Investment Rating - Buy rating maintained for Mingyue Optical (301101 SZ) [1][4] Core Views - Revenue and earnings show steady growth with 2024Q1-Q3 revenue of RMB 580 million (+3 6%) and net profit of RMB 140 million (+11 9%) [4] - Gross margin improved to 59 3% (+1 4pct) in 2024Q1-Q3 with net profit margin at 24 8% (+1 2pct) [5] - Focus on key product strategy shows effectiveness with PMC Ultra-Bright series revenue up 50 6% YoY and 1 71 series up 16 5% [6] - Collaboration with global optical giant Leica to enter high-end market [6] Financial Performance - 2024Q3 revenue reached RMB 290 million (+0 6%) with net profit of RMB 50 million (+13 6%) [4] - 2024-2026 net profit forecast adjusted to RMB 175/210/242 million from previous RMB 201/243/289 million [4] - 2024Q3 gross margin slightly declined to 59 1% (-1 1pct) but net profit margin improved to 25 7% (+2 1pct) [5] Product Strategy - New product "Easy Control Pro" 2 0 launched with optimized optical design and imaging quality [6] - "Easy Control" series sales reached RMB 45 97 million in 2024Q3 (+2 4% YoY) [6] Market Position - Total market capitalization stands at RMB 5 247 billion with circulating market cap of RMB 1 861 billion [1] - Current stock price at RMB 26 04 with 52-week range of RMB 19 84-41 98 [1]
明月镜片：公司信息更新报告：收入业绩平稳向好，与光学巨头合作进军高端市场