Investment Rating - The investment rating for the company is "Increase" (maintained) with a target price of 25.03 CNY [1]. Core Views - The company has shown resilience in its lens business, achieving a revenue increase of 12.08% in the first half of 2024, despite external pressures [1]. - The company's focus on star products has led to significant growth, with the PMC Ultra Bright series revenue increasing by 58.82% [1]. - The company has expanded its product matrix with new anti-blue light lens products, enhancing its competitive edge in the market [1]. Financial Performance - In Q2 2024, the company reported revenue of 193 million CNY, a decrease of 0.72% year-on-year, while net profit attributable to the parent company was 47 million CNY, an increase of 3.74% [1]. - For the first half of 2024, total revenue reached 385 million CNY, up 5.21% year-on-year, with net profit increasing by 11.04% to 89 million CNY [1]. - The company's gross margin improved to 59.40%, up 2.72 percentage points year-on-year, with a net profit margin of 24.43%, an increase of 0.68 percentage points [1]. Product and Market Strategy - The company has optimized its product structure and customer base, with direct sales accounting for 55.39% of total revenue in the first half of 2024 [1]. - The company has established an exclusive partnership with Leica, enhancing its brand strength and product advantages in the high-end lens market [1]. - The company continues to focus on differentiated lens categories, particularly in the youth myopia management sector, which is expected to drive significant growth in the future [1]. Financial Projections - The company has adjusted its profit forecast, expecting net profits of 180 million CNY, 210 million CNY, and 260 million CNY for 2024, 2025, and 2026 respectively [1]. - Earnings per share (EPS) are projected to be 0.89 CNY, 1.06 CNY, and 1.29 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 28, 24, and 19 times [1][2].
明月镜片：明星单品快速增长