策略调整成效初显，看好公司业绩恢复

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - In 2023, the company achieved a revenue of 1.737 billion RMB, representing a year-on-year growth of 13.9%, and a net profit attributable to shareholders of 667 million RMB, up by 6.9% [2] - The company has adjusted its strategies effectively, leading to marginal improvements in lens and care product sales [2] - The company is progressing steadily with its research projects, including the registration of new products and ongoing clinical trials [2] Financial Performance Summary - For 2023, the company reported a revenue of 1.737 billion RMB (+13.9% YoY) and a net profit of 667 million RMB (+6.9% YoY) [2] - In Q4 2023, the company achieved a revenue of 418 million RMB (+32.9% YoY) and a net profit of 129 million RMB (+8.4% YoY) [2] - The revenue from rigid gas permeable contact lenses was 817 million RMB (+7.1% YoY), while care products revenue decreased by 12.0% to 263 million RMB [2] - The company’s gross margin for 2023 was 74.78%, a decrease of 2.11 percentage points YoY, primarily due to the lower gross margin from newly consolidated subsidiaries [2] Future Projections - The revenue forecast for 2024-2026 has been adjusted to 2.031 billion RMB, 2.346 billion RMB, and 2.686 billion RMB, with expected growth rates of 17%, 16%, and 14% respectively [3] - The net profit forecast for the same period is adjusted to 749 million RMB, 867 million RMB, and 999 million RMB, with growth rates of 12%, 16%, and 15% respectively [3] - The earnings per share (EPS) are projected to be 0.84 RMB, 0.97 RMB, and 1.11 RMB for 2024, 2025, and 2026 respectively [3]