博士眼镜：积极拥抱智能化浪潮-20250416

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 reported a revenue of 288 million in Q4 2024, a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 20 million, down 33.9% year-on-year [1]. - For the full year 2024, the company achieved a revenue of 1.203 billion, reflecting a 2.3% increase year-on-year, but the net profit attributable to the parent company decreased by 19.1% to 104 million [1]. - The company's gross margin for 2024 was 61.71%, a decrease of 1.36 percentage points, and the net profit margin was 8.62%, down 2.28 percentage points [1]. Product Performance - In 2024, the revenue from optical glasses and fitting services was 806 million, up 1.78% year-on-year, with a gross margin of 70.2% [2]. - The revenue from the complete glasses series was 178 million, showing an increase of 11.97%, while the revenue from contact lenses decreased by 5.03% to 156 million [2]. - The company has cultivated its own brands, with self-owned brand lenses and frames accounting for 58.65% and 65.40% of total sales, respectively [3]. Store Expansion and Digital Transformation - By the end of 2024, the company had 557 stores, with a net increase of 42 stores, including 510 direct-operated stores [4]. - The company is enhancing its collaboration with major supermarket chains and hospitals to deepen its market presence in core consumer areas [4]. - Online sales totaled 190 million in 2024, a decrease of 7.83% year-on-year, with the company focusing on brand exposure through social media and live streaming [4]. Embracing Smart Technology - The company is actively engaging in the smart eyewear market, collaborating with leading brands to enhance its service offerings [5]. - The launch of the Thunder V3 AI shooting glasses is scheduled for January 7, 2025, with plans to upgrade retail stores to include smart eyewear displays [5]. Financial Adjustments - The report adjusts profit forecasts, projecting net profits of 120 million, 140 million, and 160 million for 2025 to 2027, respectively [11]. - The company’s revenue is expected to grow to 1.37 billion in 2025, with a growth rate of 13.87% [12].