博士眼镜2024年中报点评：Q2业绩改善，积极推进AI眼镜布局

Investment Rating - The report maintains a "Buy" rating for the company [3][15]. Core Views - The company's Q2 performance shows improvement, demonstrating operational resilience in a complex consumer environment. Strategic cooperation with Thunderbird Innovation is actively advancing the AI glasses layout, with expectations for revenue and profit uplift [2][3]. Financial Summary - H1 revenue reached 601 million yuan, a slight increase of 0.3%, while net profit attributable to the parent company was 52 million yuan, down 21.3%. The company plans to distribute a cash dividend of 28 million yuan, with a payout ratio of 54% [3]. - The forecast for EPS from 2024 to 2026 is set at 0.91, 1.10, and 1.32 yuan, with growth rates of 23%, 21%, and 20% respectively. The target price has been adjusted to 31.85 yuan based on industry valuation comparisons [3][11]. - H1 gross margin was 58.1%, down 2.7 percentage points, while net margin was 8.7%, down 2.8 percentage points. The expense ratio was 47.7%, an increase of 0.8 percentage points [3]. Segment Performance - In H1, revenue from optical glasses and fitting was 385 million yuan, down 2.4%. Revenue from finished glasses was 107 million yuan, up 7.8%, and contact lenses revenue was 80 million yuan, up 3.6% [3]. - The company opened 28 new stores (19 direct and 9 franchise) and closed 13 stores, ending H1 with a total of 530 stores [3]. AI Glasses Development - The company is accelerating its AI smart glasses layout through strategic partnerships with leading brands in the industry. A framework agreement has been signed with Thunderbird to establish a joint venture for developing innovative products [3][11].