Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - In Q3 2024, the company's net profit attributable to shareholders increased by 14% year-on-year, with total revenue reaching 583 million yuan, a 3.61% increase compared to the previous year [2] - The company has partnered with global optical giant Leica to enter the high-end lens market, focusing on shared optical technology, joint product development, and market channel expansion [3] - The company's focus on star products has led to significant revenue growth, with the PMC Ultra Bright series seeing a 50.62% increase in revenue year-on-year [2][3] Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 59.10%, a slight decrease of 1.1 percentage points year-on-year, while the net profit margin improved by 2.13 percentage points to 25.66% [2] - The company's revenue forecast for 2024-2026 is 822 million yuan, 899 million yuan, and 969 million yuan respectively, with net profits projected at 176 million yuan, 195 million yuan, and 214 million yuan [1][3] - The latest closing price corresponds to a P/E ratio of 31, 28, and 25 for the years 2024, 2025, and 2026 respectively [3]
明月镜片：2024年三季报点评：2024Q3归母净利润同比+14%，携手光学巨头进军高端市场