Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 37.10 per share, based on a projected PE of 35 for 2024 [4][11]. Core Insights - The company reported a revenue of RMB 749 million for 2023, reflecting a year-on-year increase of 20.2%, and a net profit attributable to shareholders of RMB 158 million, up 15.7% year-on-year [8][12]. - The gross profit margin for 2023 was 57.6%, an increase of 3.6 percentage points compared to the previous year [14][16]. - The "Easy Control" product series achieved sales of RMB 130 million in 2023, marking a significant year-on-year growth of 70% [2][9]. - Revenue breakdown by product for 2023 shows lenses at RMB 595 million (+24.6% YoY), materials at RMB 90 million (+1.4% YoY), finished glasses at RMB 54 million (+10.4% YoY), and frames at RMB 5 million (+50.1% YoY) [2][9]. Financial Performance Summary - The company forecasts net profits of RMB 210 million for 2024 and RMB 270 million for 2025, with corresponding PEs of 26.2 and 21.1 [4][10]. - The comprehensive gross profit margin for Q1 2024 was reported at 58.1%, up 1.9 percentage points from the previous quarter [14][16]. - The company had 194 hospital clients by the end of 2023, including partnerships with notable medical institutions [3][17]. Revenue by Channel and Region - In 2023, revenue from direct sales was RMB 453 million (+14.6% YoY), distribution generated RMB 234 million (+31.2% YoY), e-commerce brought in RMB 57 million (+18.9% YoY), and model experience stores contributed RMB 5 million (+170.3% YoY) [3][17]. - Revenue from Continental China was RMB 708 million (+23.7% YoY), while overseas revenue was RMB 40 million, reflecting a decline of 19.8% [3][17].
公司年报点评：23年“轻松控”产品同增70%，产品结构持续优化