华夏时报（www.chinatimes.net.cn）记者 郭怡琳 于娜 北京报道 今年夏天，北京OK镜市场的价格防线正悄然瓦解。 6月18日，在北京市区的某民营眼科医院，《华夏时报》记者遇见复诊的患儿家属李女士。她拿着缴费单感 慨，"去年一万多一副的OK镜，今天才花了不到4900元。" 据悉，去年配第一副OK镜时，其就曾考虑过多准备一副备用镜。但因增加的花销较大，数额超过李女士一个月工 资，这个想法便迟迟没能实现。"对普通工薪家庭来说，一个月工资是需要斟酌的开支。" 而此次更换眼镜，同品 牌同型号的OK镜，价格上几乎便宜了一半。 "OK镜的大幅度降价，实实在在帮老百姓减轻了治疗负担。哪怕三 个月复查一次，一年换一两次眼镜，这个花费也可以承受了。"李女士欣喜地说道。 事实上，李女士的经历并非个例。近半个月来，不少家长发现，曾经价格高高在上的OK镜，如今已逐渐进入 "千 元时代"。据了解，虽然北京市尚未单独开展OK镜集采，但受河北集采政策影响，北京地区的OK镜市场释放出降 价信号。随着6月1日同仁医院和儿童医院启动OK镜降价试点，天价OK镜时代将画上句号。 本报记者走访了北京多家眼科医院及诊所，发现OK镜价格普 ...

6月16日，明月镜片「明见晶彩」品牌盛典在上海新地标——西岸漩心举行。这场盛会不仅吸引了行业 内外的高度关注，更标志着明月镜片迈入战略新阶段。作为品牌代言人，跳水奥运冠军郭晶晶惊艳亮 相，上海理工大学光电信息与计算机工程学院院长、中国兵器工业集团科技委委员庄松林教授、爱尔眼 科医院集团董事长陈邦、中国眼镜协会驻会副理事长江波、浦永祥等众多嘉宾共同见证了这一重要时 刻。 盛会开始，明月镜片董事长谢公晚进行品牌战略分享。回顾明月镜片二十多年来的发展历程，从专注技 术研发的"隐形冠军"，到如今市场占有率领先的国产镜片第一品牌，明月镜片始终以创新为驱动，在产 品迭代、技术突破和市场开拓等方面交出了一份令人瞩目的答卷。 明月镜片代言人郭晶晶的亮相，无疑让现场气氛达到高潮。她在主题演讲中，以一句"人生最大的成 长，往往来自于选择那条难而正确的路"道破了自己与明月镜片的共同精神密码——在各自的领域不断 突破极限，追求卓越。在提及是什么缘分促成郭晶晶成为明月镜片代言人时，明月镜片常务副总裁曾哲 表示，"晶晶是国民女神，明月是国民镜片，晶晶是多届的奥运冠军，明月是国产镜片的冠军。我们二 十几年只做一件事，而且未来也只打算做这一 ...

6月16日，国内光学镜片龙头企业明月镜片发布行业首创的明月镜片眼健康产业园方案，官方介 绍，该产业园将采用国际先进的生产技术和管理模式，打造集研发、生产、游学、体验为一体的现代化 产业园区。 作为A股唯一一家以光学树脂镜片为主业的上市公司，明月镜片的业务涵盖镜片、镜片原料、成 镜、镜架等产品的研发、设计、生产和销售。公司核心产品为中高档光学树脂镜片，镜片产品以自有知 名品牌"明月"为主。2021年公司在A股上市，同年推出"轻松控""轻松控Pro"青少年近视管理镜片。 "过去五年，我们在研发上累计投入约1.5亿元，未来五年，我们预计研发投入不低于3亿元且不低 于销售收入的5%，这是最低数，如有需要，不设上限"。明月镜片董事长谢公晚在6月16日公开表示。 据上海市领军人才、上海理工大学特聘教授常琛亮介绍，AI能显著赋能光学技术。同日，常琛亮 围绕基于AI全息的三维VR/AR显示、AI赋能的新型计算机成像技术、AI光学前景三个方面阐述 了"AI+光学研究"。 常琛亮指出，传统光学成像存在像素模糊、色差和畸变等问题，而计算光学成像平台将是解决传统 光学问题的最优方案。他进一步表示，计算光学是指在传统光学基础上，叠加了 ...

24&25Q1 消费板块综述：新消费方向崛起 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 16 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24&25Q1 消费板块综述：新消费方向崛起 [Table_ReportDate] 2025 年 05 月 16 日 本期内容提要: 康耐特光学、明月镜片、博士眼镜等主业表现稳健、产品结构持续优化， 明月、博士 24Q4/25Q1 收入同比+1%/+3%、+6%/+10%，归母净利润 +13%/+ ...

24&25Q1 消费板块综述：新消费方向崛起 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 16 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 豪悦护理主业稳健，下游客户份额提升，生育政策刺激推动代工订单改善， 24Q4/25Q1 收入同比+30%/+42%、归母净利润-28%/+6%，后续公司依 托自身生产制造优势及资源支持，有望推动洁婷逐步完成品牌焕新。 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24&25Q1 消费板块综述：新消费方向崛起 [Table_ReportDate ...

Group 1: Financial Performance - In 2024, the company achieved total revenue of 770 million yuan, a year-on-year increase of 2.88% [1] - The gross profit margin was 58.56%, up 0.98 percentage points from the same period last year, with a net profit attributable to shareholders of 177 million yuan, an increase of 12.21% year-on-year [1] - For Q1 2025, the company reported total revenue of 197 million yuan, a year-on-year increase of 2.63%, and a net profit of 47 million yuan, up 11.70% year-on-year [1] Group 2: Product Performance - The lens business grew by 8.72% year-on-year after excluding the negative impacts of overseas and raw material businesses, with star products performing exceptionally well [1] - The PMC Ultra Bright series saw revenue growth of nearly 45.6%, with three star products accounting for 54.6% of total revenue from regular lenses [1] - The "Easy Control" product line maintained rapid growth, with Q4 2024 sales reaching 41.58 million yuan, a year-on-year increase of 23.6%, and total sales for the year at 163.65 million yuan, up 22.7% [1] Group 3: Strategic Partnerships and Market Position - In April 2024, the company announced an exclusive partnership with Leica, focusing on high-end lens markets in China [2] - The company primarily operates in the domestic market with a direct sales model complemented by distribution, optimizing its customer structure [2] - By the end of 2024, the company had 2,707 direct sales customers and 66 distribution customers, including medical channels [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 859 million, 951 million, and 1.05 billion yuan, with year-on-year growth rates of 11.5%, 10.7%, and 10.4% respectively [2] - Net profit projections for the same period are 199 million, 227 million, and 257 million yuan, with growth rates of 12.5%, 14.2%, and 13.3% respectively [2]

Core Insights - The company reported steady growth in 2024 and Q1 2025, with revenue increasing by 2.9% and 2.6% year-on-year, and net profit attributable to shareholders rising by 12.2% and 11.7% respectively [1][5] - Key drivers of growth include product structure optimization, deepening channel advantages, and expansion into emerging markets such as AI glasses [1][5] Revenue Breakdown - In 2024, the company's lens revenue reached 634 million yuan, up 6.5% year-on-year, with a gross margin of 63.37%, an increase of 1.3 percentage points [2] - The PMC Ultra Bright series saw significant growth, with revenue increasing by 45.6% and 44% in 2024 and Q1 2025 respectively [2] - The "Easy Control" series also performed well, with sales increasing by 22.7% and 22.1%, and even higher growth when excluding the impact of product upgrades [2] Sales Channels and Market Performance - Domestic market revenue for 2024 was 741 million yuan, a 4.6% increase, while overseas revenue fell to 29 million yuan, down 27.8% [3] - The distribution channel showed strong performance, with dealer revenue increasing by 13.3% to 265 million yuan, while direct sales slightly declined by 2.3% [3] Profitability and Cost Management - The company's gross margin for 2024 was 58.56%, up 0.98 percentage points year-on-year, indicating improved profitability [4] - The sales expense ratio decreased, contributing to enhanced profitability, with the net profit margin for 2024 at 22.95%, an increase of 1.91 percentage points [4] Product Development and Future Outlook - The company is focusing on product upgrades and expanding into the AI glasses market, aiming to address high prescription needs with personalized solutions [5] - A new product matrix has been established, including various series of lenses and the "1+3+N" product strategy [5] - The company is expected to achieve net profits of 220 million, 250 million, and 280 million yuan in 2025-2027, with respective year-on-year growth rates of 24%, 13%, and 13% [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the market benchmark index within the next six months [6][21]. Core Views - The company has shown strong growth in its star products, with a significant increase in revenue from its flagship PMC Ultra Bright series, which grew by 45.6% year-on-year in 2024 [4]. - The company is actively expanding its myopia prevention product line, which is expected to contribute to its second growth curve, alongside potential growth from smart glasses [6]. - The company has increased its dividend payout ratio to 56.77%, reflecting confidence in its financial performance [5]. Financial Performance Summary - In 2024, the company achieved a revenue of 770 million yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 177 million yuan, up 12.21% year-on-year [3]. - The gross margin and net margin for 2024 were 58.56% and 24.4%, respectively, showing improvements compared to the previous year [5]. - The company’s revenue for Q1 2025 was 197 million yuan, a 2.63% increase year-on-year, with a net profit of 47 million yuan, up 11.7% [3]. Product Strategy and Market Position - The company focuses on star products, with the revenue from its core lens business increasing by 8.72% year-on-year when excluding the negative impacts from overseas and raw material businesses [4]. - The sales of the "Easy Control" series for myopia prevention reached 160 million yuan in 2024, marking a 22.7% increase year-on-year [4]. - The company has optimized its customer structure, with 2,707 direct sales customers and 66 "Mingyue" brand distributors by the end of 2024 [4]. Earnings Forecast - The company is projected to achieve net profits of 208 million yuan, 258 million yuan, and 305 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 18%, 24%, and 18% [6][8].