Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 583 million yuan for Q3 2024, a year-on-year increase of 3.61%, and a net profit attributable to shareholders of 137 million yuan, up 11.91% year-on-year [1] - The company focuses on product iteration and R&D, which supports a continuous upward trend in gross margin [1] - The company’s comprehensive gross margin was 59.3%, an increase of 1.39 percentage points year-on-year [1] - The company’s net profit margin for Q3 2024 was 21.17%, up 2.68 percentage points year-on-year [1] - The company’s strategy of focusing on major products has led to significant growth, with the PMC Ultra Bright series seeing a year-on-year increase of 50.62% [1] - The company is expected to achieve earnings per share of 0.89, 1.04, and 1.14 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 29X, 25X, and 23X [1] Financial Performance Summary - For the first three quarters of 2024, the company’s revenue is projected to be 816.20 million yuan, with a growth rate of 9.01% [5] - The net profit for 2024 is estimated at 179.16 million yuan, reflecting a profit growth rate of 13.72% [5] - The gross margin is expected to be 58.62% in 2024, slightly improving over the previous year [5] - The diluted EPS is projected to be 0.89 yuan in 2024, with a PE ratio of 29.29 [5]
明月镜片：利润表现稳健，产品迭代持续向上