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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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable growth in revenue and net profit for H1 2024, with revenue reaching 385 million yuan, up 5.21% year-on-year, and net profit attributable to the parent company at 89 million yuan, up 11.04% year-on-year [2] - The lens business showed resilience, supporting an increase in the company's gross margin to 59.40%, up 2.72 percentage points from the same period last year [2] - The focus on product strategy led to rapid growth in key products, with the PMC Ultra Bright series seeing a revenue increase of 58.82% year-on-year [2] - The "Easy Control" series for myopia prevention achieved sales of 76 million yuan in H1 2024, up 38.86% year-on-year [2] - The company entered into an exclusive cooperation agreement with Leica in the lens field, enhancing collaboration in brand operation, technology development, and market promotion [2] Financial Forecasts and Valuation - The company adjusted its net profit forecasts for 2024-2026, now estimating 1.76 billion yuan, 1.95 billion yuan, and 2.14 billion yuan respectively, with the latest closing price corresponding to P/E ratios of 32, 28, and 26 times for 2024-2026 [3] - The projected earnings per share (EPS) for 2024 is 0.87 yuan, with a P/E ratio of 31.56 [1][3]

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 | | | | ...

明月镜片股份有限公司 关于部分募投项目延期的公告 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。 明月镜片股份有限公司（以下简称"公司"）于 2024 年 8 月 20 日召开了第 二届董事会第十四次会议和第二届监事会第十四次会议，分别审议通过了《关于 部分募投项目延期的议案》，同意公司在募投项目实施主体、实施方式、建设内 容、募集资金投资用途及投资规模不发生变更的前提下，将"营销网络及产品展 示中心建设项目"的预定可使用状态时间相应调整。本次募投项目延期事项在董 事会的审批权限范围内，无需提交股东大会审议。现将有关情况公告如下： 一、募集资金基本情况 证券代码：301101 证券简称：明月镜片 公告编号：2024-028 三、本次部分募集资金投资项目延期的具体情况 根据募投项目的实施进度，经审慎分析和认真研究，为了维护全体股东和公 司的利益，在项目实施主体、实施方式、建设内容、募集资金投资用途及投资规 模都不发生变更的情况下，公司决定将募投项目"营销网络及产品展示中心建设 项目"进行延期。上述募投项目截至 2024 年 7 月 31 日的资金投入情况，及本次 ...

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].

证券代码：301101 证券简称：明月镜片 公告编号：2024-027 明月镜片股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 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。 根据《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》、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求（2022 年修订）》等有关规定，现将明月镜片股份有限公司（以下简称"公 司"）2024 年半年度募集资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意明月镜片股份有限公司首次公开发行 股票注册的批复》（证监许可〔2021〕3473 号）同意注册，公司获准首次公开发 行人民币普通股（A 股）股票 3,358.54 万股，每股面值 1 元，每股发行价格为 人民币 26.91 元，募集资金总额为人民币 903,783,114.00 元，扣除各类发行费 用后实际募集资金净额为人民币 792,923,877.64 元。上述募集资金到位情况经 立信会计师事务所 ...