公司公布1H25 年业绩：上半年实现收入3.99 亿元，同比增长3.68%，归母净利润0.96 亿元，同比增长 7.35%，扣非归母净利润0.83 亿元，同比增长9.57%。行业需求偏弱及公司产品升级召回影响，业绩基 本符合我们预期。分季度来看，公司1Q/2Q25 分别实现收入1.97/2.02 亿元，同比分别+2.63%/+4.71%， 归母净利润0.47/0.48 亿元，同比分别+11.7%/+3.42%。 盈利预测与估值 1H25 业绩基本符合我们预期 发展趋势 1、离焦镜、PMC 等产品保持较快增长。公司1H25 收入同比增长3.7%，增速有所放缓，主要受下游需 求偏弱、行业竞争加剧、出口业务等因素影响，但公司抓住行业结构性发展机会，积极布局高折射率、 功能化镜片，上半年保持较快增长，其中PMC 超亮系列产品收入同比增长31.8%，轻松控系列产品销售 额同比增长18.4%（剔除产品升级召回影响），全新1.74 系列产品收入同比增长258%。 2、公司1H25 毛利率为57.87%，同比-1.52ppt，我们判断主要受行业竞争加剧影响。费用端来看，公司 1H25 期间费用率31.4%，同比-3.15pp ...

Group 1: Financial Performance - In 2024, the company achieved total revenue of 770 million yuan, a year-on-year increase of 2.88% [1] - The gross profit margin was 58.56%, up 0.98 percentage points from the same period last year, with a net profit attributable to shareholders of 177 million yuan, an increase of 12.21% year-on-year [1] - For Q1 2025, the company reported total revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] Group 2: Product Performance - The lens business grew by 8.72% year-on-year after excluding the negative impacts of overseas and raw material businesses, with star products performing exceptionally well [1] - The PMC Ultra Bright series saw revenue growth of nearly 45.6%, with three star products accounting for 54.6% of total revenue from regular lenses [1] - The "Easy Control" product line maintained rapid growth, with Q4 2024 sales reaching 41.58 million yuan, a year-on-year increase of 23.6%, and total sales for the year at 163.65 million yuan, up 22.7% [1] Group 3: Strategic Partnerships and Market Position - In April 2024, the company announced an exclusive partnership with Leica, focusing on high-end lens markets in China [2] - The company primarily operates in the domestic market with a direct sales model complemented by distribution, optimizing its customer structure [2] - By the end of 2024, the company had 2,707 direct sales customers and 66 distribution customers, including medical channels [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 859 million, 951 million, and 1.05 billion yuan, with year-on-year growth rates of 11.5%, 10.7%, and 10.4% respectively [2] - Net profit projections for the same period are 199 million, 227 million, and 257 million yuan, with growth rates of 12.5%, 14.2%, and 13.3% respectively [2]