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]

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 明月镜片（301101）公司季报点评 2024 年 10 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------------------------------------------| | 股票数据 | | 10 [ Table_StockInfo 月 23 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《大单品延续增长趋势，"轻松控"系列产品 24H1 收入同增 39% 》 2024.08.25 | | 《 23 年"轻松控"产品同增 70% 持续优化》 2024.05.06 | | 《主营业务稳步增长，"轻松控"产品表现亮 眼》 2023.10.28 市场表现 | [Table_QuoteInfo] -38.27% -25. ...

证券代码：301101 证券简称：明月镜片 公告编号：2024-035 明月镜片股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 明月镜片股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日召开的第 二届董事会第十五次会议审议通过了《关于召开公司 2024 年第二次临时股东大 会的议案》，决定于 2024 年 11 月 8 日（星期五）14:30 召开 2024 年第二次临时 股东大会，现将有关事项通知如下： 一、会议召开的基本情况 （一）会议届次：2024 年第二次临时股东大会 （二）会议召集人：董事会。公司第二届董事会第十五次会议于 2024 年 10 月 22 日召开，审议通过了《关于召开公司 2024 年第二次临时股东大会的议案》， 同意召开本次股东大会。 （三）会议召开的合法性及合规性：本次董事会召开股东大会会议符合有关 法律、行政法规、部门规章、规范性文件和《公司章程》的相关规定。 （四）会议召开日期、时间： 1、会议召开时间：2024 年 11 月 8 日（星期五）14:30 2、网络投票时间：2024 年 11 月 ...

证券代码：301101 证券简称：明月镜片 公告编号：2024-032 明月镜片股份有限公司 第二届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 明月镜片股份有限公司（以下简称"公司"）第二届董事会第十五次会议于 2024 年 10 月 22 日在公司会议室以现场结合通讯的表决方式召开。本次会议通知于 2024 年 10 月 10 日以专人送达、电话、微信的方式通知了全体董事。本次会议由董事长 谢公晚先生主持，应出席会议董事 6 人，实际参加会议董事 6 人，公司监事、高级 管理人员列席会议。会议召开符合《中华人民共和国公司法》、《公司章程》等规定， 会议合法有效。 二、董事会会议审议情况 经与会董事充分讨论，本次会议审议通过议案如下： （一）审议通过《关于<2024 年第三季度报告>的议案》； 公司董事会审计委员会已审议通过该议案。 表决结果：6 票同意；0 票反对；0 票弃权。 （二）审议通过《关于补选第二届董事会非独立董事候选人的议案》； 公司董事会提名委员会已审议通过该议案。 同时，王雪平先生当选后 ...

证券代码：301101 证券简称：明月镜片 公告编号：2024-034 2024 年 10 月 24 日 附件 明月镜片股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日召开了第 二届董事会第十五次会议，审议通过《关于补选第二届董事会非独立董事候选人的 议案》。鉴于公司原董事彭志云先生申请辞去公司董事及董事会战略与投资委员会 委员职务，公司董事会提名王雪平先生（简历详见附件）为公司第二届董事会非独 立董事候选人，王雪平先生将在当选董事后担任公司第二届董事会战略与投资委 员会委员的职务。王雪平先生担任上述职务的任期为自公司股东大会审议通过之 日起至公司第二届董事会任期届满之日止。 本次补选完成后，公司董事会中兼任高级管理人员的董事人数总计未超过公 司董事总数的二分之一，符合相关法律法规的规定。 特此公告。 明月镜片股份有限公司 董 事 会 明月镜片股份有限公司 关于补选第二届董事会非独立董事候选人的公告 本公司及董事会全体成员保证信息披露内容的真实、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 非独立董事候选人简历 1、王雪平先生的简历 王雪平先生，1975 年生 ...

（一）审议通过《关于<2024 年第三季度报告>的议案》。 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，第三季度报告内容真实、准确、完整 地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 证券代码：301101 证券简称：明月镜片 公告编号：2024-033 明月镜片股份有限公司 第二届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 明月镜片股份有限公司（以下简称"公司"）第二届监事会第十五次会议于 2024 年 10 月 22 日在公司会议室以现场表决方式召开。本次会议通知于 2024 年 10 月 10 日以专人送达、电话、微信等形式通知了全体监事。本次会议由监事会 主席朱海峰先生召集并主持，应出席公司会议的监事 3 人，实际出席公司会议的 监事 3 人。会议召开符合《中华人民共和国公司法》、《公司章程》等规定，会议 合法有效。 二、监事会会议审议情况 经与会监事充分讨论，本次会议审议通过议案如下： 监 事 会 2024 ...