Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Insights - The company has successfully implemented a "1+3" major product strategy, with significant revenue growth in key product lines such as the "Easy Control" series and PMC Ultra Bright series, achieving revenue increases of nearly 80% and 30% year-on-year respectively in 2023 [2]. - The company has established an exclusive partnership with Leica for lens development, enhancing its position in the high-end lens market [2]. - The company's net operating cash flow remained stable at 209 million yuan in 2023, with a slight decrease in Q1 2024 [3]. - The gross margin improved to 57.6% in 2023, driven by product structure upgrades and strong sales of defocus lenses [8]. Financial Performance Summary - In 2023, the company reported revenue of 749 million yuan, a year-on-year increase of 20.2%, and a net profit of 158 million yuan, up 15.7% [7]. - The projected revenue for 2024 is 882 million yuan, with a net profit forecast of 194 million yuan, reflecting a growth rate of 17.8% and 22.9% respectively [5][9]. - The company's earnings per share (EPS) is expected to rise from 0.78 yuan in 2023 to 0.96 yuan in 2024 [5][9]. - The price-to-earnings (P/E) ratio is projected to decrease from 32.9 in 2023 to 26.8 in 2024, indicating a more attractive valuation [5][9].
产品矩阵优化，离焦镜延续高速增长