Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Insights - The company has successfully implemented a "1+3" major product strategy, with significant revenue growth in key product lines such as the "Easy Control" series and PMC Ultra Bright series, achieving revenue increases of nearly 80% and 30% year-on-year respectively in 2023 [2]. - The company has established an exclusive partnership with Leica for lens development, enhancing its position in the high-end lens market [2]. - The company's net operating cash flow remained stable at 209 million yuan in 2023, with a slight decrease in Q1 2024 [3]. - The gross margin improved to 57.6% in 2023, driven by product structure upgrades and strong sales of defocus lenses [8]. Financial Performance Summary - In 2023, the company reported revenue of 749 million yuan, a year-on-year increase of 20.2%, and a net profit of 158 million yuan, up 15.7% [7]. - The projected revenue for 2024 is 882 million yuan, with a net profit forecast of 194 million yuan, reflecting a growth rate of 17.8% and 22.9% respectively [5][9]. - The company's earnings per share (EPS) is expected to rise from 0.78 yuan in 2023 to 0.96 yuan in 2024 [5][9]. - The price-to-earnings (P/E) ratio is projected to decrease from 32.9 in 2023 to 26.8 in 2024, indicating a more attractive valuation [5][9].

请务必阅读正文之后的信息披露和免责申明 2 公司报告 | 年报点评报告 财务预测摘要 孙海洋 分析师 SAC 执业证书编号：S1110518070004 sunhaiyang@tfzq.com 张彤 联系人 zhangtong@tfzq.com -64% -54% -44% -34% -24% -14% -4% 2023-04 2023-08 2023-12 2024-04 明月镜片 创业板指 常规片方面，23 年/24Q1 三大明星产品收入占常规镜片收入比 52%/54%， 其中 PMC 超亮收入同比+80%/+77%，1.71 系列同比+30%/+33%，防蓝光 24Q1 同比+22%； 24 年 4 月公司推出浅底色防蓝光镜片新产品，将防蓝光产品矩阵扩充到专 业级、日常通用、浅底色三个系列，以满足更多场景下用户需求；此外宣 布与德国徕卡公司达成镜片领域的独家合作协议，共同开启中国高端镜片 市场新篇章。 近视防控产品仍处快速增长通道，截止23 年末零售、医疗渠道各12 个SKU， 折射率覆盖 1.56-1.71，产品线丰富度保持领先；医疗渠道进展顺利，23 年 底医院类客户 194 家。 聚焦优质客户，费 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company achieved a revenue of 749 million yuan in 2023, representing a year-on-year growth of 20.17%. The net profit attributable to the parent company was 158 million yuan, up 15.65% year-on-year. For Q1 2024, revenue reached 192 million yuan, with a year-on-year increase of 11.93% [1]. - Despite external disruptions, the company demonstrated operational resilience, with revenue growth continuing in Q4 2023 and Q1 2024. The growth was driven by optimizing product structure and the rapid increase in sales of the "Easy Control" series of myopia management lenses and star products in conventional lenses [1]. - The gross margin for Q1 2024 increased by 1.9 percentage points to 58.1%, indicating an improvement in profitability. The net profit margin for Q1 2024 was 21.97%, up 1.55 percentage points year-on-year [1]. - The company is advancing its strategy of focusing on large single products in conventional lenses, with significant sales growth in key products. The "Easy Control" series saw sales of 133.38 million yuan in 2023 and 41.08 million yuan in Q1 2024, reflecting year-on-year growth of 70% and 50%, respectively [1]. - The investment suggestion highlights the company as a leading domestic lens manufacturer, with steady growth in conventional lens business and a strong position in the myopia prevention market, projecting net profits of 185 million, 220 million, and 270 million yuan for 2024-2026, with corresponding year-on-year growth rates of 17%, 19%, and 23% [1]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 749 million yuan, with a growth rate of 20.17%. The net profit attributable to the parent company was 158 million yuan, with a growth rate of 15.65% [1][6]. - For Q1 2024, revenue was 192 million yuan, reflecting an 11.93% year-on-year increase, while net profit was 42 million yuan, up 20.42% year-on-year [1]. Profitability Metrics - The gross margin for Q1 2024 was 58.1%, an increase of 1.9 percentage points year-on-year. The net profit margin for the same period was 21.97%, up 1.55 percentage points year-on-year [1]. - The company’s focus on optimizing product structure has led to improved profitability metrics, with a notable increase in the sales efficiency of digital marketing strategies [1]. Product Strategy - The company is implementing a large single product strategy in conventional lenses, with significant sales growth in key products. The "Easy Control" series has expanded its product matrix, contributing to overall revenue growth [1]. - The sales of the "Easy Control" series reached 133.38 million yuan in 2023 and 41.08 million yuan in Q1 2024, with respective year-on-year growth rates of 70% and 50% [1].

Investment Rating - The report maintains an "Outperform" rating for the company [1][13]. Core Views - The company reported a revenue of 749 million yuan in 2023, representing a year-on-year growth of 20.2%, and a net profit attributable to shareholders of 158 million yuan, up 15.7% year-on-year. The first quarter of 2024 saw a revenue of 192 million yuan, an increase of 11.9% year-on-year, and a net profit of 42 million yuan, growing by 20.4% year-on-year [1][2]. - The core business of the company, particularly the defocus lenses and three star products, continues to show strong growth, contributing to the overall stability of the lens business [1][3]. - The company is expanding its retail and medical channels, with significant growth in direct sales and partnerships with medical institutions, indicating a robust operational efficiency [1][3]. Revenue Summary - In 2023, the company achieved revenues of 595 million yuan from lenses, 90 million yuan from raw materials, 54 million yuan from finished lenses, and 5 million yuan from frames, with respective year-on-year growth rates of 24.6%, 11.4%, 10.4%, and 50.1% [1][3]. - The defocus lens sales reached 133 million yuan in 2023, marking a 70% increase year-on-year, with Q4 2023 sales of 33.67 million yuan, up 58% year-on-year [1][3]. Profitability Summary - The company's gross margin for 2023 was 57.6%, an increase of 3.6 percentage points year-on-year, with a net profit margin of 23.1% [3][1]. - The company has effectively controlled expenses, leading to an improvement in the sales expense ratio since Q4 2023 [3][1]. Future Outlook - The defocus lens market is expected to experience rapid penetration, with the company well-positioned to capitalize on this growth through its product, channel, and brand strategies [3][1]. - The company has adjusted its net profit forecasts for 2024-2025 to 193 million yuan and 232 million yuan, respectively, reflecting a growth rate of 22.3% and 20.6% [13][1].

公 司 更 新 报 告 -10% 3% 17% 30% 44% 57% -45% -34% -23% -12% -2% 9% 2023-04 2023-08 2023-12 股票绝对涨幅和相对涨幅 明月镜片价格涨幅 明月镜片相对指数涨幅 3% 8% 13% 18% 24% 29% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 2025E 908 255 12 210 111 321 0 20 -21 337 41 26 275 1,351 137 1 246 60 2,141 132 16 1,993 2,000 282 20 -28 -35 240 269 -15 -83 171 18.3% 29.2% 28.6% 77.0% 29.0% 24.9% 14.5% 12.8% 14.1% 104.6 58.0 660.3 1.0 3.9% 6.9% 7.4% 18.87 2.90 12.55 4.98 1.6% | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------ ...

[盈利预测与财务指标 Table_Forcast] ➢ 事件：明月镜片披露 2023 年年报及 2024 年一季报。23 年，公司实现 营收 7.49 亿元，同比+20.17%；归母净利润 1.58 亿元，同比+15.65%；扣 非归母净利 1.36 亿元，同比+46.99%。24Q1，公司实现营收 1.92 亿元， 同比+11.93%；归母净利润 0.42 亿元，同比+20.42%；扣非归母净利 0.35 亿元，同比+15.04%。 ➢ 外部因素扰动下收入逆势延续增长，经营韧性凸显。23Q4/24Q1，公司 实现营收 1.86/1.92 亿元，同比+10.37%/+11.93%，公司在线下消费受到 客观环境的影响、海外局势动荡导致原料业务和出口业务承压的背景下，通 过优化产品结构，带动近视管理镜片"轻松控"系列产品和常规镜片中明星 产品快速增长，进而实现整体营收的持续增长，经营韧性彰显。 ➢ 24Q1 毛利率同比+1.9pct 至 58.1%，扣非归母净利润率同比+0.5pct 至 18.1%，盈利能力进一步提升。1）毛利率方面，23Q4，公司毛利率为 56.60%，同比+3.20pct；24Q1，公司毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.36 yuan [3][11]. Core Insights - In 2023, the company achieved revenue of 749 million yuan, a year-on-year increase of 20.17%, and a net profit attributable to the parent company of 158 million yuan, up 15.65% year-on-year [1]. - For Q1 2024, the company reported revenue of 192 million yuan, a year-on-year growth of 11.93%, and a net profit of 42 million yuan, increasing by 20.42% year-on-year [1]. - The company's lens business is rapidly growing, with significant sales increases in key products, particularly the "轻松控" series, which saw a 70% increase in sales to 133 million yuan in 2023 [1]. - The gross profit margin improved to 57.58% in 2023, up approximately 3.5 percentage points year-on-year, attributed to a higher proportion of high-margin products [1]. - The company has entered into an exclusive cooperation agreement with Leica, enhancing its brand and product strength in the mid-to-high-end lens market [1]. Financial Forecast and Investment Recommendations - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 190 million, 230 million, and 270 million yuan respectively, reflecting a positive outlook for growth [2][11]. - The report anticipates continued growth in the company's lens business, supported by a strong brand strategy and increasing demand for myopia control products [11].

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[Table_ReportTypeIndex] 公司点评 免责声明 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 3 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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