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]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 198 million yuan in Q3 2024, representing a year-on-year increase of 0.6%. The lens business generated 167 million yuan, up 3.9% year-on-year, excluding export business. The net profit attributable to shareholders was 48 million yuan, a 13.6% increase year-on-year, while the net profit after deducting non-recurring items was 42 million yuan, up 15.2% year-on-year [1] - The company launched the "Easy Control PRO2.0" series in Q3 2024, improving optical design and image quality, with an effective rate of 73.82%, a 13.82% increase compared to the previous version. The sales of the "Easy Control" series reached 46 million yuan, a 2.4% increase year-on-year [1] - The company is entering the high-end lens market through a partnership with Leica, focusing on optical technology sharing, joint product development, and market channel expansion [1] - The gross margin for Q3 2024 was 59.1%, with a net profit margin of 24.2%, reflecting a year-on-year increase of 2.8 percentage points. The company generated a net operating cash flow of 67 million yuan, an increase of 18 million yuan year-on-year [1] Financial Summary - The company forecasts net profits attributable to shareholders of 180 million yuan, 220 million yuan, and 260 million yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 30X, 25X, and 21X [1][2] - Revenue is projected to grow from 749 million yuan in 2023 to 1,015 million yuan in 2026, with a compound annual growth rate of approximately 13.4% [2][10] - The latest diluted EPS is expected to increase from 0.78 yuan in 2023 to 1.29 yuan in 2026 [2][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.03 yuan [2][4][7]. Core Insights - The company reported a revenue of 583 million yuan for the first three quarters of 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to the parent company of 137 million yuan, up 11.91% year-on-year [1]. - In Q3, the company achieved a revenue of 198 million yuan, a 0.64% increase year-on-year, and a net profit of 48 million yuan, growing 13.57% year-on-year [1]. - Domestic lens business showed steady growth, while raw material and export businesses faced pressure [1]. - The company adjusted its sales expense rhythm, leading to a continuous improvement in profitability, with a gross margin of 59.10% in Q3, a decrease of 1.1 percentage points year-on-year [1]. - The collaboration with Leica is expected to enhance the company's high-end brand image, with the launch of four categories of Leica lens products [1]. Financial Summary - The company’s revenue is projected to grow from 749 million yuan in 2023 to 1,036 million yuan in 2026, with a compound annual growth rate (CAGR) of 12.4% [3]. - The net profit attributable to the parent company is expected to increase from 158 million yuan in 2023 to 261 million yuan in 2026, reflecting a CAGR of 16.6% [3]. - The gross margin is anticipated to improve from 57.6% in 2023 to 62.3% in 2026 [3]. - The net profit margin is projected to rise from 21.0% in 2023 to 25.1% in 2026 [3]. - The earnings per share (EPS) is expected to grow from 0.78 yuan in 2023 to 1.29 yuan in 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.03 yuan [2][4][7]. Core Insights - The company reported a revenue of 583 million yuan for the first three quarters of 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 137 million yuan, up 11.91% year-on-year [1]. - In Q3, the company achieved a revenue of 198 million yuan, a 0.64% increase year-on-year, and a net profit of 48 million yuan, growing 13.57% year-on-year [1]. - Domestic lens business showed steady growth, while raw material and export businesses faced pressure [1]. - The company adjusted its sales expense rhythm, leading to a continuous improvement in profitability, with a gross margin of 59.10% in Q3, a decrease of 1.1 percentage points year-on-year [1]. - The partnership with Leica is expected to enhance the company's high-end brand image, with the launch of four categories of Leica lens products [1]. Financial Summary - The company’s revenue is projected to grow from 784 million yuan in 2024 to 1,036 million yuan in 2026, with corresponding net profits of 184 million yuan and 261 million yuan respectively [3][7]. - The gross margin is expected to improve from 60.0% in 2024 to 62.3% in 2026, while the net profit margin is projected to increase from 23.5% to 25.1% over the same period [3][7]. - Earnings per share (EPS) are forecasted to rise from 0.91 yuan in 2024 to 1.29 yuan in 2026 [3][7].

本次会议由中金公司及国胜证券联合主持此外和我们一起组织本次会议的还有民生证券浙商证券以及东方证券的各位老师们今天傍晚我们看到明月发布了前三季度的业绩我们看到尽管在 国内消费整体还是在承压和逐步起稳这个背景下公司的李高进以及三大明星产品仍然延续着优秀的表现市场份额持续提升业务结构持续优化今天呢我们也在第一时间非常荣幸的邀请到了公司的管理层包括公司的副总裁兼董秘增总财务总兼郁总正代理总和对外事务高级经理石总来到线上来为大家分享公司前三季度的经营的情况 本场会议我们还是按照惯例分成这么几个环节首先我们会先请公司的财务总监郁总来为我们分享公司的业绩的情况之后我们也会请郑家李总来就投资人关心的一些业务的情况做一个简单的分享最后我们会留有投资人问答提问的时间接下来我们就把时间先交给公司的财务总监郁总请您来为我们介绍一下公司的经营情况的细节有请您 好的谢谢主持人大家好我是明月镜片的财务总监郁静依下面我来向大家汇报一下我们公司三季度的一个业绩总结营业收入累计5.83亿同比增长3.6%毛利率累计59.3%同比增长1.4个百分点Q3的话我们营业收入是1.98亿同比增长0.6% 其中镜片业务收入1.67亿剔除掉出口业务以外我们的同 ...

Investment Rating - Maintains "Overweight" rating with a target price of 31.94 yuan [3] Core Views - Strong channel control and brand power support stable pricing and highlight operational resilience [3] - New customer and product collaborations are promising [2] - Performance meets expectations with 2024-2026 EPS forecasted at 0.90/1.16/1.41 yuan [3] - 2024 PE ratio set at 35.5x, reflecting brand momentum and channel advantages [3] Financial Performance - Q3 2024 revenue for lens business reached 167 million yuan, up 3.9% YoY excluding exports [3] - PMC Ultra-Bright series revenue increased by 50.62% YoY in the first three quarters [3] - Easy Control product revenue grew by 2.4% YoY in Q3 2024, with a 34.2% increase excluding recall impact [3] - Gross profit margin and net profit margin for Q3 2024 were 59.1% and 26.7%, respectively [3] - Sales/management/R&D/financial expense ratios improved YoY, with sales expense ratio down 4.4 pct [3] Product and Market Strategy - Focus on large-item strategy with significant results from PMC Ultra-Bright and 1.71 series [3] - Expansion into medical channels with over 700 ophthalmology institutions covered [3] - Strengthened offline retail channels through targeted brand marketing and customer service [3] - New product launches and Leica collaboration expected to drive growth, with 30-40 authorized stores by end of 2024 [3] Financial Forecasts - 2024-2026 revenue forecasted at 767/908/1,090 million yuan, with YoY growth of 2.5%/18.3%/20.1% [4] - Net profit (attributable to parent) expected to be 181/234/284 million yuan, with YoY growth of 15.1%/29.2%/21.2% [4] - ROE projected to increase from 10.8% in 2024 to 13.9% in 2026 [4] Valuation and Market Data - Current PE ratio (2024E) at 29.65x, with PB ratio at 3.19x [4] - 52-week stock price range: 20.18-41.86 yuan [5] - Market cap and share structure data not provided [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - In Q3 2024, the company's net profit attributable to shareholders increased by 14% year-on-year, with total revenue reaching 583 million yuan, a 3.61% increase compared to the previous year [2] - The company has partnered with global optical giant Leica to enter the high-end lens market, focusing on shared optical technology, joint product development, and market channel expansion [3] - The company's focus on star products has led to significant revenue growth, with the PMC Ultra Bright series seeing a 50.62% increase in revenue year-on-year [2][3] Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 59.10%, a slight decrease of 1.1 percentage points year-on-year, while the net profit margin improved by 2.13 percentage points to 25.66% [2] - The company's revenue forecast for 2024-2026 is 822 million yuan, 899 million yuan, and 969 million yuan respectively, with net profits projected at 176 million yuan, 195 million yuan, and 214 million yuan [1][3] - The latest closing price corresponds to a P/E ratio of 31, 28, and 25 for the years 2024, 2025, and 2026 respectively [3]