博士眼镜：拟发行可转债升级门店等，顺应行业趋势-20250228

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [7][6]. Core Insights - The company plans to issue CNY 375 million in convertible bonds to upgrade stores and enhance its digital platform, aligning with industry trends [1]. - The demand for smart glasses is increasing, driven by advancements in AI technologies, with expectations for significant market penetration by 2025 [2][3]. - The company aims to improve customer shopping experiences and boost store sales by renovating older stores to enhance brand image and create a more inviting shopping environment [4]. - The integration of online and offline services is being accelerated to meet local consumer needs, enhancing market coverage and service capabilities [5]. - The financial forecasts indicate steady revenue growth, with expected EPS of CNY 0.69, 0.80, and 0.97 for 2024, 2025, and 2026 respectively [12][14]. Summary by Sections Financial Data and Valuation - The company reported revenues of CNY 962.24 million in 2022, with projections of CNY 1,239.36 million for 2024 and CNY 1,368.26 million for 2025, reflecting growth rates of 8.42% and 5.40% respectively [12]. - The net profit attributable to the parent company is expected to be CNY 120.64 million in 2024, increasing to CNY 140.21 million in 2025 [12]. - The company’s total assets are projected to grow from CNY 1,161.95 million in 2024 to CNY 1,249.78 million in 2026 [14]. Market Trends - The global market for AI smart glasses is expected to reach 2 million units in 2024 and grow to 4 million units by 2025, with a potential market size of 80 million units by 2030 [3]. - Major tech companies are entering the smart glasses market, indicating a competitive landscape with increasing product launches anticipated by 2025 [2]. Operational Strategy - The company is focusing on upgrading its store environments to enhance customer experience and brand representation [4]. - Efforts to integrate online and offline sales channels are being emphasized to improve service delivery and customer satisfaction [5].