Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.36 yuan [3][11]. Core Insights - In 2023, the company achieved revenue of 749 million yuan, a year-on-year increase of 20.17%, and a net profit attributable to the parent company of 158 million yuan, up 15.65% year-on-year [1]. - For Q1 2024, the company reported revenue of 192 million yuan, a year-on-year growth of 11.93%, and a net profit of 42 million yuan, increasing by 20.42% year-on-year [1]. - The company's lens business is rapidly growing, with significant sales increases in key products, particularly the "轻松控" series, which saw a 70% increase in sales to 133 million yuan in 2023 [1]. - The gross profit margin improved to 57.58% in 2023, up approximately 3.5 percentage points year-on-year, attributed to a higher proportion of high-margin products [1]. - The company has entered into an exclusive cooperation agreement with Leica, enhancing its brand and product strength in the mid-to-high-end lens market [1]. Financial Forecast and Investment Recommendations - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 190 million, 230 million, and 270 million yuan respectively, reflecting a positive outlook for growth [2][11]. - The report anticipates continued growth in the company's lens business, supported by a strong brand strategy and increasing demand for myopia control products [11].
明月镜片2023年年报&2024年一季报业绩点评：大单品增长亮眼，营销投放趋于谨慎