博士眼镜：拟与雷鸟成立合资公司，计划共同研发国产版Meta Ray-Ban

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has signed a cooperation framework agreement with Thunderbird Innovation to establish a joint venture with a registered capital of 15 million RMB, where the company will invest 3 million RMB for a 20% stake [1] - The joint venture aims to develop the first generation of audio + AI glasses, leveraging the company's offline sales channels and marketing strategies [1] - The collaboration is expected to replicate the success of Meta Ray-Ban, with both companies having strong market positions and capabilities in their respective fields [1] - The company has a well-established offline channel network with 501 direct stores and 29 franchise stores as of Q2 2024, enhancing its market penetration [1] - The company is positioned to benefit from the growing smart glasses market, having established partnerships with leading brands in the industry [1] Financial Summary - The company's projected revenue for 2024-2026 is expected to be 1.32 billion RMB, 1.54 billion RMB, and 1.77 billion RMB, respectively, with year-over-year growth rates of 12.3%, 16.2%, and 15.4% [2] - The net profit attributable to the parent company is forecasted to be 141 million RMB, 169 million RMB, and 195 million RMB for the same period, with growth rates of 9.8%, 20.5%, and 15.0% [2] - The company's P/E ratios for 2024-2026 are projected to be 34X, 28X, and 25X, indicating a favorable valuation trend [2]