Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company reported a revenue of 749 million yuan in 2023, representing a year-on-year increase of 20.17%, with a net profit attributable to shareholders of 158 million yuan, up 15.65% year-on-year [1]. - The company has established a strong presence in the defocus lens market, with significant growth in sales and a focus on optimizing product structure [11][17]. - The company has entered into an exclusive partnership with Leica in the lens sector, aiming to enhance its product offerings in the mid to high-end market [2]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 186 million yuan, a year-on-year increase of 10.37%, and a net profit of 35 million yuan, up 28.31% year-on-year [1]. - For Q1 2024, the revenue was 192 million yuan, reflecting an 11.93% year-on-year growth, with a net profit of 42 million yuan, up 20.42% year-on-year [1]. - The company expects revenues of 888 million yuan and 1.059 billion yuan for 2024 and 2025, respectively, with corresponding net profits of 187 million yuan and 223 million yuan [3][4]. Market Trends and Strategic Focus - The defocus lens segment continues to show high growth, with sales of the "Easy Control" product line reaching 133 million yuan in 2023, a 70% increase year-on-year [17]. - The company is focusing on improving its customer structure, with significant revenue growth in key provinces such as Jiangsu and Guangdong, where revenue increased by over 38% [11]. - The medical channel has shown promising results, with a 44% year-on-year increase in sales in 2023, indicating successful strategies in this area [17].
离焦镜表现靓丽，常规镜片结构优化