DOCTORGLASSES CHAIN CO.(SZ:300622) Xinda Securities·2024-09-02 14:00Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1]. Core Views - The company's performance in H1 2024 showed a revenue of 601 million yuan, a slight increase of 0.34% year-on-year, but a decline in net profit attributable to shareholders by 21.31% to 52 million yuan [1]. - The company is actively developing its own brand and product matrix, with functional lens sales accounting for 32.04% of total lens sales, achieving a rapid growth of 45.29% [1][2]. - The company plans to establish a joint venture with Thunderbird Innovation to develop AI-related smart glasses, with an investment of 3 million yuan for a 20% stake in the joint venture [2]. Financial Performance Summary - In H1 2024, the optical glasses and fitting services generated revenue of 385 million yuan, a decrease of 2.41%, with a gross margin of 68.42% [1]. - The company achieved a gross profit margin of 58.09% in H1 2024, with a net profit margin of 8.72%, reflecting a decrease of 2.40 percentage points [2]. - Revenue projections for 2024, 2025, and 2026 are estimated at 1.341 billion yuan, 1.555 billion yuan, and 1.828 billion yuan respectively, with net profits of 150 million yuan, 172 million yuan, and 202 million yuan [3]. Store Expansion and Online Strategy - The company opened 28 new stores and closed 13 in H1 2024, totaling 530 stores as of June 30, 2024 [1]. - Online sales in H1 2024 reached a GMV of 98 million yuan, accounting for 14.49% of total revenue, with significant growth in the official flagship store on major e-commerce platforms [1][2].