Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company achieved a revenue of 749 million yuan in 2023, representing a year-on-year growth of 20.2%. The net profit was 158 million yuan, with a year-on-year increase of 15.7% [20]. - The company's gross profit margin for 2023 was 57.6%, an increase of 3.6 percentage points compared to the previous year [21]. - The "Easy Control" product line saw a sales increase of 70% in 2023, indicating a continuous optimization of the product structure [8]. Revenue Breakdown - In 2023, the revenue from direct sales, distribution, e-commerce, and experience stores was 4.53, 2.34, 0.57, and 0.05 million yuan respectively, accounting for 60.4%, 31.2%, 7.6%, and 0.7% of total revenue, with year-on-year changes of +14.6%, +31.2%, +18.9%, and +170.3% [4]. - Revenue from mainland China and overseas was 7.08 million yuan and 0.40 million yuan respectively, making up 94.6% and 5.4% of total revenue, with year-on-year changes of +23.7% and -19.8% [4]. Financial Forecast - The company is expected to achieve net profits of 213 million yuan and 265 million yuan in 2024 and 2025 respectively, corresponding to a price-to-earnings (PE) ratio of 26.2 and 21.1 times [9]. - The estimated reasonable value range for the stock in 2024 is between 33.92 and 37.10 yuan per share, based on a PE ratio of 32-35 times [9]. Product Performance - The revenue from lenses, raw materials, finished lenses, frames, and other businesses in 2023 was 5.95, 0.90, 0.54, 0.05, and 0.05 million yuan respectively, with year-on-year changes of +24.6%, +1.4%, +10.4%, +50.1%, and +5.7% [8]. - The "Easy Control" series products generated sales of 130 million yuan in 2023, reflecting a significant growth rate of 70% [8].
23年“轻松控”产品同增70%，产品结构持续优化