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].

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].

Investment Rating - The report maintains a "Buy" rating for Mingyue Lens with a target price of 32.70, down from the previous forecast of 53.10 [18][28]. Core Insights - The company has shown steady growth in performance, with innovative strategies and promising growth prospects despite a challenging external environment [18]. - The report highlights that the company's revenue from lens business (excluding overseas operations) increased by 29% year-on-year, driven by both volume and price increases, particularly in high-end products [18][28]. - The company is focusing on product optimization and strategic partnerships, including collaboration with Leica in the lens sector, to enhance brand presence and market share [18][28]. Financial Summary - Revenue for 2023 is projected at 749 million, with a growth forecast to 767 million in 2024 and 908 million in 2025 [18][28]. - The net profit attributable to shareholders is expected to reach 136 million in 2023, increasing to 158 million in 2024 and 214 million in 2025 [18][28]. - The report indicates an EBIT margin improvement, with EBIT expected to grow from 128 million in 2022 to 168 million in 2023, and further to 248 million in 2024 [18][28]. Valuation Metrics - The report provides a comparison of valuation metrics with peer companies, indicating a PE ratio of 30.8x for the company in 2024, which is aligned with industry standards [4][18]. - The company's net asset return (ROE) is projected to improve from 9.3% in 2022 to 10.1% in 2023 and further to 12.5% in 2024 [18][28]. - The report notes a consistent dividend yield of approximately 1.2% for the upcoming years [18][28].

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].