Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 198 million yuan in Q3 2024, representing a year-on-year increase of 0.6%. The lens business generated 167 million yuan, up 3.9% year-on-year, excluding export business. The net profit attributable to shareholders was 48 million yuan, a 13.6% increase year-on-year, while the net profit after deducting non-recurring items was 42 million yuan, up 15.2% year-on-year [1] - The company launched the "Easy Control PRO2.0" series in Q3 2024, improving optical design and image quality, with an effective rate of 73.82%, a 13.82% increase compared to the previous version. The sales of the "Easy Control" series reached 46 million yuan, a 2.4% increase year-on-year [1] - The company is entering the high-end lens market through a partnership with Leica, focusing on optical technology sharing, joint product development, and market channel expansion [1] - The gross margin for Q3 2024 was 59.1%, with a net profit margin of 24.2%, reflecting a year-on-year increase of 2.8 percentage points. The company generated a net operating cash flow of 67 million yuan, an increase of 18 million yuan year-on-year [1] Financial Summary - The company forecasts net profits attributable to shareholders of 180 million yuan, 220 million yuan, and 260 million yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 30X, 25X, and 21X [1][2] - Revenue is projected to grow from 749 million yuan in 2023 to 1,015 million yuan in 2026, with a compound annual growth rate of approximately 13.4% [2][10] - The latest diluted EPS is expected to increase from 0.78 yuan in 2023 to 1.29 yuan in 2026 [2][10]
明月镜片：逆势稳健增长，新品储备丰富