Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - 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 the parent company 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 disruptions, the company demonstrated operational resilience, with revenue growth continuing in Q4 2023 and Q1 2024. The growth was driven by optimizing product structure and the rapid increase in sales of the "Easy Control" series of myopia management lenses and star products in conventional lenses [1]. - The gross margin for Q1 2024 increased by 1.9 percentage points to 58.1%, indicating an improvement in profitability. The net profit margin for Q1 2024 was 21.97%, up 1.55 percentage points year-on-year [1]. - The company is advancing its strategy of focusing on large single products in conventional lenses, with significant sales growth in key products. The "Easy Control" series saw sales of 133.38 million yuan in 2023 and 41.08 million yuan in Q1 2024, reflecting year-on-year growth of 70% and 50%, respectively [1]. - The investment suggestion highlights the company as a leading domestic lens manufacturer, with steady growth in conventional lens business and a strong position in the myopia prevention market, projecting net profits of 185 million, 220 million, and 270 million yuan for 2024-2026, with corresponding year-on-year growth rates of 17%, 19%, and 23% [1]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 749 million yuan, with a growth rate of 20.17%. The net profit attributable to the parent company was 158 million yuan, with a growth rate of 15.65% [1][6]. - For Q1 2024, revenue was 192 million yuan, reflecting an 11.93% year-on-year increase, while net profit was 42 million yuan, up 20.42% year-on-year [1]. Profitability Metrics - The gross margin for Q1 2024 was 58.1%, an increase of 1.9 percentage points year-on-year. The net profit margin for the same period was 21.97%, up 1.55 percentage points year-on-year [1]. - The company’s focus on optimizing product structure has led to improved profitability metrics, with a notable increase in the sales efficiency of digital marketing strategies [1]. Product Strategy - The company is implementing a large single product strategy in conventional lenses, with significant sales growth in key products. The "Easy Control" series has expanded its product matrix, contributing to overall revenue growth [1]. - The sales of the "Easy Control" series reached 133.38 million yuan in 2023 and 41.08 million yuan in Q1 2024, with respective year-on-year growth rates of 70% and 50% [1].
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