博士眼镜：关注智能眼镜进展

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook [3][6]. Core Views - The company has shown a revenue of 314 million yuan in Q3 2024, representing a year-on-year increase of 2.54%. However, the net profit attributable to the parent company was 31 million yuan, up by 0.23%, while the non-recurring net profit decreased by 12.33% [3]. - For the first three quarters of 2024, the company reported a total revenue of 915 million yuan, an increase of 1.09% year-on-year, but the net profit attributable to the parent company decreased by 14.46% [3]. - The company's gross margin for the first three quarters of 2024 was 58.55%, down by 2.27 percentage points, and the net profit margin was 9.05%, down by 1.96 percentage points [3]. Company Development and Strategy - The company has a competitive advantage in the smart glasses business, having started its layout in this sector as early as 2022. It focuses on consumer needs and has established partnerships with brands like Meizu and Rokid to provide comprehensive vision correction solutions [4]. - The company aims to expand its offline store network and establish partnerships with large supermarkets and public hospitals to create vision centers, enhancing its service offerings [5]. - The company plans to leverage its accumulated service experience to assist in the research and design of smart glasses, while also exploring opportunities for mergers and acquisitions in the industry [5]. Financial Performance and Forecast - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 120 million, 140 million, and 170 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.69, 0.80, and 0.97 yuan [6]. - The projected P/E ratios for the next three years are 69X, 60X, and 49X [6]. - The company's revenue for 2024 is estimated at 1.24 billion yuan, with a growth rate of 5.40% [11].