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].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Insights - The company achieved a revenue of 749 million yuan in 2023, representing a year-on-year growth of 20.2%. The net profit was 158 million yuan, with a year-on-year increase of 15.7% [20]. - The company's gross profit margin for 2023 was 57.6%, an increase of 3.6 percentage points compared to the previous year [21]. - The "Easy Control" product line saw a sales increase of 70% in 2023, indicating a continuous optimization of the product structure [8]. Revenue Breakdown - In 2023, the revenue from direct sales, distribution, e-commerce, and experience stores was 4.53, 2.34, 0.57, and 0.05 million yuan respectively, accounting for 60.4%, 31.2%, 7.6%, and 0.7% of total revenue, with year-on-year changes of +14.6%, +31.2%, +18.9%, and +170.3% [4]. - Revenue from mainland China and overseas was 7.08 million yuan and 0.40 million yuan respectively, making up 94.6% and 5.4% of total revenue, with year-on-year changes of +23.7% and -19.8% [4]. Financial Forecast - The company is expected to achieve net profits of 213 million yuan and 265 million yuan in 2024 and 2025 respectively, corresponding to a price-to-earnings (PE) ratio of 26.2 and 21.1 times [9]. - The estimated reasonable value range for the stock in 2024 is between 33.92 and 37.10 yuan per share, based on a PE ratio of 32-35 times [9]. Product Performance - The revenue from lenses, raw materials, finished lenses, frames, and other businesses in 2023 was 5.95, 0.90, 0.54, 0.05, and 0.05 million yuan respectively, with year-on-year changes of +24.6%, +1.4%, +10.4%, +50.1%, and +5.7% [8]. - The "Easy Control" series products generated sales of 130 million yuan in 2023, reflecting a significant growth rate of 70% [8].

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].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 26.24 CNY [8] Core Insights - The company has shown strong revenue growth, with a 20.2% year-on-year increase in 2023, reaching 748.74 million CNY. The net profit attributable to the parent company also increased by 15.7% to 157.54 million CNY [13][12] - The company is focusing on high-quality customers and enhancing the efficiency of its marketing expenditures, with a sales expense ratio of 19.7% in 2023, which is expected to improve further [6][7] - The product structure is being upgraded, with significant growth in the sales of defocus lenses, which saw a 70% increase in 2023 [13][14] Financial Forecast Summary - Revenue is projected to grow from 748.74 million CNY in 2023 to 893.85 million CNY in 2024, representing a growth rate of 19.38% [12] - The net profit attributable to the parent company is expected to increase from 157.54 million CNY in 2023 to 195.44 million CNY in 2024, with a growth rate of 24.06% [12] - The company's EBITDA is forecasted to rise from 265.17 million CNY in 2023 to 299.64 million CNY in 2024 [12] Product and Market Developments - The company launched a new line of blue light blocking lenses in April 2024, expanding its product matrix to meet diverse user needs [5] - The company has established a successful partnership with Leica in the lens sector, aiming to penetrate the high-end lens market in China [5] - The near-sightedness prevention products are experiencing rapid growth, with 12 SKUs in retail and medical channels by the end of 2023 [5]