Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated stable revenue and profit performance, with a focus on product structure upgrades and a "1+3" big product strategy, leading to steady growth in a challenging consumption environment [2][3] - The partnership with Leica is set to deepen, with plans for a joint launch event in the second half of 2024, marking a significant step in the high-end lens market in China [3] - Profitability is expected to rise steadily, with projected net profits of 180 million, 218 million, and 263 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 23.7X, 19.6X, and 16.2X [3] Financial Performance Summary - Revenue for 2024 is projected to reach 833 million yuan, with a year-over-year growth rate of 11.3% [4] - The net profit for 2024 is estimated at 180 million yuan, reflecting a year-over-year growth of 14.3% [4] - The company’s EPS is expected to increase from 0.78 yuan in 2023 to 0.89 yuan in 2024 [4] - The return on equity (ROE) is projected to improve from 10.8% in 2023 to 11.3% in 2024 [4] Product Strategy and Market Position - The company is advancing its "1+3" big product strategy, with significant growth in key product lines such as the PMC Ultra Bright series and blue light blocking lenses, which saw revenue increases of 77%, 33%, and 22% respectively in Q1 2024 [2][3] - The share of these key products in total revenue has risen to 54%, indicating a successful product matrix optimization [2]
明月镜片：收入&利润表现稳健，产品结构持续升级