24&25Q1 消费板块综述：新消费方向崛起 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 16 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24&25Q1 消费板块综述：新消费方向崛起 [Table_ReportDate] 2025 年 05 月 16 日 本期内容提要: 康耐特光学、明月镜片、博士眼镜等主业表现稳健、产品结构持续优化， 明月、博士 24Q4/25Q1 收入同比+1%/+3%、+6%/+10%，归母净利润 +13%/+ ...

Core Viewpoint - The company reported a mixed performance in 2024, with a notable increase in revenue from its key products despite challenges in overseas business and raw material procurement [2][8]. Financial Performance - The total revenue for 2024 was 770 million yuan, representing a year-on-year growth of 2.88% [8]. - The net profit attributable to shareholders was 177 million yuan, showing a year-on-year increase of 12.21% [8]. - The gross profit margin reached 58.56%, an increase of 0.98 percentage points compared to the previous year [8]. Product Performance - The lens business revenue grew by 8.72% compared to 2023, indicating the effectiveness of the focus on major products [2]. - The PMC Ultra Bright series saw a significant revenue increase of 45.6% year-on-year, with growth trends continuing into Q1 2025 [2][11]. - The "Easy Control" series generated sales of 50.13 million yuan in Q1 2025, reflecting a year-on-year growth of 22.1% [9]. Market Strategy - The company has permanently exited the price war and shifted focus to high-end product development and brand building since 2019 [8]. - The company aims to expand its brand presence internationally, particularly in markets like Japan, Southeast Asia, and parts of Europe [12]. Industry Trends - The market for defocus lenses is experiencing rapid growth, with many companies entering this segment [9]. - Despite price wars initiated by some foreign brands, the negative impact is gradually diminishing [9]. Sales Channels - The sales strategy includes a mix of direct sales and distribution through 66 partners, including medical channels [11]. - The company has only one model experience store to assist clients in improving transaction efficiency rather than competing with them [11].

上海市广发律师事务所 关于明月镜片股份有限公司 2024 年年度股东大会的 法律意见书 电话：021-58358013 | 传真：021-58358012 网址：http://www.gffirm.com | 电子信箱：gf@gffirm.com 办公地址：上海市浦东新区南泉北路 429 号泰康大厦 26 楼 | 邮政编码：200120 上海市广发律师事务所 关于明月镜片股份有限公司 明月镜片股份有限公司（以下简称"公司"）2024 年年度股东大会于 2025 年 5 月 13 日在上海市普陀区岚皋路 567 号 3 楼会议室召开。上海市广发律师事务 所经公司聘请，委派成赟律师、陈雨兰律师出席现场会议，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东 会规则》"）等法律法规、其他规范性文件以及《明月镜片股份有限公司章程》（以 下简称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、召集人及 出席会议人员的资格、会议议案、表决方式和表决程序、表决结果和会议决议等 出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查， ...

证券代码：301101 证券简称：明月镜片 公告编号：2025-014 明月镜片股份有限公司 2024 年年度股东大会决议公告 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。 特别提示 一、 会议召开情况 6、 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程等的规定。 二、 会议出席情况 （一）股东出席的总体情况 出席本次股东大会现场会议和网络投票表决的股东及股东代理人共 141 人， 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 1、 召开时间： （1） 会议召开时间：2025 年 5 月 13 日（星期二）14:30。 （2） 网络投票时间：2025 年 5 月 13 日。 其中通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 13 日 9:15—9:25，9:30—11:30 和 13:00—15:00；互联网投 票系统投票的时间为 2025 年 5 月 13 日 9:15—15:00 期间的任意时 间。 2、 召开地点：上海市普陀区岚皋路 567 ...

Group 1 - The article by Mayor Ma Minglong has significantly boosted the confidence of enterprises in the Danyang eyewear industry [1] - Danyang Eyewear Chamber of Commerce calls for government policies focusing on technological breakthroughs, brand internationalization, and ecological integration to position Danyang as a "world eyewear innovation source" [2] - The Danyang eyewear industry is transitioning from "scale expansion" to "quality improvement," necessitating precise policy support for high-end talent recruitment and R&D funding [2] Group 2 - The Danyang eyewear market needs to enhance its core competitiveness through industry standards, employee training, and market management [3] - There is a need to improve professional requirements and technical quality standards in the eyewear industry, particularly in the fitting process [3] - Employee training is crucial for ensuring the quality of eyewear fittings, emphasizing the importance of thorough checks and trials of finished products [3]

Group 1: Financial Performance - In 2024, the company achieved total revenue of 770 million yuan, a year-on-year increase of 2.88% [1] - The gross profit margin was 58.56%, up 0.98 percentage points from the same period last year, with a net profit attributable to shareholders of 177 million yuan, an increase of 12.21% year-on-year [1] - For Q1 2025, the company reported total revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] Group 2: Product Performance - The lens business grew by 8.72% year-on-year after excluding the negative impacts of overseas and raw material businesses, with star products performing exceptionally well [1] - The PMC Ultra Bright series saw revenue growth of nearly 45.6%, with three star products accounting for 54.6% of total revenue from regular lenses [1] - The "Easy Control" product line maintained rapid growth, with Q4 2024 sales reaching 41.58 million yuan, a year-on-year increase of 23.6%, and total sales for the year at 163.65 million yuan, up 22.7% [1] Group 3: Strategic Partnerships and Market Position - In April 2024, the company announced an exclusive partnership with Leica, focusing on high-end lens markets in China [2] - The company primarily operates in the domestic market with a direct sales model complemented by distribution, optimizing its customer structure [2] - By the end of 2024, the company had 2,707 direct sales customers and 66 distribution customers, including medical channels [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 859 million, 951 million, and 1.05 billion yuan, with year-on-year growth rates of 11.5%, 10.7%, and 10.4% respectively [2] - Net profit projections for the same period are 199 million, 227 million, and 257 million yuan, with growth rates of 12.5%, 14.2%, and 13.3% respectively [2]

Core Insights - The company reported steady growth in 2024 and Q1 2025, with revenue increasing by 2.9% and 2.6% year-on-year, and net profit attributable to shareholders rising by 12.2% and 11.7% respectively [1][5] - Key drivers of growth include product structure optimization, deepening channel advantages, and expansion into emerging markets such as AI glasses [1][5] Revenue Breakdown - In 2024, the company's lens revenue reached 634 million yuan, up 6.5% year-on-year, with a gross margin of 63.37%, an increase of 1.3 percentage points [2] - The PMC Ultra Bright series saw significant growth, with revenue increasing by 45.6% and 44% in 2024 and Q1 2025 respectively [2] - The "Easy Control" series also performed well, with sales increasing by 22.7% and 22.1%, and even higher growth when excluding the impact of product upgrades [2] Sales Channels and Market Performance - Domestic market revenue for 2024 was 741 million yuan, a 4.6% increase, while overseas revenue fell to 29 million yuan, down 27.8% [3] - The distribution channel showed strong performance, with dealer revenue increasing by 13.3% to 265 million yuan, while direct sales slightly declined by 2.3% [3] Profitability and Cost Management - The company's gross margin for 2024 was 58.56%, up 0.98 percentage points year-on-year, indicating improved profitability [4] - The sales expense ratio decreased, contributing to enhanced profitability, with the net profit margin for 2024 at 22.95%, an increase of 1.91 percentage points [4] Product Development and Future Outlook - The company is focusing on product upgrades and expanding into the AI glasses market, aiming to address high prescription needs with personalized solutions [5] - A new product matrix has been established, including various series of lenses and the "1+3+N" product strategy [5] - The company is expected to achieve net profits of 220 million, 250 million, and 280 million yuan in 2025-2027, with respective year-on-year growth rates of 24%, 13%, and 13% [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown continuous product upgrades, leading to improved profitability. In 2024, the company achieved revenue of 770 million yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 177 million yuan, up 12.21% year-on-year [1] - The "Light Control" series continues to lead sales, with a revenue of approximately 164 million yuan in 2024, reflecting a year-on-year growth of 22.7%. The company has also launched new products to enhance near-sightedness prevention [2] - The company's gross margin has further improved, with a gross margin of 58.56% in 2024, an increase of 0.98 percentage points year-on-year. The net profit margin for 2024 was 22.95%, up 1.91 percentage points year-on-year [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 770 million yuan and a net profit of 177 million yuan. The first quarter of 2025 saw a revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] - The company’s gross margin for 2024 was 58.56%, with a net profit margin of 22.95% [3] Business Segments - The "Light Control" series generated sales of 1.73 billion yuan in 2024, a year-on-year increase of 29.5%. The lens business revenue was 634 million yuan, up 6.50% year-on-year, and the company’s star products contributed significantly to sales [2] - The company’s domestic business revenue was 741 million yuan in 2024, reflecting a year-on-year growth of 4.6%, while overseas revenue decreased by 27.8% [2] Product Development - The company has introduced a series of new high-refractive index products and is actively exploring the potential market for smart glasses, aiming to provide comprehensive solutions for smart glasses manufacturers [4][9] Future Outlook - The company is expected to achieve revenues of 857 million yuan, 987 million yuan, and 1.119 billion yuan from 2025 to 2027, with corresponding net profits of 201 million yuan, 235 million yuan, and 271 million yuan, indicating a strong growth trajectory [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown continuous product upgrades, leading to improved profitability. In 2024, the company achieved revenue of 770 million yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 177 million yuan, up 12.21% year-on-year [1] - The "Light Control" series continues to lead sales, with a revenue of approximately 164 million yuan in 2024, reflecting a year-on-year growth of 22.7%. The company has also launched new products to enhance near-sightedness prevention [2] - The company's gross margin has further improved, with a gross margin of 58.56% in 2024, an increase of 0.98 percentage points year-on-year. The net profit margin for 2024 was 22.95%, up 1.91 percentage points year-on-year [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 770 million yuan and a net profit of 177 million yuan, with a quarterly revenue of 197 million yuan in Q1 2025, reflecting a year-on-year increase of 2.63% [1] - The company’s gross margin for 2024 was 58.56%, with a net profit margin of 22.95% [3] Business Segments - The "Light Control" series generated sales of 173 million yuan in 2024, a year-on-year increase of 29.5%. The lens business revenue was 634 million yuan, up 6.50% year-on-year [2] - The company’s domestic business revenue reached 741 million yuan in 2024, a year-on-year increase of 4.6%, while overseas revenue declined by 27.8% [2] Product Development - The company has introduced a series of new high-refractive index products and is actively exploring the potential market for smart glasses, aiming to provide comprehensive solutions for smart glasses manufacturers [4][9] Future Outlook - The company is expected to achieve revenues of 857 million yuan, 987 million yuan, and 1.119 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 201 million yuan, 235 million yuan, and 271 million yuan [10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [7][12]. Core Insights - The company achieved a revenue of 770 million yuan in 2024, representing a year-over-year growth of 2.88%. The net profit attributable to shareholders was 177 million yuan, with a year-over-year increase of 12.21% [1]. - The company's star products continue to show high growth, with the PMC Ultra Bright series experiencing a revenue increase of 45.6% in 2024 and 44% in Q1 2025 [2]. - The company's profitability is steadily improving, with a gross margin of 58.42% in Q1 2025, reflecting a year-over-year increase of 0.35 percentage points [3]. - The company is actively expanding its product lines and enhancing brand strength, particularly in the youth myopia prevention market, with a new product series "Easy Control Pro 2.0" [4]. Financial Performance Summary - In 2024, the company reported total revenue of 770 million yuan, with projected revenues of 891 million yuan in 2025, 1,045 million yuan in 2026, and 1,244 million yuan in 2027, indicating a growth rate of 15.7% in 2025 [6][10]. - The net profit attributable to shareholders is expected to grow from 177 million yuan in 2024 to 207 million yuan in 2025, with a projected growth rate of 16.8% [6][10]. - The company's earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.03 yuan in 2025, with a price-to-earnings (PE) ratio of 47x for 2025 [6][10].