Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Insights - The company demonstrated resilience in growth with a revenue of 385 million yuan for the first half of 2024, reflecting a year-on-year increase of 5.21%. The net profit attributable to the parent company reached 89 million yuan, up 11.04% year-on-year [1]. - The product structure of the lens business is optimizing, with an increase in gross margin and net profit margin. The gross margin for the first half of 2024 was 59.40%, up 2.72 percentage points year-on-year [2]. - The company is actively expanding its market presence through collaborations with well-known hospitals and clinics, aiming for sustainable long-term growth [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 385 million yuan, with a year-on-year growth of 5.21%. The net profit attributable to the parent company was 89 million yuan, marking an 11.04% increase year-on-year. In Q2 alone, revenue was 193 million yuan, down 0.72% year-on-year, while net profit was 47 million yuan, up 3.74% year-on-year [1]. - The gross margin for H1 2024 was 59.40%, an increase of 2.72 percentage points year-on-year, driven by the rising proportion of high-performing lens products [2]. Product Development - The company has enhanced its product matrix in myopia management, with 24 SKUs available across retail and medical channels. The "Light Control" series saw sales of 76.1 million yuan in H1 2024, up 39% year-on-year [1]. - The sales of the three major star products in the regular lens category have significantly increased, with the PMC Ultra Bright series seeing a revenue increase of 58.82% year-on-year [1]. Market Strategy - The company is focusing on expanding its customer base by collaborating with major hospitals and clinics, optimizing its customer structure to support long-term sustainable growth [2]. - The report projects that the net profit attributable to the parent company will grow to 178 million yuan in 2024, 193 million yuan in 2025, and 243 million yuan in 2026, with respective year-on-year growth rates of 13.3%, 7.9%, and 26.4% [2].
明月镜片：2024年半年报点评：Q2业绩彰显增长韧性，持续追求长期有质量增长