Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 385 million yuan in H1 2024, representing a year-on-year increase of 5.2%, and a net profit attributable to shareholders of 89 million yuan, up 11.0% year-on-year [1]. - The company continues to upgrade its product structure and expand its distribution channels, with significant growth in its "Easy Control" series, which saw sales of 76 million yuan in H1 2024, a 38.9% increase year-on-year [1]. - The company has established a strong market position in the defocus lens segment, with rapid growth and a focus on a "1+3" major product strategy [1][2]. Financial Performance - In Q2 2024, the company reported a revenue of 193 million yuan, a slight decrease of 0.7% year-on-year, while net profit increased by 3.7% to 47 million yuan [1]. - The gross margin for Q2 2024 was 60.7%, an increase of 3.6 percentage points year-on-year, driven by product structure upgrades and the rapid growth of defocus lenses [2]. - The company forecasts net profits of 170 million yuan, 210 million yuan, and 250 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 29.2X, 24.1X, and 20.2X [2][3]. Product Development - The "Easy Control" series continues to perform well, with a significant increase in sales and a strong marketing push, including collaborations with popular brands and influencers [1]. - The company has entered into an exclusive partnership with Leica for lens development, aiming to enhance its presence in the high-end lens market [1]. Market Position - The company has solidified its leading position in the defocus lens market, with a notable increase in sales and market penetration [1][2]. - The revenue from the three major star products accounted for 55.79% of the regular lens revenue in H1 2024, indicating a successful product matrix strategy [1].
明月镜片：产品结构持续升级，渠道布局全面