Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 28.88 CNY per share, compared to the current price of 25.73 CNY [13][10]. Core Insights - The company, Mingyue Lens, is positioned as a leading manufacturer in the lens industry, focusing on myopia prevention and control. It aims to establish itself as "China's number one lens brand" through strong brand image, technological advantages, and extensive channel coverage [12][10]. - The company has formed partnerships with notable medical institutions, which is expected to enhance its development in medical channels. Additionally, a collaboration with Leica is anticipated to support new product launches and continuous optimization of product structure [2][12]. - The company's revenue for 2023 is projected to be 749 million CNY, reflecting a year-on-year growth of 20.2%. The net profit attributable to the parent company is expected to reach 158 million CNY, a 15.7% increase year-on-year [12][3]. Financial Summary - Revenue (in million CNY): 2022A: 623, 2023A: 749, 2024E: 899, 2025E: 1,068, 2026E: 1,273 [3][12]. - Net Profit (in million CNY): 2022A: 148, 2023A: 173, 2024E: 216, 2025E: 263, 2026E: 322 [3][12]. - EPS (CNY per share): 2022A: 0.68, 2023A: 0.78, 2024E: 0.96, 2025E: 1.18, 2026E: 1.44 [3][12]. - The company is expected to maintain a robust EBITDA growth, with projections of 222 million CNY in 2023 and 388 million CNY by 2026 [3][12]. Market Performance - The company has shown resilience in its performance despite industry pressures, with significant growth in its "Easy Control" product line, which achieved a revenue of 133 million CNY in 2023, marking a 70% increase year-on-year [12][10]. - The report highlights the successful expansion into new channels and customer bases, which is expected to further differentiate the company from smaller competitors [12][10].
离焦镜维持高增，全年业绩韧性显著