长江商报消息 股价大涨10%，明月镜片（301101.SZ）吸睛无数。 6月23日，明月镜片股价大涨10%。过去一年，明月镜片股价翻倍。 股价大涨，与AI相关。明月镜片被视作AI眼镜概念股。 6月23日，明月镜片在互动平台上表示，近期海内外智能眼镜产品接连上市，相关技术快速迭代，明月 品牌针对大众的中端市场，且覆盖了约4万家终端客户门店。 明月镜片深耕眼镜镜片领域，产品结构相对单一，但公司称其技术先进、全国销量领先。 除了国内市场，明月镜片还积极发力海外市场，在新加坡建立了国际业务总部，产品销往美国、日本、 意大利、新加坡等国家和地区。 明月镜片的经营业绩稳步增长。2021年至2024年，公司实现了营收净利双增。今年一季度，公司实现的 归母净利润为4714.78万元，同比增长11.70%。 明月镜片的毛利率较为稳定，且呈增长趋势。2019年以来，公司综合毛利率稳超50%，2024年为 58.56%，今年一季度为58.42%。 明月镜片也积极回报股东，上市四年来，公司累计分红2.72亿元，平均分红率45.37%。 营收净利持续双增 明月镜片是一家经营较为稳健的公司。 今年一季度，明月镜片实现的营业收入、归母净利 ...

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 ...

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].