DOCTORGLASSES CHAIN CO.(300622) 国泰君安·2024-11-03 20:38Investment Rating - The report maintains a rating of "Buy" for the company [6][12]. Core Views - The company's Q3 net profit shows improvement, indicating operational resilience, and the development of smart glasses is a growing trend, with the company actively advancing its layout to benefit first [2]. - Revenue for the first three quarters reached 915 million yuan, a year-on-year increase of 1.09%, while net profit attributable to the parent company was 83 million yuan, down 14.5% [2]. - The forecast for EPS has been adjusted downwards for 2024-2026 to 0.78, 0.91, and 1.05 yuan respectively, with growth rates of 6%, 17%, and 15% [2]. - The target price is set at 31.64 yuan, based on comparable company valuations [2][12]. Financial Summary - Revenue is projected to grow from 962 million yuan in 2022 to 1,528 million yuan in 2026, with a CAGR of approximately 11% [1]. - Net profit attributable to the parent company is expected to increase from 76 million yuan in 2022 to 183 million yuan in 2026, reflecting a significant recovery after a decline in 2023 [1]. - The company's net profit margin is projected to improve from 7.7% in 2022 to 12.1% in 2026 [1]. - The price-to-earnings ratio (P/E) is expected to decrease from 63.50 in 2022 to 26.36 in 2026, indicating a more attractive valuation over time [1]. Industry Insights - The smart glasses market is becoming increasingly competitive, with major players like Meta and Apple making significant advancements [2]. - The company is positioned to leverage its first-mover advantage in the smart glasses sector, having established partnerships with various brands and set up dedicated smart glasses counters in 100 offline stores [2]. - The report highlights the potential for smart glasses to replicate the growth trajectory of TWS earbuds as technology advances and production costs decrease [2].