年报点评：业绩符合预期，离焦镜贡献增量，线上业务高增

Investment Rating - The report assigns a "Buy" rating for the company, Doctor Glasses [12] Core Insights - The company achieved a revenue of 1.176 billion yuan in 2023, representing a year-on-year increase of 22.2%. The net profit attributable to the parent company was 128 million yuan, up 68.93% year-on-year [12] - The gross profit margin for 2023 was 63.07%, an increase of 1.23 percentage points, while the net profit margin reached 11.2%, up 3.53 percentage points [12][1] - The company is expected to achieve revenues of 1.378 billion yuan, 1.612 billion yuan, and 1.898 billion yuan in 2024, 2025, and 2026 respectively, with corresponding net profits of 163 million yuan, 191 million yuan, and 227 million yuan [12][13] Financial Performance - In 2023, the company reported a gross profit margin of 63.07%, a net profit margin of 11.2%, and an increase in inventory turnover rate to 2.58 and accounts receivable turnover rate to 20.81 compared to 2022 [1] - The revenue breakdown shows that optical glasses and fitting services generated 792 million yuan, with a gross margin of 71.02%. The sales of functional lenses saw a robust growth of 43.11% [12][11] - The company opened 51 new stores and closed 49, resulting in a total of 515 stores, with a focus on improving store quality and operational efficiency [12][11] Future Outlook - The company is exploring new avenues in the smart glasses sector and aims to enhance its market share and core competitiveness through digital franchise models [12] - The report anticipates continued growth in the online retail segment, with a GMV of 2.08 billion yuan in 2023, contributing to overall revenue [12][11]