Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable growth in revenue and net profit for H1 2024, with revenue reaching 385 million yuan, up 5.21% year-on-year, and net profit attributable to the parent company at 89 million yuan, up 11.04% year-on-year [2] - The lens business showed resilience, supporting an increase in the company's gross margin to 59.40%, up 2.72 percentage points from the same period last year [2] - The focus on product strategy led to rapid growth in key products, with the PMC Ultra Bright series seeing a revenue increase of 58.82% year-on-year [2] - The "Easy Control" series for myopia prevention achieved sales of 76 million yuan in H1 2024, up 38.86% year-on-year [2] - The company entered into an exclusive cooperation agreement with Leica in the lens field, enhancing collaboration in brand operation, technology development, and market promotion [2] Financial Forecasts and Valuation - The company adjusted its net profit forecasts for 2024-2026, now estimating 1.76 billion yuan, 1.95 billion yuan, and 2.14 billion yuan respectively, with the latest closing price corresponding to P/E ratios of 32, 28, and 26 times for 2024-2026 [3] - The projected earnings per share (EPS) for 2024 is 0.87 yuan, with a P/E ratio of 31.56 [1][3]
明月镜片：2024中报点评：2024H1归母净利润同比+11%，离焦镜拉动业绩增长