Investment Rating - The report maintains an "Outperform" rating for the company [1][13]. Core Views - The company reported a revenue of 749 million yuan in 2023, representing a year-on-year growth of 20.2%, and a net profit attributable to shareholders of 158 million yuan, up 15.7% year-on-year. The first quarter of 2024 saw a revenue of 192 million yuan, an increase of 11.9% year-on-year, and a net profit of 42 million yuan, growing by 20.4% year-on-year [1][2]. - The core business of the company, particularly the defocus lenses and three star products, continues to show strong growth, contributing to the overall stability of the lens business [1][3]. - The company is expanding its retail and medical channels, with significant growth in direct sales and partnerships with medical institutions, indicating a robust operational efficiency [1][3]. Revenue Summary - In 2023, the company achieved revenues of 595 million yuan from lenses, 90 million yuan from raw materials, 54 million yuan from finished lenses, and 5 million yuan from frames, with respective year-on-year growth rates of 24.6%, 11.4%, 10.4%, and 50.1% [1][3]. - The defocus lens sales reached 133 million yuan in 2023, marking a 70% increase year-on-year, with Q4 2023 sales of 33.67 million yuan, up 58% year-on-year [1][3]. Profitability Summary - The company's gross margin for 2023 was 57.6%, an increase of 3.6 percentage points year-on-year, with a net profit margin of 23.1% [3][1]. - The company has effectively controlled expenses, leading to an improvement in the sales expense ratio since Q4 2023 [3][1]. Future Outlook - The defocus lens market is expected to experience rapid penetration, with the company well-positioned to capitalize on this growth through its product, channel, and brand strategies [3][1]. - The company has adjusted its net profit forecasts for 2024-2025 to 193 million yuan and 232 million yuan, respectively, reflecting a growth rate of 22.3% and 20.6% [13][1].
2023年报及2024年一季报点评：离焦镜延续高增，三大明星镜片增长靓丽，Alpha持续体现！