Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance [1][7]. Core Insights - The company achieved a revenue of 749 million yuan in 2023, representing a year-on-year growth of 20.17%. The net profit attributable to shareholders was 158 million yuan, up 15.65% year-on-year. For Q1 2024, revenue reached 192 million yuan, with a year-on-year increase of 11.93% [1]. - Despite external challenges, the company demonstrated resilience with continuous revenue growth, driven by optimized product structure and strong sales of its "Easy Control" series and other star products [1]. - The gross profit margin for Q1 2024 improved by 1.9 percentage points to 58.1%, indicating enhanced profitability. The net profit margin also increased, reflecting effective cost management and marketing strategies [1]. - The company is recognized as a leading domestic lens manufacturer, with a focus on conventional lens business and a growing presence in myopia management products, which are expected to contribute to future growth [1][7]. Financial Forecasts - The company is projected to achieve net profits of 200 million yuan, 240 million yuan, and 287 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27%, 20%, and 20% [1][8]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 26x for 2024, 22x for 2025, and 18x for 2026, suggesting a favorable valuation relative to expected earnings growth [1][8].
2023年年报及2024年一季报点评：常规镜片大单品战略深化，“轻松控”系列持续快速放量，盈利能力稳步提升