维持增持。H1营收 6.01亿元/+0.3%，归母净利0.52 亿元/-21.3%，扣非0.46 亿元/-26.8%符合预期；拟派发现金红利0.28 亿元，分红率54%。维持预测2024-26 年EPS 为0.91/1.1/1.32 元增速23/21/20%，参考同行业公司估值，上调目标价至31.85 元，维持增持。Introduction to this report:
The company's Q2 performance improved, demonstrating operational resilience in a complex consumer environment; strategic cooperation with Thunderbird innovates, actively promotes the AI smart glasses layout, and expects a further boost in revenue and profit.
Key points of investment:
Maintain an increase in holdings. H1's revenue was 0.601 billion yuan/ +0.3%, net profit attributable to mother 0.052 billion yuan/ -21.3%, and the deduction of non-0.046 billion yuan/ -26.8% was in line with expectations; it is proposed to distribute a discovery dividend of 0.028 billion yuan, with a dividend rate of 54%. Maintain the 2024-26 EPS forecast of 0.91/1.32 yuan, with a growth rate of 23/21/ 20%. Referring to the valuation of companies in the same industry, the target price was raised to 31.85 yuan to maintain the increase in holdings.
H1 overview: 1) Q1/2 revenue growth rate - 4.5/ 5.5%, net profit growth rate - 32.9/ -6.6%, net profit growth rate - 32.9/ -6.6%, after deducting non-growth rate - 35.1/ -16.1%, Q2 improvements highlight management resilience; 2) Segment: optical glasses and inspection revenue 0.385 billion yuan/ -2.4%, Chengjing 0.107 billion yuan/ +7.8%, contact lenses 0.08 billion/ +3.6%; by business sector: supermarket and medical store revenue 0.419 billion/- 1.81%, independent street stores 0.063 billion yuan/ -12.3%; 3) H1 gross profit margin of 58.1% /-2.7pct, of which optical eyewear inspection 68.4% /-1pct; net profit margin 8.7% /-2.8pct; 4) expense ratio 47.7% /+0.8pct, of which the sales/management/R&D/finance expense ratios were 39.8/7/0.3/ 0.7%, respectively, +1/-0.3/+0.1/+0.01pct; 5) net operating cash flow 0.134 billion yuan/ -20.7%.
The performance of the functional mirror is still impressive, actively promoting multi-channel and private brand layout. 1) H1 added 28 new stores (19+ franchisees) and closed 13 stores (all directly managed), with a total of 530 stores (501+ franchise 29) as of the end of H1; 2) H1 functional lens sales accounted for 32.04%, an increase of 45.29%; of these, sales of defocus lenses also increased by 24.12%, and sales of fatigue-relieving lenses also increased by 113.85%; 3) H1 online GMV was about 0.098 billions/ +0.93% of the corresponding revenue 5% , an increase of 44.68%; the amount of online group voucher transactions (that is, conversion of store write-off revenue) was about 0.08 billion yuan/ -9.2%; 4) H1's own brand lens sales accounted for 61.3%, and private brand frame sales accounted for 66.4%.
Strategic cooperation with Thunderbird Innovation to accelerate the layout of AI smart glasses, and plan to release major new products.
1) Human-computer interaction has reached a new stage in the intelligent era. Recently, AI smart glasses have continued, and Meta/Apple are all about or are promoting new products; 2) The company has established stable cooperative relationships with leading smart glasses brands in the industry, Xingji Meizu, Li Weike, Thunderbird Innovation, and ROKID; 3) The company signed a cooperative framework agreement with Thunderbird to jointly fund the establishment of a joint venture. The joint venture plans to develop first-generation products for shooting glasses and audio+AI glasses, and receive revenue through authorized fees; the company will be responsible for offline channel sales and promotion, and participate in product development and design. They also have common decision-making power on key strategies such as products, channels, and marketing.
Risk warning: store expansion, AI glasses business falling short of expectations, increased competition, etc.
