Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.03 yuan [2][4][7]. Core Insights - The company reported a revenue of 583 million yuan for the first three quarters of 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 137 million yuan, up 11.91% year-on-year [1]. - In Q3, the company achieved a revenue of 198 million yuan, a 0.64% increase year-on-year, and a net profit of 48 million yuan, growing 13.57% year-on-year [1]. - Domestic lens business showed steady growth, while raw material and export businesses faced pressure [1]. - The company adjusted its sales expense rhythm, leading to a continuous improvement in profitability, with a gross margin of 59.10% in Q3, a decrease of 1.1 percentage points year-on-year [1]. - The partnership with Leica is expected to enhance the company's high-end brand image, with the launch of four categories of Leica lens products [1]. Financial Summary - The company’s revenue is projected to grow from 784 million yuan in 2024 to 1,036 million yuan in 2026, with corresponding net profits of 184 million yuan and 261 million yuan respectively [3][7]. - The gross margin is expected to improve from 60.0% in 2024 to 62.3% in 2026, while the net profit margin is projected to increase from 23.5% to 25.1% over the same period [3][7]. - Earnings per share (EPS) are forecasted to rise from 0.91 yuan in 2024 to 1.29 yuan in 2026 [3][7].
明月镜片：收入增长彰显韧性，盈利能力稳步提升