明月镜片股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系 | √特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位 | 中金公司、中信证券、中信建投证券、浙商证券、信达证券、天弘基金、 | | | 天风证券、上海天猊投资、上海明河投资、民生证券、国泰海通证券、国 | | | 金证券、国海证券、广发证券、方正证券、东方财富证券、东北证券、东 | | | 方证券、鹏扬基金、eFusion Capital、复星保德信人寿、FENGHE ASIA | | | FUND LTD、云南信托、大家资管、兴业证券、杭州恩宝资管、上海开思股 | | | 权投资基金、深圳前海承势资本、申万宏源证券、开弦资本、深圳尚诚资 | | | 产、泽安私募、信达澳亚基金、Genesis Investment Management LLP、 | | | 永赢基金、CI Investments Inc、路博迈基金、国投证券、Quartet | ...

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]