博士眼镜：经营平稳，智能眼镜突破

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported stable operations with a breakthrough in smart glasses, achieving revenue of 601 million yuan in H1 2024, a year-on-year increase of 0.3%, while net profit attributable to shareholders was 52 million yuan, a decrease of 21.3% [1] - The growth rate of optical glasses and fitting services has slowed, but the company is steadily expanding its direct and franchise stores, with a total of 501 direct stores and 29 franchise stores as of the end of Q2 2024 [1] - The company is enhancing its digital retail system and steadily advancing its franchise model, with a significant increase in the sales proportion of functional lenses [1] - The company is exploring the smart glasses sector, establishing stable partnerships with leading brands and planning to develop new products [1] Financial Summary - For H1 2024, the company achieved revenues of 385 million yuan from optical glasses, 107 million yuan from fitting services, and 80 million yuan from contact lenses, with respective year-on-year growth rates of -2.4%, +7.8%, and +3.6% [1] - The company expects net profits for 2024, 2025, and 2026 to be 140 million yuan, 170 million yuan, and 195 million yuan, respectively, with corresponding P/E ratios of 34X, 28X, and 25X [1][2] - The company’s revenue is projected to grow from 1.321 billion yuan in 2024 to 1.771 billion yuan in 2026, with year-on-year growth rates of 12.3% and 15.4% [2][8]