预计公司 2024 / 25 / 26年能够实现基本每股收益 0.89 / 1.02 / 1.16元,对应 PE 为 31X / 27X / 24X,维持"推荐"评级。 公司点评报告 · 轻工行业 业绩整体维稳，大单品持续成长 核心观点 2024年8月 22 日 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Insights - The company demonstrated resilience in growth with a revenue of 385 million yuan for the first half of 2024, reflecting a year-on-year increase of 5.21%. The net profit attributable to the parent company reached 89 million yuan, up 11.04% year-on-year [1]. - The product structure of the lens business is optimizing, with an increase in gross margin and net profit margin. The gross margin for the first half of 2024 was 59.40%, up 2.72 percentage points year-on-year [2]. - The company is actively expanding its market presence through collaborations with well-known hospitals and clinics, aiming for sustainable long-term growth [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 385 million yuan, with a year-on-year growth of 5.21%. The net profit attributable to the parent company was 89 million yuan, marking an 11.04% increase year-on-year. In Q2 alone, revenue was 193 million yuan, down 0.72% year-on-year, while net profit was 47 million yuan, up 3.74% year-on-year [1]. - The gross margin for H1 2024 was 59.40%, an increase of 2.72 percentage points year-on-year, driven by the rising proportion of high-performing lens products [2]. Product Development - The company has enhanced its product matrix in myopia management, with 24 SKUs available across retail and medical channels. The "Light Control" series saw sales of 76.1 million yuan in H1 2024, up 39% year-on-year [1]. - The sales of the three major star products in the regular lens category have significantly increased, with the PMC Ultra Bright series seeing a revenue increase of 58.82% year-on-year [1]. Market Strategy - The company is focusing on expanding its customer base by collaborating with major hospitals and clinics, optimizing its customer structure to support long-term sustainable growth [2]. - The report projects that the net profit attributable to the parent company will grow to 178 million yuan in 2024, 193 million yuan in 2025, and 243 million yuan in 2026, with respective year-on-year growth rates of 13.3%, 7.9%, and 26.4% [2].

意识的提升是大势所趋，且配镜属于刚性消费，公司作为国内稀缺眼镜品牌， 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | |--------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is adjusting its profit expectations due to a weakening downstream consumption environment and intensified market price competition. The expected EPS for 2024-2026 is revised to 0.90, 1.16, and 1.41 yuan, respectively, down from previous estimates of 1.06, 1.36, and 1.66 yuan. The target price is adjusted to 31.94 yuan, with a PE ratio of 35.5x for 2024 [4][5] - The core product growth remains resilient, with the lens business experiencing a 14.0% year-on-year increase in H1 2024, driven by a focus on product strategy. The PMC Ultra Bright series saw a revenue increase of 59% year-on-year in H1 2024 [4] - The profit margin continues to benefit from product mix optimization, with a gross margin of 60.7% in Q2 2024, up 3.6 percentage points year-on-year [4] Summary by Sections Company Overview - The company is focused on brand positioning and product iteration to stabilize pricing amidst fierce external competition [3] Financial Performance - The company reported a revenue of 767 million yuan for 2024E, with a growth rate of 2.5% compared to 2023. The net profit attributable to the parent company is expected to be 181 million yuan, reflecting a growth of 15.1% [9][10] Strategic Initiatives - The company has established a unique partnership with Leica in April 2024 to expand its presence in the high-end market. It continues to innovate with product iterations and has launched the "Easy Control Pro 2.0" in August 2024 [4] - The company is also enhancing its channel strategy, with a focus on large and medium-sized clients, and has seen over 40% growth in medical channels in H1 2024 [4] Market Position - The company’s stock has a current price of 25.06 yuan, with a target price of 31.94 yuan, indicating potential upside [5][6]

明星产品稳健增长，盈利能力持续提升 核心观点 事件：公司发布 2024 年中报，2024 年上半年公司实现营收 3.85 亿元，同比增长 5.2%，同期实现归母净利润 0.89 亿元，同比增长 11.0%；二季度实现营业收入 1.93 亿元，同比下降 0.7%，实现归母净利润 0.47 亿元，同比增长 3.7%。 ⚫ 镜片收入增长彰显韧性，原料业务短期承压。分产品，2023 年上半年公司镜片/原 料/成镜/镜架/其他业务收入分别为 3.20/0.31/0.25/0.05/0.03 亿元，同比分别+12%/- 37%/-5%/+157%/+34%，其中：①镜片业务在外部环境相对承压的背景下彰显出充 足的韧性，三大明星产品收入延续快速增长趋势，PMC 超亮、1.71 系列产品上半年 收入同比分别增长 59%、24%；同期近视防控产品"轻松控"系列销售额为 0.76 亿 元，同比增长 39%，其中单二季度轻松控系列产品销售额为 0.35 亿元，同比增长 29%。②原料业务方面，受镜片行业整体相对疲弱、前期基数较高影响，2024 年上 半年公司原料业务收入同比下降 37%，短期对收入造成一定拖累。 ⚫ 产品结构不断优 ...

明月镜片股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------|------------------------------|------------------------------------------------------------------| | | | 编号：2024-002 | | 投资者关系 | √特定对象调研 | □分析师会议 | | 活动类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位 | 中金公司、SMC - | P notes、BEST INVESTMENT CORPORATION (CIC | | | | Group)、Sumitomo Mitsui AM-Clients Funds、Quartet Fund-HK、 | | | BRILLIANCE - | BRILLIANT PARTNERS FUND LP、Headwater Investment | | | | Fund、Pleiad Inve ...

证券研究报告·公司点评报告·文娱用品 明月镜片（301101） 2024 中报点评：2024H1 归母净利润同比 +11%，离焦镜拉动业绩增长 2024 年 08 月 21 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 623.07 | 748.74 | 822.06 | 898.78 | 968.80 | | 同比（ % ） | 8.25 | 20.17 | 9.79 | 9.33 | 7.79 | | 归母净利润（百万元） | 136.22 | 157.54 | 175.61 | 194.51 | 214.44 | | 同比（ % ） | 65.93 | 15.65 | 11.47 | 10.76 | 10.24 | | EPS- 最新摊薄（元 / ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's revenue and net profit attributable to the parent company showed steady growth in H1 2024, with revenue reaching 385 million yuan, a year-on-year increase of 5.21%, and net profit attributable to the parent company reaching 89 million yuan, a year-on-year increase of 11.04% [2] - The lens business demonstrated resilience, supporting the company's gross margin growth, with a gross margin of 59.40% in H1 2024, an increase of 2.72 percentage points year-on-year [2] - The company's product focus strategy has driven rapid growth in key products, with the PMC Ultra-Bright series growing 58.82% year-on-year and the 1.71 series growing 24.40% year-on-year in H1 2024 [2] - The "Easy Control" series of myopia prevention products continued to grow rapidly, with sales reaching 76 million yuan in H1 2024, a year-on-year increase of 38.86% [2] - The company entered into an exclusive cooperation agreement with Leica in the lens field, covering brand operations, technology R&D, precision imaging, optical design, precision manufacturing, and market promotion [2] Financial Performance - The company's operating income in 2024 is expected to reach 822.06 million yuan, a year-on-year increase of 9.79%, with net profit attributable to the parent company expected to reach 175.61 million yuan, a year-on-year increase of 11.47% [1] - The company's EPS for 2024 is forecasted to be 0.87 yuan per share, with a P/E ratio of 31.56 times [1] - The company's gross margin for 2024 is expected to be 57.94%, with a net profit margin attributable to the parent company of 21.36% [9] Product and Market Performance - The "Easy Control Pro" product showed a 72% effectiveness rate in delaying myopia progression over 24 months, with 97% of users adapting to the lenses within one day [2] - The company's lens business revenue reached 320 million yuan in H1 2024, a year-on-year increase of 12.08%, with a gross margin of 63.48%, an increase of 2.17 percentage points year-on-year [2] Strategic Developments - The company's cooperation with Leica is expected to enhance its brand and technological capabilities in the lens market [2] - The company's focus on key products and myopia prevention has driven significant growth in its core product lines [2]

明月镜片股份有限公司 2024 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算 | 2024 年期初占用 | 2024 用累计发生金额 | 年半年度占 | 2024 年半年度 占用资金的利 | 2024 半年度偿还 | 2024 | 年半年度期末 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 的会计科目 | 资金余额 | （不含利息） | | 息(如有) | 累计发生金额 | | 占用资金余额 | | | 控股股东、实际控制人及其 | | | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | | | 非经营性占用 | | 小计 | 无 | | | | | | | | | | - | | 前控股股东、实际控制人及 | | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 385,020,343.87, representing a 5.21% increase compared to CNY 365,939,936.15 in the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was CNY 88,966,730.67, an increase of 11.04% from CNY 80,121,334.97 in the previous year[11]. - The basic earnings per share for the first half of 2024 was CNY 0.4415, reflecting an increase of 11.04% compared to CNY 0.3976 in the previous year[11]. - The overall business gross margin for the first half of 2024 was 59.40%, an increase of 2.72 percentage points compared to the same period last year[22]. - The company's lens business grew by 13.98% year-on-year in the first half of 2024, despite external pressures, with the PMC Ultra Bright series revenue increasing by 58.82%[22]. - The company reported a net profit for the first half of 2024 of ¥94,041,806.31, compared to ¥86,922,150.50 in the previous year, representing an increase of 8.4%[106]. - The company achieved a gross profit margin of approximately 59.3% in the first half of 2024, compared to 56.5% in the same period of 2023[104]. Cash Flow and Financial Position - The net cash flow from operating activities decreased by 24.91% to CNY 71,021,733.53, down from CNY 94,584,559.32 in the same period last year[11]. - The net cash flow from financing activities decreased by 41.70% to -67,086,281.38 CNY, primarily due to an increase in dividend distribution[34]. - The cash and cash equivalents at the end of the period were CNY 124,973,977.75, a decrease from CNY 503,378,082.67 at the end of the first half of 2023[111]. - The company's cash and cash equivalents decreased to ¥403,195,873.35 from ¥953,307,795.82, representing a decline of approximately 57.7%[98]. - The total liabilities as of the end of the first half of 2024 were ¥118,105,839.46, compared to ¥113,175,604.01 at the end of the first half of 2023, reflecting an increase of 4.1%[105]. Investment and R&D - Research and development investment increased by 30.69% to ¥14,715,236.62, up from ¥11,259,749.75 in the previous year, indicating a strong focus on innovation[33]. - The company has maintained a strong commitment to research and development, holding numerous patents and being recognized as a high-tech enterprise in the optical lens industry[15]. - The company is actively pursuing new product development and technology advancements to enhance operational efficiency and market competitiveness[64]. Market Strategy and Product Development - The company has developed a comprehensive product line for myopia control lenses, with 24 SKUs covering various refractive indices and categories[16]. - A new partnership with Leica has been established to enhance high-end lens market offerings, focusing on technology development and optical design[16]. - The company launched a new blue light blocking lens product line in April 2024, expanding its product offerings to meet diverse consumer needs[16]. - The company has launched the "Good Doctor" brand in the medical channel, covering all age groups to meet diverse visual health needs[18]. - The company has established a network of tens of thousands of offline retail stores, focusing on direct sales, distribution, and medical channel collaboration, leading to sustained high sales growth[18]. Environmental Compliance and Sustainability - The company has received environmental approvals for various production projects, including a 10 million pairs per year optical equipment production project approved in May 2008 and a 30 million pieces production line upgrade approved in March 2023[60]. - The company achieved compliance with all pollutant discharge standards across its facilities, including air and water emissions[67]. - The company has set ambitious targets for reducing overall emissions by 20% over the next three years as part of its sustainability initiatives[64]. - The company reported a reduction in ammonia nitrogen (NH3-N) levels to 5.45 mg/Nm³, with an annual discharge of 0.46 tons, indicating improved wastewater treatment processes[62]. Shareholder Returns and Dividends - The company plans not to distribute cash dividends or issue bonus shares[2]. - The company distributed a cash dividend of CNY 3.00 per share, totaling CNY 60,219,785.40 (including tax), ensuring shareholder returns[72]. - The company has implemented a three-year shareholder dividend return plan (2024-2026) to enhance transparency and sustainability of profit distribution[72]. Risk Management - The company emphasizes the importance of risk factors in its operations and encourages investors to pay attention to investment risks[1]. - The company faces risks related to macroeconomic conditions that could negatively impact demand for its lens products if disposable income growth slows[52]. - The company acknowledges the risk that the benefits from fundraising projects may not meet expectations due to market changes affecting sales prices and production costs[55]. Corporate Governance - The company has not reported any changes in its registration status during the reporting period[10]. - There were no significant changes in the board of directors, supervisors, or senior management during the reporting period[58]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[74].