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]
明月镜片：产品结构优化，明星单品、离焦镜成长可观