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% | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------ ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance [1][7]. Core Insights - 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 shareholders 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 challenges, the company demonstrated resilience with continuous revenue growth, driven by optimized product structure and strong sales of its "Easy Control" series and other star products [1]. - The gross profit margin for Q1 2024 improved by 1.9 percentage points to 58.1%, indicating enhanced profitability. The net profit margin also increased, reflecting effective cost management and marketing strategies [1]. - The company is recognized as a leading domestic lens manufacturer, with a focus on conventional lens business and a growing presence in myopia management products, which are expected to contribute to future growth [1][7]. Financial Forecasts - The company is projected to achieve net profits of 200 million yuan, 240 million yuan, and 287 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27%, 20%, and 20% [1][8]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 26x for 2024, 22x for 2025, and 18x for 2026, suggesting a favorable valuation relative to expected earnings growth [1][8].

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 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

敬请参阅最后一页特别声明 1 国金证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 国产替代不及预期风险、新品推广不及预期风险、应收账款发生 坏账风险、原材料价格波动风险。 投资评级的说明： | --- | --- | --- | |--------------------------------------|--------------------------------------|--------------------------------------------------| | | 上海 北京 深圳 | | | 电话： 021-80234211 | 电话： 010-85950438 | 电话： 0755-86695353 | | 邮箱： researchsh@gjzq.com.cn | 邮箱： researchbj@gjzq.com.cn | 邮箱： researchsz@gjzq.com.cn | | 邮编： 201204 | 邮编： 100005 | 邮编： 518000 | | 地址：上海浦东新区芳甸路 1088 号 | 地址：北京市东城区建内大街 26 号 | ...

证券研究报告·公司点评报告·文娱用品 买入（维持） ◼ 2024 年 Q1 公司实现扣非归母净利润同比增速 15%：公司披露 2023 年 年报和 2024 年一季报，2023 年全年公司收入 7.49 亿元，同比+20.2%， 实现归母净利润 1.58 亿元，同比+15.65%，实现扣非归母净利润 1.36 亿 元，同比+47%。分季度来看，2023 年 Q4/2024 年 Q1 公司实现收入分 别为 1.86/1.92 亿元，同比+10.4%/+11.9%，实现归母净利润 3512 万元 /4221 万元，同比-28%/+20.4%，实现扣非归母净利润 2928 万元/3479 万 元，同比增速+9.51%/+15%。 ◼ 2024 年 Q1 毛利率继续提升，离焦镜保持高速增长，2024 年 Q1 业务拆 分来看，PMC 超亮系列产品收入同比+77%、 1.71 系列产品收入同比 +33%，防蓝光系列产品收入同比+22%，三大明星产品的收入在常规镜 片收入中占比为 54%。近视防控产品依然保持较快增长，2024 年 Q1 " 轻松控"系列产品销售额为 4108 万元，同比+50%。2024 年 Q1 公 ...

明月镜片股份有限公司 董事会审计委员会对会计师事务所 2023 年度履职情况评估及履行监督职责情况的报告 明月镜片股份有限公司（以下简称"公司"）董事会审计委员会根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国有企业、 上市公司选聘会计师事务所管理办法》《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》等法律法规、规范性文件以及《公司章程》 《董事会审计委员会议事规则》等规定和要求，本着勤勉尽责的原则，恪尽职守， 认真履职。现将董事会审计委员会对会计师事务所 2023 年度履职评估及履行监 督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的 特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计 ...

明月镜片股份有限公司 2023 年度内部控制自我评价报告 明月镜片股份有限公司全体股东： 明月镜片股份有限公司（以下简称"公司"）董事会根据《企业内部控制基 本规范》及其配套指引的规定和其他内部控制监管要求（以下简称"企业内部控 制规范体系"），结合内部控制制度和评价办法，在内部控制日常监督和专项监督 的基础上，公司对 2023 年 12 月 31 日（内部控制自我评价报告基准日）的内部 控制有效性进行了评价。 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制自我评价报告 基准日，不存在财务报告内部控制重大缺陷。董事会认为，公司已按照企业内部 控制规范体系和相关规定的要求，在所有重大方面保持了有效的财务报告内部控 制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制自我评价报告 基准日，公司未发现非财务报告内部控制重大缺陷。自内部控制自我评价报告基 准日至内部控制自我评价报告发出日之间未发生影响内部控制有效性评价结论 的因素。 三、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。纳入评价范围的主要单位为公司及下属子公司，其 ...