博士眼镜：完善渠道布局，优化产品结构

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.64 yuan [2][3]. Core Insights - The company is focusing on optimizing its product structure to meet diverse consumer needs and enhance its channel layout [1][4]. - The company has established long-term strategic partnerships with renowned eyewear manufacturers, enhancing its product offerings [4]. - The company reported a revenue of 3.0 billion yuan in Q1 2024, a decrease of 4.5% year-on-year, with a net profit of 0.25 billion yuan, down 32.9% [2][3]. Financial Performance - In 2023, the company achieved a revenue of 11.8 billion yuan, an increase of 22.2%, and a net profit of 1.3 billion yuan, up 68.9% [2][3]. - The company’s gross margin for Q1 2024 was 59.0%, a slight decrease of 0.5 percentage points year-on-year [2][3]. - The company’s net profit margin for Q1 2024 was 8.5%, down 3.9 percentage points, primarily due to an increase in sales expense ratio [2][3]. Revenue Forecast - The updated profit forecast estimates the company's net profit for 2024, 2025, and 2026 to be 1.58 billion yuan, 1.85 billion yuan, and 2.20 billion yuan respectively, with corresponding P/E ratios of 16, 14, and 12 [9]. Market Position - The company is a leader in the eyewear retail industry, maintaining a strong market share and focusing on enhancing sales channel layouts and conversion rates [9].