Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 26.24 CNY [8] Core Insights - The company has shown strong revenue growth, with a 20.2% year-on-year increase in 2023, reaching 748.74 million CNY. The net profit attributable to the parent company also increased by 15.7% to 157.54 million CNY [13][12] - The company is focusing on high-quality customers and enhancing the efficiency of its marketing expenditures, with a sales expense ratio of 19.7% in 2023, which is expected to improve further [6][7] - The product structure is being upgraded, with significant growth in the sales of defocus lenses, which saw a 70% increase in 2023 [13][14] Financial Forecast Summary - Revenue is projected to grow from 748.74 million CNY in 2023 to 893.85 million CNY in 2024, representing a growth rate of 19.38% [12] - The net profit attributable to the parent company is expected to increase from 157.54 million CNY in 2023 to 195.44 million CNY in 2024, with a growth rate of 24.06% [12] - The company's EBITDA is forecasted to rise from 265.17 million CNY in 2023 to 299.64 million CNY in 2024 [12] Product and Market Developments - The company launched a new line of blue light blocking lenses in April 2024, expanding its product matrix to meet diverse user needs [5] - The company has established a successful partnership with Leica in the lens sector, aiming to penetrate the high-end lens market in China [5] - The near-sightedness prevention products are experiencing rapid growth, with 12 SKUs in retail and medical channels by the end of 2023 [5]
离焦放量延续，产品及客户聚焦成效突出