2023年年报点评：业绩增长69%，产品及架构优化赋能发展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.39 CNY, down from a previous forecast of 32.70 CNY [5][22]. Core Insights - The company is a leading player in the domestic eyewear retail industry and is actively expanding its functional lens sales, including defocus lenses, while promoting franchising [5]. - The company's revenue for 2023 is projected to be 1.176 billion CNY, representing a year-on-year growth of 22.2%, with a net profit of 128 million CNY, reflecting a growth of 68.9% [6][22]. - The report highlights the company's focus on optimizing product offerings and organizational structure to drive future growth [6]. Financial Summary - The company's market capitalization is 2,832 million CNY, with a 52-week price range of 12.12 to 25.18 CNY [3][8]. - The estimated earnings per share (EPS) for 2024 is projected to be 0.91 CNY, with a growth rate of 23% [6]. - The company’s net profit margin is expected to improve, with a net profit growth rate of 20% projected for 2026 [6][22]. Valuation Metrics - The report uses a price-to-sales (PS) valuation method, predicting a reasonable valuation of 19.99 CNY based on a PS ratio of 2.51 for 2024 [6][11]. - The average PS for comparable companies in the industry is 2.51, indicating a competitive positioning for the company [11][12]. - The report also considers a price-to-earnings (PE) valuation method, estimating a reasonable valuation of 22.66 CNY based on a PE ratio of 24.9 for 2024 [11][22]. Performance Indicators - The company has opened 51 new stores in 2023, bringing the total to 515 stores by year-end, with a significant increase in online sales [6][22]. - The report notes a substantial increase in sales of functional lenses, with a 79.05% year-on-year growth in defocus lens sales [6][22]. - The company's operating cash flow for 2023 is projected to be 2.8 billion CNY, reflecting a 34.8% increase [6].