23业绩快报：隐形眼镜产能快速爬坡，营收超预期

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 951 million yuan in 2023, representing a year-on-year growth of 64%, with a net profit attributable to the parent company of 304 million yuan, up 31% [1] - The company's revenue for Q4 2023 reached 283 million yuan, a significant increase of 105% year-on-year, with a net profit of 52 million yuan, up 56% [1] - The growth in vision care products is robust, particularly in the contact lens segment, which is expected to maintain steady growth despite challenges from declining consumer spending and increased competition [1] - The artificial lens segment saw a revenue increase of over 40% in 2023, with expectations for continued high growth as production capacity is released [1] - The company is expanding its invisible lens business, with a projected annual production capacity of 200 million pieces starting in 2024, which will contribute to revenue growth [1] - Profitability is declining, with an operating profit margin of 34.4% in 2023, down 10.4 percentage points, primarily due to the initial expansion phase of the contact lens business and increased marketing efforts [1] Financial Summary - The company forecasts revenues of 1.412 billion yuan and 1.885 billion yuan for 2024 and 2025, respectively, with net profits of 403 million yuan and 525 million yuan [2] - The projected growth rates for revenue are 48.4% in 2024 and 33.5% in 2025, while net profit growth rates are expected to be 32.5% and 30.3% for the same years [2] - The gross profit margin is expected to decline from 77.6% in 2023 to 71.8% in 2024, and further to 70.9% in 2025 [2] - The return on equity (ROE) is projected to increase from 14.3% in 2023 to 15.9% in 2024 and 17.2% in 2025 [2] - The earnings per share (EPS) is expected to rise from 2.89 yuan in 2023 to 3.83 yuan in 2024 and 4.99 yuan in 2025 [2]