明月镜片（301101.SZ）2025 年三季报点评 核心大单品放量引领增长，新业务新产品持续推进 2025 年 10 月 28 日 ➢ 事件：明月镜片披露 25Q3 财报，25Q3 公司实现收入 2.27 亿元，同比 +14.59%；实现归母净利润 0.54 亿元，同比+11.56%；实现扣非归母利润 0.48 亿元，同比+13.55%。 ➢ 产品聚焦，常规镜片大单品放量引领增长，发布高端"天玑"系列持续完善 产品矩阵。根据公司财报，受益于公司产品聚焦策略，公司旗下核心大单品依然 保持较好增长态势，25Q3PMC 超亮系列同比+53.7%，1.71 系列同比+13.7%， 三大明星单品占常规镜片收入比例为 56.3%。25Q3 公司首发天玑系列，天玑系 列深度契合中国消费者需求，联合德国顶尖实验室完成精准的光学设计，并采用 前沿技术升级视觉体验，拉高国产高端镜片品质标准，彰显了国产镜片品牌向高 端化突破的实力，进一步夯实其在高端镜片研发领域的技术壁垒。 ➢ "轻松控"系列携手郭晶晶代言，全面合作爱尔眼科，夯实专业心智。品牌 宣传方面，暑期"轻松控"系列携手品牌代言人郭晶晶，在北京、上海、广州等 全国七大核心 ...

明月镜片 20251027 摘要 明月镜片第三季度营收同比增长 16.6%，研发费用同比增长 60%，均 创历史新高，显示公司在营收增长和技术创新方面的强劲势头。PMC 超 亮系列和 1.74 高折射系列等核心产品持续放量，推动业绩增长。 轻松控青少年近视防控镜片前三季度销售额达 1.32 亿元，同比增长 8.5%（剔除召回影响后增长 11.6%），表明其在青少年近视防控市场 的领先地位。全新升级的 1.74 系列产品销量同比增长 112.4%，市场 反响热烈。 与小米合作的 AI 眼镜项目营收超 600 万元，毛利率高达 78.6%，成为 公司在智能穿戴领域的重要突破。公司正与小米商讨二代产品更深层次 的合作，包括扩展线下门店数量。 公司推出高端镜片天玑系列，与德国实验室合作，定位中高端市场，采 取有限客户直销模式，严控价格，旨在提升用户体验和国产高端标准。 目前在四个城市测试表现良好，未来将推广至全国。 与爱尔眼科达成战略合作，计划扩充产品线并推出定制系列，四季度开 始推向爱尔眼科渠道，有望快速释放业绩。同时积极开拓华夏眼科等头 部机构，医疗渠道收入持续攀升。 Q&A 明月镜片在 2025 年第三季度的财 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% against the market benchmark index within the next six months [6][22]. Core Insights - The company has demonstrated strong resilience in the face of challenges, achieving a revenue of 626 million yuan for the first three quarters of 2025, a year-on-year increase of 7.39%, and a net profit of 149 million yuan, up 8.83% year-on-year [3][4]. - The focus on high-end product upgrades and the successful launch of AI glasses have contributed to the company's growth trajectory, with significant revenue increases from key product lines [4][5]. - The company has established a strategic partnership with a leading domestic ophthalmology institution, enhancing its sales channels for specialized products [5]. Financial Performance - For Q3 2025, the company reported a revenue of 227 million yuan, reflecting a year-on-year growth of 14.59%, and a net profit of 53.59 million yuan, up 11.56% year-on-year [3][4]. - The gross margin for the first three quarters of 2025 was 58%, with a net margin of 23.8%, indicating stable profitability despite increased R&D investments [5][6]. - The company has projected net profits of 206 million yuan, 230 million yuan, and 270 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 12%, and 17% [6][8]. Product and Market Strategy - The company continues to focus on high-refractive index products, which have shown rapid growth, significantly enhancing product structure and profitability [4][5]. - The introduction of the new high-end Tianji series further solidifies the company's technological barriers in the high-end lens development sector [4]. - The AI glasses business has begun generating revenue, with cumulative income of 6.51 million yuan and a gross margin of 78.6% as of September 30, 2025 [5]. Future Outlook - The company is expected to benefit from ongoing product upgrades and the expansion of new business lines, including AI glasses and medical channels, which are anticipated to drive future growth [6][8]. - The projected revenue growth rates for the upcoming years are 11% for 2025, 11% for 2026, and 9% for 2027, indicating a stable growth outlook [8].

Financial Performance - Revenue for H1 2025 reached CNY 399 million, with Q2 revenue of CNY 202 million, showing a year-on-year increase of 3.7% [2] - Net profit attributable to shareholders for H1 2025 was CNY 95.51 million, with a growth rate of 7.4% year-on-year [2] - Core product "PMC Ultra Bright" series saw a revenue increase of 32.4% year-on-year [2] Cost Management - Management expenses decreased by 11.4% year-on-year in Q2, with a management expense ratio of 9.2% [2] - Sales expenses decreased by 10.4% year-on-year in Q2, with a sales expense ratio of 16.7% [2] - R&D expenses increased by 35.5% year-on-year, indicating a strong focus on innovation [2][3] Product Development - New product matrix launched in H1 2025 includes high refractive index lenses (1.67, 1.71, 1.74) and smart photochromic lenses [4] - Sales of the "Easy Control" series reached CNY 81.67 million, a year-on-year increase of 7.32% [3] - The newly upgraded 1.74 series products saw a sales increase of 258% year-on-year [3] Strategic Partnerships - Xiaomi announced a partnership with Mingyue Lens for its AI glasses, enhancing the company's position in the smart wearable optics market [5] - A strategic cooperation agreement was signed with Aier Eye Hospital to deepen collaboration in the medical channel [5] Market Trends - The company maintains a strategic focus amidst increasing price competition in the industry, opting not to engage in price wars [10] - The market for defocus lenses is experiencing growth, with a near 20% increase in sales despite competitive pressures [10][12] Future Outlook - The company aims to enhance its brand, product, and service capabilities while focusing on long-term growth strategies [18] - Emphasis on maintaining a healthy industry ecosystem and avoiding price wars to ensure sustainable development [17]

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].

Investment Rating - The investment rating for Mingyue Lens is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - The company reported a steady revenue growth with a projected revenue of 770 million yuan in 2024, reflecting a 2.9% increase year-on-year, and a net profit of 177 million yuan, which is a 12.2% increase [1]. - The focus on upgrading the defocus lens products and increasing the proportion of single products is evident, with a 5% year-on-year increase in lens business revenue in Q1 2025 [2]. - The brand's high-end positioning is being reinforced through exclusive partnerships, such as the collaboration with Leica, and the expansion into high-end independent stores [2]. - The smart glasses business is accelerating, with a comprehensive service solution being offered to address market needs [3]. - The company's gross profit margin is improving, with Q1 2025 gross margin at 58.4%, and net profit margin at 23.9% [3]. Financial Summary - The total revenue for 2023 was 749 million yuan, with a projected increase to 841 million yuan in 2025, representing a growth rate of 9.2% [5]. - The net profit for 2023 was 158 million yuan, expected to rise to 204 million yuan in 2025, indicating a year-on-year growth of 15.2% [5]. - The gross margin is expected to improve from 58.6% in 2024 to 60.6% in 2025 [5]. - The projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (P/E) ratio of 46.34 [5].