Investment Rating - The report maintains a "Recommend" rating for the company [2][3] Core Views - The company is a leading domestic lens manufacturer with steady growth potential in its conventional lens business and is actively expanding into the myopia prevention and control sector, forming a high-growth second growth curve [2] - The company launched a new 1.60 light base anti-blue light lens on April 1, 2024, and announced an exclusive cooperation agreement with German optical giant Leica on April 2, 2024 [1] - The new light base anti-blue light lens effectively addresses the issue of yellowish tint in ordinary anti-blue light lenses, improving visual effects and meeting user needs in more scenarios [23] - The cooperation with Leica is expected to drive breakthroughs in lens R&D technology, enhance product competitiveness, and promote the development of the high-end lens market in China [7] Financial Forecasts - The company's revenue is projected to grow from 623 million yuan in 2023 to 1.209 billion yuan in 2025, with a compound annual growth rate (CAGR) of 27.34% [8][10] - Net profit attributable to the parent company is expected to increase from 165 million yuan in 2023 to 285 million yuan in 2025, with a CAGR of 40.23% [8][10] - Earnings per share (EPS) are forecasted to rise from 0.82 yuan in 2023 to 1.41 yuan in 2025 [8][10] - The price-to-earnings ratio (PE) is expected to decrease from 34x in 2023 to 20x in 2025, indicating potential undervaluation [8][10] Product and Market Strategy - The company's anti-blue light lens series combines base material absorption and film layer reflection technologies to provide dual protection against harmful blue light [23] - The new light base anti-blue light lens is priced at 768 yuan for ready-made lenses and 1,228 yuan for custom lenses, further enriching the product line [23] - The cooperation with Leica leverages the company's market experience in China and Leica's advanced optical technology, aiming to enhance product quality and expand the high-end lens market [7]
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