维持增持。2023 年营收 11.76 亿元/+22.2%，归母净利 1.28 亿元/+68.9%符合此前预期。考虑到门店扩张趋稳健基调、加盟业务仍处于培育期，下调预测2024-25 年EPS 至0.91/1.1 元(原0.98/1.22 元)增速23/22%，预测2026 年EPS 为1.32 元增速20%；参考同行业可比公司估值，给予公司2024 年23.5 倍PE，下调目标价至21.39 元，维持增持。Introduction to this report:
Results increased 69% in 2023. We are optimistic that the company will continue to empower future development by optimizing its products and organizational structure, and that the performance expectations of single-store stores will continue to improve.
Key points of investment:
Maintain an increase in holdings. In 2023, revenue was 1,176 million yuan/ +22.2%, and net profit to mother was 128 million yuan/ +68.9% in line with previous expectations. Considering that store expansion is on a steady trend and that the franchise business is still in the cultivation period, the forecast was lowered to 23/ 22% EPS to 0.91/1.1 yuan (originally 0.98/1.22 yuan) in 2024-25, and the EPS growth rate is 1.32 yuan by 20% in 2026; referring to comparable company valuations in the same industry, the company was given 23.5 times PE in 2024, and the target price was lowered to 21.39 yuan to maintain the increase in wealth.
The gross and net margin increased, and expenses were continuously optimized. 1) Revenue growth rate of 40/22.5/11.9/ 17% in a single quarter of 2023, net profit growth rate of 441/120/9.6/ 11.6%; 2) 2023 (same below) gross profit margin 63.1% /+1.2pct, of which optical eyewear inspection was 71% /+0.9pct; net profit ratio 11.2% /+3.5pct was the best level in the past 5 years; 3) The cost ratio for the period was 49.1% /-3.9pct, of which sales/management/R&D/finance expenses rates were 40.5/7.8/0.4/ 0.4%, respectively -2.4/-1.3/-0.6/+0.4pct; 4) Net operating cash flow of 280 million yuan/ +34.8%; 5) Proposed dividend of 6 yuan for every 10 shares, with a dividend rate of 3.7%.
Single-store performance was outstanding, and functional lenses grew significantly. 1) 51 new stores were added in 2023 and 49 stores were closed. As of the end of 2023, a total of 515 stores (495 directly managed); 2) Thanks to Douyin's local services, etc., single-store sales were about 2.28 million yuan in 2023 (about 1.88 million yuan in 2022); 3) Actively promote digital franchise, and 9038 MirrorLink registered by the end of 2023, with a total transaction value of about 6.38 million yuan; 4) Sales of functional lenses also increased by 43.11%, including sales of defocus lenses With the same increase of 79.05%, sales of progressive lenses for adults also increased by 55.67%; sales of private brand lenses accounted for 65.8%, and sales also increased 6%.
Online business is growing rapidly, and optimizing the organizational structure supports growth. 1) In 2023, online GMV was approximately 208 million yuan, corresponding revenue of 184 million yuan, accounting for 15.64%, an increase of 44.68%; 2) Digitalization enabled operation management, iteratively upgraded the organizational structure, and established new data operation departments and user operation departments; 3) Cooperation was reached with Thunderbird, ROKID, Meizu, etc. to promote the smart glasses accessories business layout.
Risk warning: store expansion, franchise business falling short of expectations, increased competition, etc.