东方证券股份有限公司 关于明月镜片股份有限公司 2024 年持续督导现场检查报告 | 保荐机构名称：东方证券股份有限公司 | 被保荐公司简称：明月镜片 | | | | --- | --- | --- | --- | | 保荐代表人姓名：郑睿 | 联系电话：021-2315 3548 | | | | 保荐代表人姓名：温畅 | 联系电话：021-2315 3966 | | | | 现场检查人员姓名：温畅 | | | | | 现场检查对应期间：2024 年度 | | | | | 现场检查时间：2025 年 3 月 7 日 | | | | | 一、现场检查事项 现场检查意见 | | | | | （一）公司治理 否 不适用 | | 是 | | | 现场检查手段：（1）查阅公司章程及内部控制制度；（2）查阅公司历次董事会、监事会、股东大会材料；（3） | | | | | 与公司相关人员进行访谈沟通 | | | | | 1.公司章程和公司治理制度是否完备、合规 | | 是 | | | 2.公司章程和三会规则是否得到有效执行 | | 是 | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内容等要件是否齐备， | ...

东方证券股份有限公司 关于明月镜片股份有限公司 持续督导现场培训报告 深圳证券交易所： 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为明月 镜片股份有限公司（以下简称"明月镜片"或"公司"）首次公开发行股票并在 创业板上市的保荐机构，根据《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》的要求，对公司实际控制人及董事、监事、高级管理人员进行了 培训，现将培训情况报告如下： 三、本次培训的内容 本次培训的内容主要包括：创业板上市公司再融资相关政策；上市公司规范 运作和上市公司董事、监事、高级管理人员的行为规范；上市公司违法典型案例。 四、本次培训的成果 一、本次培训的基本情况 2025 年 3 月 7 日，东方证券保荐代表人温畅对公司实际控制人及董事、监 事、高级管理人员进行了培训。 二、参加本次培训的人员 公司实际控制人及董事、监事、高级管理人员。 （以下无正文） （此页无正文，为《东方证券股份有限公司关于明月镜片股份有限公司持 续督导现场培训报告》之签字盖章页） 保荐代表人签名： 郑 睿 温 畅 东方证 ...

公 华福证券 司 研 究 明月镜片（301101.SZ） 国产镜片龙头，近视防控、智能眼镜赛道高景气 投资要点： 深耕镜片行业二十余载，国产镜片领军企业 公 司 首 次 公司是国内光学镜片领军企业，具备完善产业链及一站式服务体系，业务 涵盖镜片、原料、成镜、镜架等产品研发设计、生产销售。核心产品为中 高档光学树脂镜片，镜片产品以自有知名品牌"明月"为主。2024 年前三 季度，实现营收 5.83 亿元，同比+3.6%；归母净利 1.37 亿元，同比+11.9%。 行业：量价齐增共驱行业发展，关注 AI 智能眼镜趋势 文化用品 2025 年 03 月 06 日 买入（首次评级） | 基本数据 | | --- | | 日期 | 2025-03-05 | | --- | --- | | 收盘价： | 元 55.62 | | 总股本/流通股本(百万股) | 201.51/190.92 | | 流通 A 股市值(百万元) | 10,618.80 | | 每股净资产(元) | 8.11 | | 资产负债率(%) | 8.97 | | 一年内最高/最低价(元) | 65.13/19.84 | 一年内股价相对走势 覆 盖 需 ...

Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price of 43.59 RMB [1] Core Views - The company achieved revenue of 580 million RMB in the first three quarters of 2024, a year-on-year increase of 3.6%, with net profit attributable to the parent company reaching 140 million RMB, up 11.9% year-on-year [1] - In Q3 2024, the company's revenue was 200 million RMB, a slight increase of 0.6% year-on-year, while net profit attributable to the parent company grew by 13.6% to 50 million RMB [1] - The company's gross margin for the first three quarters of 2024 was 59.3%, an increase of 1.4 percentage points year-on-year, and the net profit margin was 24.8%, up 1.2 percentage points [1] Product Strategy - The company's star products, such as the PMC Ultra-Bright series, saw a 50.6% year-on-year revenue growth in the first three quarters, while the 1.71 series grew by 16.5% [2] - The newly launched Relax Control PRO 2.0 series showed significant improvement in clinical effectiveness, with a 73.82% efficacy rate in controlling myopia progression, compared to 60% for the previous version [2] - The company actively recalled the Relax Control PRO 1.0 series to promote the new version, resulting in a 34.2% year-on-year growth in sales for the Relax Control PRO series in Q3 2024 [2] Market Expansion - The company partnered with Leica to enter the high-end lens market, leveraging its experience in the Chinese market to offer premium visual solutions [3] - The company is exploring the smart glasses market with its Sasky product, which features voice assistant capabilities and AR/VR imaging potential [3] Financial Projections - The report adjusted the company's profit forecast, expecting net profit attributable to the parent company to reach 180 million RMB in 2024, 210 million RMB in 2025, and 250 million RMB in 2026 [4] - The company's PE ratio is projected to be 50X in 2024, 42X in 2025, and 36X in 2026 [4] Financial Performance - The company's revenue for 2024 is expected to be 788.73 million RMB, with a growth rate of 5.34% [9] - EBITDA for 2024 is projected at 275.68 million RMB, with a net profit attributable to the parent company of 176.88 million RMB [9] - The company's gross margin is expected to remain strong at 59.52% in 2024, with a net profit margin of 22.43% [15] Valuation Metrics - The company's P/E ratio is forecasted to decrease from 49.66X in 2024 to 35.56X in 2026 [9] - The P/B ratio is expected to decline from 5.28X in 2024 to 4.66X in 2026, indicating improving valuation metrics [9]

明月镜片股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------------|------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Insights - The company demonstrated resilient performance with a revenue of 580 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.6%. The net profit attributable to shareholders reached 140 million yuan, up 11.9% year-on-year [1][2]. - The overall gross margin stabilized at 59.3% for the first three quarters, showing a year-on-year increase of 1.4 percentage points [2]. - The company's focus on product optimization and brand strength continues to drive growth, particularly in its star products, which have maintained double-digit growth [3][4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 200 million yuan, a year-on-year increase of 0.6%, and a net profit of 48.04 million yuan, up 13.6% year-on-year [1][2]. - The gross margin for Q3 was reported at 59.1%, a decrease of 1.1 percentage points year-on-year, while the net margin improved to 24.2%, an increase of 2.8 percentage points year-on-year [2]. - The company’s total expenses for the first three quarters were 34% of revenue, with a notable decrease in sales expenses due to reduced advertising costs [2]. Product and Market Strategy - The lens business generated 170 million yuan in revenue during Q3, marking a 3.9% year-on-year increase, contributing 84.3% to total revenue [3]. - The introduction of the "Light Control Pro 2.0" series has enhanced product quality, leading to a 34.2% year-on-year increase in sales for the "Light Control Pro" series [3]. - The company anticipates steady growth in its near-sightedness prevention product line, with projected sales growth rates of 5%, 40%, and 30% for 2024-2026 [8]. Earnings Forecast and Valuation - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.87 yuan, 1.05 yuan, and 1.23 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 31x, 25x, and 22x [4][10]. - The report emphasizes the continuous optimization of the product structure and enhancement of brand power as key factors supporting the "Hold" rating [4].

明月镜片（301101.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 常规镜片大单品逆势高增，离焦镜升级迭代持续放量，期待后续持续增长 2024 年 10 月 25 日 ➢ 事件：明月镜片披露 2024 年三季报。24Q1-3，公司实现营收 5.83 亿 元，yoy+3.61%；归母净利润 1.37 亿元，yoy+11.91%；扣非归母净利 1.17 亿元，yoy+9.88%。单 Q3 看，公司实现营收 1.98 亿元，yoy+0.64%；归 母净利润 0.48 亿元，yoy+13.57%；扣非归母净利 0.42 亿元，yoy+15.22%。 ➢ 常规镜片大单品持续高增，轻松控系列升级延续增长。1）明星单品：剔 除出口业务，24Q3 公司镜片业务营收为 1.67 亿元，同比+3.9%，占总营收 的比例为 84.18%；公司聚焦大单品策略效果明显，24Q1-3 PMC 超亮系列 产品收入同比+50.62%、1.71 系列产品同比+16.5%。2）近视防控产品： 24Q3 公司推出新一代轻松控 PRO 2.0 系列产品，进一步优化镜片的光学设 计和成像质量；根据中山大学中山眼科 ...

公司点评报告 · 轻工行业 表现稳健, 产品迭代持续向上 2024年10月 24日 核心观点 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|--------------------| | | | | | | | | | | | ● | 事件:公司发布 2024年第三季度报告。报告 ...

Investment Rating - Buy rating maintained for Mingyue Optical (301101 SZ) [1][4] Core Views - Revenue and earnings show steady growth with 2024Q1-Q3 revenue of RMB 580 million (+3 6%) and net profit of RMB 140 million (+11 9%) [4] - Gross margin improved to 59 3% (+1 4pct) in 2024Q1-Q3 with net profit margin at 24 8% (+1 2pct) [5] - Focus on key product strategy shows effectiveness with PMC Ultra-Bright series revenue up 50 6% YoY and 1 71 series up 16 5% [6] - Collaboration with global optical giant Leica to enter high-end market [6] Financial Performance - 2024Q3 revenue reached RMB 290 million (+0 6%) with net profit of RMB 50 million (+13 6%) [4] - 2024-2026 net profit forecast adjusted to RMB 175/210/242 million from previous RMB 201/243/289 million [4] - 2024Q3 gross margin slightly declined to 59 1% (-1 1pct) but net profit margin improved to 25 7% (+2 1pct) [5] Product Strategy - New product "Easy Control Pro" 2 0 launched with optimized optical design and imaging quality [6] - "Easy Control" series sales reached RMB 45 97 million in 2024Q3 (+2 4% YoY) [6] Market Position - Total market capitalization stands at RMB 5 247 billion with circulating market cap of RMB 1 861 billion [1] - Current stock price at RMB 26 04 with 52-week range of RMB 19 84-41 98 [1]

证券研究报告 | 季报点评 gszqdatemark 2024 10 24 年 月 日 明月镜片（301101.SZ） 逆势稳健增长，新品储备丰富 公司发布 2024 年三季报：24Q3 公司实现收入 1.98 亿元（同比+0.6%）、 镜片业务实现收入 1.67 亿元，同比+3.9%（（剔除出口业务），归母净利润 0.48 亿元（同比+13.6%），扣非归母净利润 0.42 亿元（同比+15.2%）， 收入逆势稳健增长，伴随多款重磅新品陆续上市、渠道推行减法降负、品 牌定位进一步夯实、净利率实现稳步提升，利润增长稳健。 离焦镜产品升级，大单品矩阵迭代。公司 24Q3 推出轻松控 PRO2.0 系列 产品，进一步优化镜片的光学设计和成像质量，根据中山眼科中心为期 1 年的前瞻性、多中心、随机、双盲、平行对照试验的总结报告，轻松控 PRO2.0 戴镜 12 个月等效球镜度有效率为 73.82%，较轻松控 PRO1.0 提 升 13.82%，同时售价不变。公司践行"卖 2.0 就不卖 1.0"的原则，主动 召回渠道内的轻松控 PRO1.0 系列产品，24Q3（"轻松控"系系列产品售售 额为 0.46 亿元（同比+ ...