shown significant results, with the lens business growing by 8.72% year-on-year in 2024, and the PMC ultra-bright product revenue increasing by 45.6% in 2024 [1][2] - The "Easy Control" product line continues to grow rapidly, with sales reaching 415.8 million yuan in Q4 2024, a 23.6% increase year-on-year [2] Financial Performance - For Q4 2024, the company reported a single-quarter revenue of 190 million yuan, a 1% increase year-on-year, and a net profit of 40 million yuan, up 13% year-on-year [1] - The gross profit margin for 2024 was 58.6%, an increase of 1.0 percentage points year-on-year, with a net profit margin of 23.0%, up 1.9 percentage points year-on-year [2] - In Q1 2025, the company achieved a revenue of 200 million yuan, a 3% increase year-on-year, and a net profit of 50 million yuan, also up 12% year-on-year [1] Product Development - The "Easy Control" product line saw a total sales of 1.6 billion yuan in 2024, a 22.7% increase year-on-year, with Q1 2025 sales reaching 501.3 million yuan, up 22.1% year-on-year [2] - The introduction of the upgraded "Easy Control Pro 2.0" product is expected to enhance sales performance, with the series achieving a 29.5% increase in sales in 2024 [2] Market Outlook - The company is positioned as a leading domestic brand in the near-sightedness prevention market, with expectations of net profits of 200 million, 240 million, and 270 million yuan for 2025-2027 [3] - The increasing penetration rate of near-sightedness prevention products presents a promising outlook for the company [3]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 770 million RMB, a year-on-year increase of 2.9% [2] - Q1 2025 revenue reached 197 million RMB, growing by 2.6% year-on-year [2] - The gross profit margin for 2024 was 58.6%, up by 1 percentage point year-on-year; Q1 2025 gross profit margin was 58.4%, an increase of 0.4 percentage points [2] - The net profit attributable to shareholders for 2024 was 176.79 million RMB, a 12.2% increase year-on-year; Q1 2025 net profit was 47.15 million RMB, growing by 11.7% [2] - The net profit margin for 2024 was 23.0%, up by 1.9 percentage points year-on-year; Q1 2025 net profit margin was 23.9%, also an increase of 1.9 percentage points [2] Group 2: Expense Analysis - In 2024, total sales expenses were 141.01 million RMB, down by 4.4% year-on-year; Q1 2025 sales expenses were 33.94 million RMB, decreasing by 5.4% [3] - Management expenses for 2024 totaled 85.75 million RMB, an increase of 8.8% year-on-year; Q1 2025 management expenses were 18.79 million RMB, down by 20.5% [3] - R&D expenses in 2024 amounted to 34.99 million RMB, up by 25.0% year-on-year; Q1 2025 R&D expenses were 9.53 million RMB, increasing by 37.5% [3] Group 3: Market Trends and Product Performance - The lens industry is experiencing a shift towards high-end products, with a notable growth in demand for advanced products due to consumer upgrades and domestic replacements [3] - The company's lens business grew by 8.72% year-on-year, excluding the negative impacts from overseas and raw material businesses [3] - The PMC Ultra Bright series saw a revenue increase of nearly 45.6% in 2024, with three star products accounting for 54.6% of regular lens revenue [3] - The "Easy Control" series for myopia management achieved sales of 41.58 million RMB in Q4 2024, a year-on-year growth of 23.6% [3] Group 4: Strategic Initiatives - The company has permanently exited price wars since 2019, which has garnered goodwill from channels and customers [6][7] - A new product, the Easy Control Pro2.0, was launched, which is believed to have superior control effects compared to previous models [8] - The company is focusing on customer development, particularly in the medical field, and has initiated a seed customer program to support key clients [8] - A new marketing strategy was announced with the endorsement of a new spokesperson, emphasizing the importance of the "Easy Control" product line [9] Group 5: Future Outlook - The penetration rate for defocus lenses is currently around 7% to 8%, with a significant growth potential as over 120 million children in China require them [5] - The company anticipates sustained growth in the defocus lens market despite recent price competition, as external pressures have begun to ease [6] - The company is also exploring the smart glasses market, focusing on providing complete solutions and addressing challenges in fitting and service [10][11]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [14]. Core Insights - The company achieved a total revenue of 770 million yuan in 2024, reflecting a year-on-year growth of 2.88%, with a net profit of 177 million yuan, up 12.21% [4]. - In Q1 2025, the company reported a revenue of 197 million yuan, an increase of 2.63%, and a net profit of 47 million yuan, up 11.70% [4]. - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 100 million yuan, with a payout ratio of 56.77% [4]. Revenue and Profitability - The company's lens and raw material revenues for 2024 were 634 million yuan and 68 million yuan, respectively, with the lens business growing by 8.72% after excluding overseas and raw material business impacts [5]. - The gross margin for 2024 was 58.56%, with a net margin of 24.40%, indicating improved profitability [6]. - The company expects revenue growth rates of 11.20%, 13.50%, and 17.00% for 2025, 2026, and 2027, respectively [8]. Product and Market Strategy - The company is focusing on high-end lens products, with significant growth in its PMC Ultra Bright series, which saw a revenue increase of 45.6% [5]. - The collaboration with Leica is enhancing technology development, brand operation, and channel expansion, which is expected to further open profit margins in the high-end lens market [7]. - The company is actively promoting the development of AI smart glasses, positioning its lens business to benefit from this emerging market [7]. Financial Forecast - The forecasted net profits for the company are 206 million yuan, 236 million yuan, and 275 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.02 yuan, 1.17 yuan, and 1.36 yuan [8]. - The projected PE ratios are 45.70, 39.99, and 34.36 for the years 2025, 2026, and 2027, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 46.83 CNY [5] Core Views - The company is expected to benefit from the rapid growth of AI smart glasses, which will drive demand for high-quality lenses [5] - The product focus strategy has shown significant results, with star products and myopia control products demonstrating resilience in growth [2][3] - The company has made progress in expanding its market share, particularly in the medical channel, which is crucial for myopia management products [4] Financial Performance Summary - In Q1 2025, the company reported revenues of 197 million CNY, a year-on-year increase of 2.6%, and a net profit of 47 million CNY, up 11.7% [1] - For the full year 2024, the company achieved revenues of 770 million CNY, a 2.9% increase, and a net profit of 177 million CNY, up 12.2% [1] - The lens segment generated revenues of 630 million CNY in 2024, with a gross margin of 63.4%, reflecting a 1.3 percentage point increase year-on-year [2] Product Strategy and Market Expansion - The company has successfully launched new high-refractive index products to meet diverse user needs, contributing to the growth of its star products [2] - The "Easy Control" series for myopia management has seen significant sales growth, with revenues reaching 160 million CNY in 2024, a 22.7% increase [3] - Direct sales revenue decreased by 2.3% to 440 million CNY in 2024, while distribution revenue increased by 13.3% to 260 million CNY, indicating a shift in sales strategy [4] Future Outlook - The company is projected to see net profits of 210 million CNY, 240 million CNY, and 280 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 46X, 39X, and 34X [9] - The report highlights the potential for the company to capitalize on the emerging AI glasses market, which is expected to grow rapidly starting in 2025 [5]