证券代码：301101 证券简称：明月镜片 公告编号：2024-031 明月镜片股份有限公司 特此公告。 明月镜片股份有限公司 董 事 会 2024 年 9 月 11 日 明月镜片股份有限公司（以下简称"公司"）董事会于 2024 年 9 月 11 日收到 公司董事彭志云先生提交的书面辞职报告。彭志云先生由于个人原因，申请辞去担 任的公司董事、战略与投资委员会委员职务，辞职后不在公司及控股子公司担任其 他职务。彭志云先生原定董事任期为 2022 年 12 月 5 日至 2025 年 12 月 4 日。 根据《公司法》《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》相关的规定，彭志云先生的辞职未导致公司董事会成员人数低于 法定最低人数，亦未导致公司董事会中兼任公司高级管理人员的董事人数总计超 过公司董事总数的二分之一，其辞职报告自送达公司董事会之日起生效。彭志云先 生辞去上述职务不会对董事会的正常运作和公司生产经营产生影响。截至本公告 披露日，彭志云先生未持有公司股票，且不存在应当履行而未履行的承诺事项。 彭志云先生任职公司董事期间勤勉尽责，公司董事会对彭志云先生任职期间 为公司经营 ...

证券代码：301101 证券简称：明月镜片 公告编号：2024-030 东方证券已于近日自证监会取得换发后的《经营证券期货业务许可证》，业务 范围含"证券承销与保荐"。东方证券与东方投行严格根据有关法律法规、证监会 批复及相关要求推进实施吸收合并工作，自 2024 年 9 月 2 日起，东方投行存量客 户与业务整体迁移并入东方证券，东方投行承接的投资银行业务项目均由东方证 券继续执行，东方投行对外签署的协议均由东方证券继续履行，东方投行全部债权 及债务由东方证券依法承继。 公司持续督导保荐机构由东方投行变更为东方证券。本次持续督导保荐机构 主体变更事项不属于公司更换持续督导保荐机构事项。 特此公告。 明月镜片股份有限公司 董 事 会 2024 年 9 月 5 日 明月镜片股份有限公司 关于持续督导保荐机构主体变更的公告 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"）近日接到公司首次公开发行股票 之持续督导机构东方证券承销保荐有限公司（以下简称"东方投行"）的通知，根 据中国证券监督管理委员会于 2023 年 2 月 2 ...

Investment Rating - The investment rating for the company is "Increase" (maintained) with a target price of 25.03 CNY [1]. Core Views - The company has shown resilience in its lens business, achieving a revenue increase of 12.08% in the first half of 2024, despite external pressures [1]. - The company's focus on star products has led to significant growth, with the PMC Ultra Bright series revenue increasing by 58.82% [1]. - The company has expanded its product matrix with new anti-blue light lens products, enhancing its competitive edge in the market [1]. Financial Performance - In Q2 2024, the company reported revenue of 193 million CNY, a decrease of 0.72% year-on-year, while net profit attributable to the parent company was 47 million CNY, an increase of 3.74% [1]. - For the first half of 2024, total revenue reached 385 million CNY, up 5.21% year-on-year, with net profit increasing by 11.04% to 89 million CNY [1]. - The company's gross margin improved to 59.40%, up 2.72 percentage points year-on-year, with a net profit margin of 24.43%, an increase of 0.68 percentage points [1]. Product and Market Strategy - The company has optimized its product structure and customer base, with direct sales accounting for 55.39% of total revenue in the first half of 2024 [1]. - The company has established an exclusive partnership with Leica, enhancing its brand strength and product advantages in the high-end lens market [1]. - The company continues to focus on differentiated lens categories, particularly in the youth myopia management sector, which is expected to drive significant growth in the future [1]. Financial Projections - The company has adjusted its profit forecast, expecting net profits of 180 million CNY, 210 million CNY, and 260 million CNY for 2024, 2025, and 2026 respectively [1]. - Earnings per share (EPS) are projected to be 0.89 CNY, 1.06 CNY, and 1.29 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 28, 24, and 19 times [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 385 million yuan in H1 2024, representing a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 89 million yuan, up 11.0% year-on-year [1]. - The company continues to upgrade its product structure and expand its distribution channels, with significant growth in its "Easy Control" series, which saw sales of 76 million yuan in H1 2024, a 38.9% increase year-on-year [1]. - The company has established a strong market position in the defocus lens segment, with rapid growth and a focus on a "1+3" major product strategy [1][2]. Financial Performance - In Q2 2024, the company reported a revenue of 193 million yuan, a slight decrease of 0.7% year-on-year, while net profit increased by 3.7% to 47 million yuan [1]. - The gross margin for Q2 2024 was 60.7%, an increase of 3.6 percentage points year-on-year, driven by product structure upgrades and the rapid growth of defocus lenses [2]. - The company forecasts net profits of 170 million yuan, 210 million yuan, and 250 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 29.2X, 24.1X, and 20.2X [2][3]. Product Development - The "Easy Control" series continues to perform well, with a significant increase in sales and a strong marketing push, including collaborations with popular brands and influencers [1]. - The company has entered into an exclusive partnership with Leica for lens development, aiming to enhance its presence in the high-end lens market [1]. Market Position - The company has solidified its leading position in the defocus lens market, with a notable increase in sales and market penetration [1][2]. - The revenue from the three major star products accounted for 55.79% of the regular lens revenue in H1 2024, indicating a successful product matrix strategy [1].

预计公司 2024 / 25 / 26年能够实现基本每股收益 0.89 / 1.02 / 1.16元,对应 PE 为 31X / 27X / 24X,维持"推荐"评级。 公司点评报告 · 轻工行业 业绩整体维稳，大单品持续成长 核心观点 2024年8月 22 日 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Insights - The company demonstrated resilience in growth with a revenue of 385 million yuan for the first half of 2024, reflecting a year-on-year increase of 5.21%. The net profit attributable to the parent company reached 89 million yuan, up 11.04% year-on-year [1]. - The product structure of the lens business is optimizing, with an increase in gross margin and net profit margin. The gross margin for the first half of 2024 was 59.40%, up 2.72 percentage points year-on-year [2]. - The company is actively expanding its market presence through collaborations with well-known hospitals and clinics, aiming for sustainable long-term growth [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 385 million yuan, with a year-on-year growth of 5.21%. The net profit attributable to the parent company was 89 million yuan, marking an 11.04% increase year-on-year. In Q2 alone, revenue was 193 million yuan, down 0.72% year-on-year, while net profit was 47 million yuan, up 3.74% year-on-year [1]. - The gross margin for H1 2024 was 59.40%, an increase of 2.72 percentage points year-on-year, driven by the rising proportion of high-performing lens products [2]. Product Development - The company has enhanced its product matrix in myopia management, with 24 SKUs available across retail and medical channels. The "Light Control" series saw sales of 76.1 million yuan in H1 2024, up 39% year-on-year [1]. - The sales of the three major star products in the regular lens category have significantly increased, with the PMC Ultra Bright series seeing a revenue increase of 58.82% year-on-year [1]. Market Strategy - The company is focusing on expanding its customer base by collaborating with major hospitals and clinics, optimizing its customer structure to support long-term sustainable growth [2]. - The report projects that the net profit attributable to the parent company will grow to 178 million yuan in 2024, 193 million yuan in 2025, and 243 million yuan in 2026, with respective year-on-year growth rates of 13.3%, 7.9%, and 26.4% [2].

意识的提升是大势所趋，且配镜属于刚性消费，公司作为国内稀缺眼镜品牌， 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | |--------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 ...