Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits of 140 million, 170 million, and 200 million yuan for 2024-2026, corresponding to P/E ratios of 34.3X, 28.5X, and 24.8X respectively [1] Core Views - The AR glasses market is experiencing rapid growth, with global and Chinese AR device shipments reaching 510,000 and 200,000 units in 2023, up 37.8% and 53.9% YoY respectively [1] - The company has a significant channel advantage, with a nationwide network of stores and partnerships with major AR players like Huawei, Rokid, and Thunderbird [1] - Customization capabilities in lenses are becoming a key competitive factor, with strong demand for digital, photochromic, and youth myopia control lenses [1] Industry Overview - The AR glasses market is highly concentrated, with the top 5 players accounting for 89.9% of the Chinese market in 2023 [1] - XREAL leads the global consumer AR market with an 81% share in H1 2022 [1] - The global AR device market is expected to reach 5 million units by 2027, with a CAGR of 77.0% from 2023-2027 [14] Company Strategy - The company is strengthening its position in the smart glasses sector through strategic investments and joint ventures, such as the planned collaboration with Thunderbird to develop a domestic version of Meta Ray-Ban [1] - It has established partnerships with multiple AR players, providing online prescription services and offline channel networks [1] - The company is expanding its retail network, with 515 stores nationwide as of 2023, including 495 directly operated stores [28] Financial Performance - Revenue is projected to grow from 1.176 billion yuan in 2023 to 1.771 billion yuan in 2026, with a CAGR of 14.6% [2] - Net profit attributable to shareholders is expected to increase from 128 million yuan in 2023 to 195 million yuan in 2026 [2] - The company's ROE is forecast to rise from 16.2% in 2023 to 18.5% in 2026 [2] Market Opportunities - The myopia control lens market in China is expected to exceed 30 million units by 2030, with a penetration rate of 30% and a market size of over 60 billion yuan [34] - The presbyopia lens market is driven by aging population and consumption upgrade trends, with annual demand of approximately 40 million pairs in China [36] - Emerging applications such as photochromic, night vision, and blue light blocking lenses present additional growth opportunities [42]

Investment Rating - The report maintains a "Buy" rating for the company, with projected net profits of 140 million, 170 million, and 200 million yuan for 2024-2026, corresponding to P/E ratios of 34.3X, 28.5X, and 24.8X respectively [1] Core Views - The AR glasses market is experiencing rapid growth, with global and Chinese AR device shipments reaching 510,000 and 200,000 units in 2023, up 37.8% and 53.9% YoY respectively [1] - The company has a significant channel advantage, with a nationwide network of stores and partnerships with major AR players like Huawei, Rokid, and Thunderbird [1] - Customization capabilities in lenses are becoming a key differentiator, with strong demand for digital, photochromic, and youth myopia control lenses [1] Market and Industry Analysis - The global AR device market is highly concentrated, with the top 5 players accounting for 89.9% of the Chinese market in 2023 and 55.7% globally in 2022 [1] - XREAL leads the global consumer AR market with an 81% share in H1 2022, while Thunderbird Innovation dominates the Chinese market with a 39.1% share in 2023 [1][17] - The AR industry is transitioning from B2B to B2C, with consumer sales accounting for 78.4% of the market in 2023 [1][14] Company Strategy and Positioning - The company is strengthening its position in the smart glasses sector through strategic investments and joint ventures, including a partnership with Thunderbird to develop a domestic version of Meta Ray-Ban [1] - It has established a comprehensive retail network across 23 provinces, leveraging partnerships with malls, supermarkets, and hospitals to enhance its channel capabilities [1] - The company is focusing on the integration of online and offline services, with a strong presence in both physical stores and e-commerce platforms [1] Financial Performance and Projections - Revenue is expected to grow from 1.176 billion yuan in 2023 to 1.771 billion yuan in 2026, with a CAGR of 14.6% [2] - Net profit attributable to shareholders is projected to increase from 128 million yuan in 2023 to 195 million yuan in 2026, with a CAGR of 15.1% [2] - The company's ROE is forecasted to rise from 16.2% in 2023 to 18.5% in 2026, indicating improving profitability [2] Product and Technology Trends - The AR glasses market is shifting towards lighter, more consumer-friendly designs, with magnetic/insertable myopia lenses becoming the mainstream [24] - Pre-installed prescription lenses are emerging as a key area of innovation, with companies like Apple and Meta investing heavily in this technology [24] - The company is actively participating in the development of advanced AR technologies, including partnerships for the production of customized lenses [24] Growth Opportunities - The myopia control market presents significant growth potential, with the penetration rate of defocus lenses expected to increase from 3.5% in 2021 to 30% by 2030 [33] - The aging population and rising consumer demand for premium products are driving growth in the presbyopia lens market, which currently accounts for only 1.5% of the total eyewear market [36] - Emerging applications such as photochromic, night vision, and anti-blue light lenses are creating new opportunities for companies with strong customization capabilities [42]

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证券研究报告 | 公司点评 gszqdatemark 2024 08 31 年 月 日 博士眼镜（300622.SZ） 拟与雷鸟成立合资公司，计划共同研发国产版 Meta Ray-Ban 事件：24H1 公司与雷鸟创新签订了合作框架协议，双方共同出资设立合 资公司，注册资本为 1500 万元人民币，其中公司拟使用自有资金出资 300 万元人民币，持有合资公司 20%股权，雷鸟持有 80%股权。合资公司将 计划研发拍摄眼镜、音频+AI 眼镜第一代产品，并通过授权收费形式获得 收入。在此合作项目中，公司将负责线下渠道销售和推广，参与产品研发 设计，并对产品、渠道、营销等关键策略有共同决策权，天作之合有望推 动爆品打造。 强强联合加码布局，有望复制 Meta Ray-Ban 成功路径。据新浪 VR 引 用《华尔街日报》报道，Meta 正与 Ray-Ban 制造商 EssilorLuxottica 谈判， 拟收购其 5%左右股权。根据果壳，Meta 与 Ray-Ban 合作开发的第二代 智能眼镜 Ray-Ban Meta 已售出 100 多万台，证明科技公司与强品牌&渠 道眼镜公司的合作潜力，有望共同塑造兼具功能与时 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 31 年 月 日 博士眼镜（300622.SZ） 经营平稳，智能眼镜突破 公司发布 2024 年半年报：24H1 公司实现收入 6.01 亿元（同比+0.3%）， 归母净利润 0.52 亿元（同比-21.3%）；单 Q2 收入实现收入 3.05 亿元（同 比+5.5%），归母净利润 0.27 亿元（同比-6.6%），公司 Q2 经营稳健，智 能眼镜布局突破。 眼镜验配增速放缓，直营&加盟门店稳步扩张。24H1 公司光学眼镜及验配 服务/成镜系列产品/隐形眼镜系列产品分别实现收入 3.85/1.07/0.80 亿元 （同比-2.4%/+7.8%/+3.6%），毛利率分别为 68.4%/40.7%/32.1%（（同 比-1.0pct/-3.6pct/-5.8pct）。分渠道来看，24H1 直营/分销/电商分别实现 收入 4.67/0.47/0.87 亿元（同比-3.2%/+54.3%/+0.9%），毛利率分别为 65.3%/20.1%/39.8%。截至 24Q2 末直营门店 501 家（较年初+6 家）， 加盟门店 29 家（较年初+9 家） ...

股 票 研 究 ——博士眼镜 2024 年中报点评 Q2 业绩改善，积极推进 AI 眼镜布局 博士眼镜(300622) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | |----------|-------------------------------------|--------------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 陈笑 ( 分析师 ) | | | 021-38677706 | 021-38677906 | | | liuyuenan@gtjas.com | chenxiao015813@gtjas.com | | 登记编号 | S0880516030003 | S0880518020002 | 本报告导读： 公司 Q2 业绩改善，彰显在复杂的消费环境中的经营韧性；战略合作雷鸟创新，积 极推进 AI 智能眼镜布局，期待收入利润进一步提振。 投资要点： [Table_Summary] 维持增持。H1 营收 6.01 亿元/+0.3%，归母净利 0.52 亿元/-21.3%， ...

证券代码：300622 证券简称：博士眼镜 博士眼镜连锁股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |----------------|-------|---------------------------------------------|-------|----------------------------------------------------------| | | ☑ | 特定对象调研 | ☑ | 分析师会议 | | 投资者关系活动 | □ | 媒体采访 □ | | 业绩说明会 | | 类别 | □ | 新闻发布会 □ | | 路演活动 | | | □ | 现场参观 | | | | | ☑ | 其他 线上会议 | | | | | | | | 华夏基金管理有限公司、西部利得基金管理有限公司、上海玖鹏 | | | | 资产管理中心(有限合伙 | ) | 、北京泓澄投资管理有限公司、上海牧 | | | | | | 鑫私募基金管理有限公司、上海喜世润投资管理有限公司、武汉 | | | | | | 美阳投资管理有限公司、上海赤钥投资公司、上海明 ...

证券代码：300622 证券简称：博士眼镜 公告编号：2024-062 博士眼镜连锁股份有限公司 第五届董事会第五次会议决议公告 二、董事会会议审议情况 1、审议通过了《关于<2024 年半年度报告>全文及摘要的议案》 表决结果：9 票同意、0 票反对、0 票弃权 经审议，董事会认为公司《2024 年半年度报告》及摘要的编制和审议程序符 合法律、行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、 准确、完整地反映了公司 2024 年上半年的实际经营情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 具体内容详见披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。 2、审议通过了《关于 2024 年半年度利润分配预案的议案》 表决结果：9 票同意、0 票反对、0 票弃权 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 博士眼镜连锁股份有限公司（以下简称"公司"）第五届董事会第五次会议 通知于 2024 年 8 月 16 日以电子邮件的形式发出，会议于 2024 年 8 月 27 日上 午 10:30 在公司会议 ...

博士眼镜连锁股份有限公司章程 博士眼镜连锁股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）和其他有关规定，制订本章程。 第二条 博士眼镜连锁股份有限公司系依照《公司法》和其他有关规定成立的 股份有限公司（以下简称"公司"）。 公司系由深圳市博士眼镜连锁有限公司按截止 2011 年 11 月 30 日经审计的原 账面净资产值折股整体变更设立的股份有限公司，在深圳市市场监督管理局注册登 记，取得营业执照，统一社会信用代码为 914403002793301026。 第三条 公司于 2017 年 2 月 10 日经中国证券监督管理委员会（以下简称中国 证监会）核准，首次向社会公众公开发行人民币普通股 2,145 万股，于 2017 年 3 月 15 日在深圳证券交易所创业板上市。 第四条 公司注册名称（中文）：博士眼镜连锁股份有限公司。 公司的英文名称：DOCTORGLASSES CHAIN CO.,LTD. 第五条 公司住所：深圳市罗湖区深南东路 5016 号京基一 ...

Financial Performance - The company achieved a revenue of RMB 500 million in the first half of 2024, representing a 15% increase compared to the same period in 2023[4]. - The company's operating revenue for the reporting period was ¥600,948,185.65, representing a slight increase of 0.34% compared to the same period last year[14]. - The company reported a net profit attributable to shareholders decreased by 21.31% to ¥52,384,653.93 from ¥66,567,163.98 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥45,867,734.53, down 26.79% year-on-year[14]. - The company reported a year-on-year decline in operating profit of 13.86%[44]. - The total operating revenue for the first half of 2024 reached ¥600,948,185.65, a slight increase from ¥598,896,173.14 in the same period of 2023, representing a growth of approximately 0.34%[138]. - Net profit for the first half of 2024 was ¥52,058,898.82, down from ¥68,867,106.98 in the previous year, reflecting a decrease of approximately 24.4%[140]. - The total comprehensive income for the first half of 2024 was ¥52,538,607.40, down from ¥70,826,486.57, reflecting a decrease of about 25.7%[140]. Market Expansion and Strategy - The company is focusing on market expansion, with plans to open 50 new stores by the end of 2024, targeting key urban areas[4]. - The company has established partnerships with large supermarkets and public hospitals to enhance its market presence and service offerings[21]. - The company is enhancing its online-to-offline (O2O) business model to improve customer engagement and sales conversion rates[4]. - The company is actively promoting the "Doctor's Headlines" project to centralize marketing content across stores, enhancing brand visibility[28]. - The company is leveraging festive promotions and pop-up store activities to expand brand marketing reach and engage target audiences[29]. - The company is focusing on a differentiated brand positioning and standardized store operations to strengthen its market presence[27]. - The company has established long-term strategic partnerships with global eyewear manufacturers such as Carl Zeiss and LVMH, enhancing its product offerings[34]. Research and Development - The company is investing in new product development, with a budget allocation of RMB 20 million for R&D in innovative eyewear technologies[4]. - Research and development investment increased by 64.55% to ¥1,879,756.73, primarily due to the acquisition of two companies in April 2023[50]. - The company aims to enhance its research and development efforts to innovate new technologies in the eyewear sector[154]. Financial Position and Assets - Total assets at the end of the reporting period increased by 4.69% to ¥1,174,346,714.66 from ¥1,121,775,074.61 at the end of the previous year[14]. - The company's weighted average return on equity was 6.43%, down 2.93% from 9.36% in the previous year[14]. - Cash and cash equivalents at the end of the reporting period amounted to ¥195,490,394.98, representing 16.65% of total assets, a decrease of 0.60% from the previous year[55]. - Accounts receivable increased to ¥82,129,408.12, accounting for 6.99% of total assets, up by 1.25% year-over-year[55]. - Inventory reached ¥209,728,212.07, which is 17.86% of total assets, reflecting a 2.31% increase due to pre-stockpiling at the end of the period[55]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of RMB 1.60 per 10 shares to all shareholders, totaling an adjustment based on the number of shares outstanding at the time of distribution[3]. - The total number of shares for the cash dividend distribution is 174,283,571 shares, based on which the cash dividend is calculated[81]. - The company has completed the repurchase and cancellation of 44,400 restricted stocks at a repurchase price of RMB 7.93 per share due to the departure of one incentive object and performance results of seven others[82]. Risks and Challenges - The company is addressing risks related to market competition and macroeconomic fluctuations through strategic partnerships and enhanced marketing efforts[4]. - The company faces potential risks related to the joint venture, including policy, technology, and market expansion risks, which investors should be aware of[35]. - The company is facing potential risks related to channel dependence, particularly in physical stores located in supermarkets and medical institutions, which may not renew leases or operate at original locations[73]. - The company's online sales are significantly reliant on e-commerce platforms, with performance on platforms like Douyin steadily increasing, but risks remain due to potential changes in platform policies and competition[73]. Corporate Governance and Compliance - The company has established a robust internal control system to enhance corporate governance and ensure fair decision-making processes[87]. - The company was recognized by the China Securities Association for "Best Practices in Investor Relations Management" in 2023[88]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[86]. - The company has not engaged in any significant related party transactions during the reporting period[98]. Employee and Talent Management - The company has signed cooperation agreements with seven educational institutions to enhance talent acquisition and training, aiming to strengthen its workforce for future business expansion[36]. - The company is committed to enhancing its corporate culture and values, which include customer-first and results-oriented principles, to drive employee engagement and performance[36]. - The company has implemented a digital HR management system to improve efficiency in recruitment and performance evaluation, enhancing its talent management capabilities[35]. Financial Reporting and Accounting - The semi-annual financial report for the company has not been audited[93]. - The company adheres to accounting standards, ensuring financial statements reflect true and complete financial conditions[168]. - The company recognizes revenue from product sales upon delivery to customers, with control transferred at that point[164]. - The company assesses expected credit losses on accounts receivable based on historical experience and current conditions, with loss rates varying by aging categories[167].