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。 证券代码：301101 证券简称：明月镜片 公告编号：2024-022 明月镜片股份有限公司 关于 2023 年度权益分派实施公告 特别提示： 1、明月镜片股份有限公司（以下简称"公司"）通过回购专户持有的公司 股份 779,482 股，不参与本次权益分派。因此，本次权益分派以总股本扣除公司 回购专户中已回购股份后的总股本 200,732,618 股为基数，向全体股东每 10 股 派发现金股利人民币 3.00 元（含税）。 2、本次权益分派实施后，按公司总股本折算每股现金分红比例计算如下： 本次实际现金分红总额=（股权登记日的总股本-回购专户中的股份）×每股 分红金额=200,732,618×3÷10=60,219,785.40 元； 公司总股本折算每股现金红利=本次实际现金分红总额÷股权登记日的总股 本=60,219,785.40÷201,512,100=0.2988395 元/股； 3、2023 年度权益分派实施后的除权（息）价按照上述原则和方式执行，即 本次权益分派实施后的除权（息）参考价：除权（息）参考价 ...

| --- | --- | --- | --- | --- | --- | |----------------------------------------|-------|-------|-------|-------|-------| | 主要财务数据及预测 [Table_FinanceInfo] | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 623 | 749 | 888 | 1053 | 1251 | | (+/-)YoY(%) | 8.3% | 20.2% | 18.6% | 18.6% | 18.7% | | 净利润（百万元） | 136 | 158 | 213 | 265 | 332 | | (+/-)YoY(%) | 65.9% | 15.7% | 35.0% | 24.6% | 25.2% | | 全面摊薄 EPS( 元 ) | 0.68 | 0.78 | 1.06 | 1.32 | 1.65 | | 毛利率 (%) | 54.0% | 57.6% | 59.8% | 61.6% | 63.5% | | 净资产收益率 (%) | ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | 沪深 300 | 对比 | 1M | 2M | 3M | | 绝对涨幅（ | % ） | -13.0 | -17.9 | -22.6 | | 相对涨幅（ 资料来源：海通证券研究所 | % ） | -11.9 | -18.3 | -31.1 | | 分析师 Tel: : 郭庆龙 Email:gql13820@haitong.com 证书 :S0850521050003 | | | | | | 分析师 : 高翩然 | | | | | | Email:gpr14257@haitong.com | | | | | | 证书 :S0850522030002 | | | | | [Table_Summary] 投资要点： 分 渠 道 看 ， 23 年直销 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company reported a revenue of 749 million yuan in 2023, representing a year-on-year increase of 20.17%, with a net profit attributable to shareholders of 158 million yuan, up 15.65% year-on-year [1]. - The company has established a strong presence in the defocus lens market, with significant growth in sales and a focus on optimizing product structure [11][17]. - The company has entered into an exclusive partnership with Leica in the lens sector, aiming to enhance its product offerings in the mid to high-end market [2]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 186 million yuan, a year-on-year increase of 10.37%, and a net profit of 35 million yuan, up 28.31% year-on-year [1]. - For Q1 2024, the revenue was 192 million yuan, reflecting an 11.93% year-on-year growth, with a net profit of 42 million yuan, up 20.42% year-on-year [1]. - The company expects revenues of 888 million yuan and 1.059 billion yuan for 2024 and 2025, respectively, with corresponding net profits of 187 million yuan and 223 million yuan [3][4]. Market Trends and Strategic Focus - The defocus lens segment continues to show high growth, with sales of the "Easy Control" product line reaching 133 million yuan in 2023, a 70% increase year-on-year [17]. - The company is focusing on improving its customer structure, with significant revenue growth in key provinces such as Jiangsu and Guangdong, where revenue increased by over 38% [11]. - The medical channel has shown promising results, with a 44% year-on-year increase in sales in 2023, indicating successful strategies in this area [17].

明月镜片（301101.SZ） 2024 年 04 月 27 日 | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/26 | | 当前股价 ( 元 ) | 26.95 | | 一年最高最低 ( 元 ) | 73.90/23.12 | | 总市值 ( 亿元 ) | 54.31 | | 流通市值 ( 亿元 ) | 19.26 | | 总股本 ( 亿股 ) | 2.02 | | 流通股本 ( 亿股 ) | 0.71 | | 近 3 个月换手率 (%) | 92.01 | 未来展望：聚焦"1+3"大单品策略，渠道建设加速深化 股价走势图 《2023Q3 业绩符合预期，离焦镜保持 高 成 长 性 — 公 司 信 息 更 新 报 告 》 -2023.10.26 资产负债表(百万元) 2022A 2023A 2024E 2025E 2026E 利润表(百万元) 2022A 2023A 2024E 2025E 2026E 流动资产 1366 1436 1718 1832 2189 营业收入 623 749 860 1001 1162 现 ...

基础数据 [Table_BaseData] 总股本(亿股) 2.02 流通 A 股(亿股) 0.71 52 周内股价区间(元) 24.61-70.9 总市值(亿元) 53.34 总资产(亿元) 18.15 每股净资产(元) 7.93 核心单品增长亮眼，产品结构持续优化 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究发展中心 相关研究 [Table_Summary 业绩摘要：公司发布 ] 2023年年报及 2024年一季报，2023年公司实现营收 7.5 亿元（同比+20.2%）；实现归母净利润 1.6亿元（同比+15.7%）；实现扣非净 利润 1.4亿元（同比+47%）。单季度来看，2023Q4公司实现营收 1.9亿元（同 比+10.4％）；实现归母净利润 0.4亿元（同比-28.3%）；实现扣非后归母净利 润 0.3亿元（同比+9.4%）。2024Q1公司实现营收 1.9亿元（同比+11.9％）； 实现归母净利润 0.4亿元（同比+20.4%）；实现扣非后归母净利润 0.3亿元（同 比+15%）。收入稳步增长，彰显品牌韧性。 [Table_Author] 分析师：蔡欣 执业证号：S1250517 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.88 CNY per share, compared to the current price of 25.73 CNY [13][10]. Core Insights - The company, Mingyue Lens, is positioned as a leading manufacturer in the lens industry, focusing on myopia prevention and control. It aims to establish itself as "China's number one lens brand" through strong brand image, technological advantages, and extensive channel coverage [12][10]. - The company has formed partnerships with notable medical institutions, which is expected to enhance its development in medical channels. Additionally, a collaboration with Leica is anticipated to support new product launches and continuous optimization of product structure [2][12]. - The company's revenue for 2023 is projected to be 749 million CNY, reflecting a year-on-year growth of 20.2%. The net profit attributable to the parent company is expected to reach 158 million CNY, a 15.7% increase year-on-year [12][3]. Financial Summary - Revenue (in million CNY): 2022A: 623, 2023A: 749, 2024E: 899, 2025E: 1,068, 2026E: 1,273 [3][12]. - Net Profit (in million CNY): 2022A: 148, 2023A: 173, 2024E: 216, 2025E: 263, 2026E: 322 [3][12]. - EPS (CNY per share): 2022A: 0.68, 2023A: 0.78, 2024E: 0.96, 2025E: 1.18, 2026E: 1.44 [3][12]. - The company is expected to maintain a robust EBITDA growth, with projections of 222 million CNY in 2023 and 388 million CNY by 2026 [3][12]. Market Performance - The company has shown resilience in its performance despite industry pressures, with significant growth in its "Easy Control" product line, which achieved a revenue of 133 million CNY in 2023, marking a 70% increase year-on-year [12][10]. - The report highlights the successful expansion into new channels and customer bases, which is expected to further differentiate the company from smaller competitors [12][10].

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].