Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 1.76 billion (CNY) in 2023, representing a year-on-year growth of 12.7%, with a net profit attributable to shareholders of 327 million (CNY), up 31.6% year-on-year [1]. - The growth in revenue and profit is driven by the increase in customized and proprietary brand business, with a comprehensive gross margin rising by 3.0 percentage points to 37.4% [1]. - The company has a strong international presence, with 67.3% of revenue coming from international markets, and a significant increase in domestic market share from 14.7% in 2018 to 32.7% in 2023 [1][2]. Financial Performance - The company reported a revenue of 1.76 billion (CNY) in 2023, with a net profit of 327 million (CNY) and a non-recurring net profit of 312 million (CNY) [1]. - The revenue for the second half of 2023 was 928 million (CNY), showing a year-on-year increase of 14.0%, while the net profit for the same period was 168 million (CNY), up 29.1% year-on-year [1]. - The company expects net profits of 400 million (CNY) and 480 million (CNY) for 2024 and 2025, respectively, with corresponding P/E ratios of 8.5X and 7.1X [2]. Market Position and Strategy - The company has a strong foothold in the lens industry, with customized lens revenue accounting for 20.1% of total revenue, reflecting a year-on-year increase of 0.7 percentage points [2]. - The company utilizes advanced automated equipment and a C2M closed-loop system to enhance production efficiency and reduce delivery times for customized orders to as short as 72 hours [2]. - The report highlights the company's focus on enhancing brand strength through increased investment in domestic marketing and distribution channels, including emerging platforms like Douyin [1][2].
定制化&自有品牌占比提升，盈利表现靓丽