DOCTORGLASSES CHAIN CO.(300622) 民生证券·2024-04-03 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [7][18]. Core Insights - The company achieved a revenue of 1.176 billion yuan in 2023, representing a year-on-year growth of 22.20%. The net profit attributable to shareholders was 128 million yuan, with a significant increase of 68.93% [18]. - The company is recognized as a leader in the eyewear retail industry, with strong growth in its proprietary brand and functional lens business. The report highlights the ongoing expansion of its franchise channels as a new growth driver [18]. - The company is expected to continue its growth trajectory, with projected net profits of 155 million yuan, 186 million yuan, and 219 million yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 20.8%, 20.4%, and 17.3% [18]. Financial Performance Summary - Revenue and Profit Forecast: - Revenue is projected to grow from 1.176 billion yuan in 2023 to 1.826 billion yuan by 2026, with growth rates of 22.2%, 17.5%, 15.2%, and 14.7% for the respective years [18]. - Net profit attributable to shareholders is expected to increase from 128 million yuan in 2023 to 219 million yuan in 2026, with growth rates of 68.9%, 20.8%, 20.4%, and 17.3% [18]. - Earnings Per Share (EPS) is forecasted to rise from 0.73 yuan in 2023 to 1.25 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 22 to 13 [18]. - The company’s gross margin for 2023 was reported at 63.07%, with a net profit margin of 10.89%, reflecting an improvement of 3.08 percentage points year-on-year [18]. Business Strategy and Market Position - The company is actively expanding its offline and online sales channels, with a total of 515 physical stores by the end of 2023, including 495 direct-operated and 20 franchise stores [18]. - Online sales have also seen significant growth, with a gross merchandise volume (GMV) of 208 million yuan in 2023, marking a year-on-year increase of 44.50% [18]. - The product mix is being optimized, with a focus on proprietary brands and functional lenses, which are expected to drive future sales growth [18].