东方证券承销保荐有限公司 关于明月镜片股份有限公司 部分募投项目延期的核查意见 东方证券承销保荐股份有限公司（以下简称"东方证券"或"保荐机构"）作为 明月镜片股份有限公司（以下简称"明月镜片"或"公司"）首次公开发行股票并在 创业板上市之保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所创业板股票上市规则》《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》等有关规定，对明月镜片部分募投项目延期的事项进行了 核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《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，明月镜片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 ...

证券代码：301101 证券简称：明月镜片 公告编号：2024-024 明月镜片股份有限公司 关于股价异常波动的公告 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、股票交易异常波动的情况 明月镜片股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 13 日、8 月 14 日连续 2 个交易日收盘价格涨幅偏离值累计达到 30%以上。根据深圳 证券交易所的有关规定，属于股票交易异常波动的情形。 二、公司关注并核实相关情况 针对公司股票异常波动情况，公司董事会通过现场、电话及通信等方式，对公 司控股股东、实际控制人、公司全体董事、监事及高级管理人员就相关问题进行了 核实，现就相关情况说明如下： 1、截至本公告日，公司前期披露的信息不存在需要更正、补充之处； 2、公司及控股股东、实际控制人不存在应披露而未披露的重大事项，也不存 在处于筹划阶段的重大事项； 1、经自查，公司不存在违反信息公平披露的情形。 2、公司于 2024 年 7 月 22 日披露了《2024 年半年度业绩预告》（公告编号： 2024-023），具体内容详见公司披露于巨潮资讯网 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated stable revenue and profit performance, with a focus on product structure upgrades and a "1+3" big product strategy, leading to steady growth in a challenging consumption environment [2][3] - The partnership with Leica is set to deepen, with plans for a joint launch event in the second half of 2024, marking a significant step in the high-end lens market in China [3] - Profitability is expected to rise steadily, with projected net profits of 180 million, 218 million, and 263 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 23.7X, 19.6X, and 16.2X [3] Financial Performance Summary - Revenue for 2024 is projected to reach 833 million yuan, with a year-over-year growth rate of 11.3% [4] - The net profit for 2024 is estimated at 180 million yuan, reflecting a year-over-year growth of 14.3% [4] - The company’s EPS is expected to increase from 0.78 yuan in 2023 to 0.89 yuan in 2024 [4] - The return on equity (ROE) is projected to improve from 10.8% in 2023 to 11.3% in 2024 [4] Product Strategy and Market Position - The company is advancing its "1+3" big product strategy, with significant growth in key product lines such as the PMC Ultra Bright series and blue light blocking lenses, which saw revenue increases of 77%, 33%, and 22% respectively in Q1 2024 [2][3] - The share of these key products in total revenue has risen to 54%, indicating a successful product matrix optimization [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [21]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 41.34 million and 50.62 million yuan in Q2 2024, reflecting a year-on-year change of -8.3% to +12.3% [1]. - The company has optimized its product structure, focusing on star products and the growing category of defocus lenses, which are projected to continue strong growth [2][4]. - The company has implemented a customer tiering strategy, enhancing its channel competitiveness and focusing on mid-to-large clients, which is expected to improve profitability steadily [3]. Financial Performance Summary - The company's revenue is projected to grow from 623.07 million yuan in 2022 to 1,202.54 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 15.47% [6]. - The net profit attributable to shareholders is expected to increase from 136.19 million yuan in 2022 to 285.72 million yuan in 2026, with a CAGR of about 20.15% [6]. - The company's earnings per share (EPS) is forecasted to rise from 0.68 yuan in 2022 to 1.42 yuan in 2026 [6]. Product and Market Strategy - The company has a comprehensive product line in traditional lenses, with three star products showing robust growth despite external pressures, with year-on-year revenue increases of 77%, 33%, and 22% for different product lines in Q1 2024 [2]. - The defocus lens segment is experiencing rapid growth, with sales expected to continue increasing, supported by a wide retail channel and effective marketing strategies [2][5]. - The company has established a strong market position in the defocus lens market, capturing 62% of the market share, while maintaining an upward trend in product pricing [5].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 23.2 CNY [9] Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 83.55 million to 92.83 million CNY in 2024, representing a year-on-year growth of 4.3% to 15.9% [2] - The company's product structure is continuously optimized, with a focus on the "1+3+N" product layout, leading to an expected steady increase in profitability [4] - The company has a significant market position in the defocus lens segment, with sales expected to continue growing despite industry price competition [3][6] Financial Performance - The company’s revenue is projected to grow from 623.07 million CNY in 2022 to 1,202.54 million CNY by 2026, with a compound annual growth rate (CAGR) of approximately 15.47% [15] - The net profit attributable to the parent company is forecasted to increase from 136.19 million CNY in 2022 to 285.72 million CNY in 2026, reflecting a growth rate of 20.15% [15] - The company’s EBITDA is expected to rise from 220.25 million CNY in 2022 to 425.64 million CNY in 2026 [15] Product and Market Strategy - The company has successfully maintained a high average selling price for its products, transitioning from first-generation to second-generation products while preparing for future market changes [3] - The defocus lens segment is experiencing rapid growth, with sales expected to increase by 50% year-on-year in Q1 2024 [6] - The company is focusing on large and medium-sized clients, enhancing its channel competitiveness through targeted marketing and service innovations [7][15] Future Outlook - The company anticipates continued growth in its star products and defocus lenses, with net profit projections for 2024, 2025, and 2026 at 195.44 million CNY, 237.80 million CNY, and 285.72 million CNY respectively [4][15] - The report highlights the company's ability to adapt its marketing strategies in response to external pressures, ensuring a broad coverage of retail channels [6][14]

Financial Performance - The net profit attributable to shareholders is expected to be between 83.55 million and 92.83 million CNY, representing a year-on-year growth of 4.28% to 15.86% compared to 80.12 million CNY in the same period last year [3] - The net profit after deducting non-recurring gains and losses is projected to be between 71.96 million and 77.84 million CNY, with a year-on-year growth of 2.09% to 10.44% compared to 70.48 million CNY last year [3] Business Strategy - The company attributes the performance improvement to a focus on product strategy, with growth in star products and the "Easy Control" series for juvenile myopia prevention [7] Financial Reporting - The financial data in this earnings forecast is preliminary and has not been audited by a registered accounting firm [7] - The specific financial data will be detailed in the company's 2024 semi-annual report [7]

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 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 37.10 per share, based on a projected PE of 35 for 2024 [4][11]. Core Insights - The company reported a revenue of RMB 749 million for 2023, reflecting a year-on-year increase of 20.2%, and a net profit attributable to shareholders of RMB 158 million, up 15.7% year-on-year [8][12]. - The gross profit margin for 2023 was 57.6%, an increase of 3.6 percentage points compared to the previous year [14][16]. - The "Easy Control" product series achieved sales of RMB 130 million in 2023, marking a significant year-on-year growth of 70% [2][9]. - Revenue breakdown by product for 2023 shows lenses at RMB 595 million (+24.6% YoY), materials at RMB 90 million (+1.4% YoY), finished glasses at RMB 54 million (+10.4% YoY), and frames at RMB 5 million (+50.1% YoY) [2][9]. Financial Performance Summary - The company forecasts net profits of RMB 210 million for 2024 and RMB 270 million for 2025, with corresponding PEs of 26.2 and 21.1 [4][10]. - The comprehensive gross profit margin for Q1 2024 was reported at 58.1%, up 1.9 percentage points from the previous quarter [14][16]. - The company had 194 hospital clients by the end of 2023, including partnerships with notable medical institutions [3][17]. Revenue by Channel and Region - In 2023, revenue from direct sales was RMB 453 million (+14.6% YoY), distribution generated RMB 234 million (+31.2% YoY), e-commerce brought in RMB 57 million (+18.9% YoY), and model experience stores contributed RMB 5 million (+170.3% YoY) [3][17]. - Revenue from Continental China was RMB 708 million (+23.7% YoY), while overseas revenue was RMB 40 million, reflecting a decline of 19.8% [3][17].

[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].