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].
明月镜片：产品结构优化，明星单品&离焦镜成长可观