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 - Mingyue Lens has shown steady revenue growth with a projected revenue of 770 million yuan in 2024, reflecting a year-on-year increase of 2.9%. The net profit attributable to the parent company is expected to reach 177 million yuan, up 12.2% [1]. - The company is experiencing rapid growth in its defocus lens segment, with significant sales increases in its "Easy Control" product line, which saw a 22.1% year-on-year increase in sales in Q1 2025 [2]. - The brand is focusing on high-end market expansion, including a partnership with Leica for exclusive lens products and the introduction of high-end independent stores [2]. - The smart glasses business is expanding, with the company providing comprehensive solutions to address market needs, particularly in the personalized eyewear segment [3]. - Profitability is improving, with gross margins of 56.3% in Q4 2024 and 58.4% in Q1 2025, alongside a net profit margin increase to 23.9% in Q1 2025 [3]. Financial Summary - The total revenue for Mingyue Lens is projected to grow from 770 million yuan in 2024 to 1.149 billion yuan by 2027, with a compound annual growth rate (CAGR) of 23.0% [5]. - The net profit attributable to the parent company is expected to increase from 177 million yuan in 2024 to 296 million yuan in 2027, reflecting a CAGR of 27.7% [5]. - The gross margin is anticipated to improve from 58.6% in 2024 to 62.2% in 2027, indicating enhanced operational efficiency [5]. - The earnings per share (EPS) is projected to rise from 0.88 yuan in 2024 to 1.47 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 53.38 to 31.88 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain steady growth in operations for 2024 and Q1 2025, with significant volume increases in key products [6] - The company achieved a revenue of 770 million yuan in 2024, representing a year-on-year growth of 2.9%, and a net profit of 180 million yuan, which is a 12.2% increase [6] - The forecast for net profit from 2025 to 2027 is 210 million yuan, 242 million yuan, and 277 million yuan respectively, with corresponding EPS of 1.04, 1.20, and 1.38 yuan [6] Financial Performance - In Q1 2025, the company reported a revenue of 200 million yuan, up 2.6% year-on-year, and a net profit of 50 million yuan, reflecting an 11.7% increase [6] - The overall gross margin for 2024 was 58.6%, an increase of 1.0 percentage points, while the net profit margin was 24.4%, up 1.3 percentage points [7] - For Q1 2025, the gross margin was 58.4%, with a net profit margin of 25.1%, indicating a positive trend in profitability [7] Product Highlights - The company's star products showed strong performance, with three major products accounting for 54.6% of revenue from regular lenses in 2024 [8] - The PMC Ultra Bright series saw a revenue increase of nearly 45.6% in 2024, while the "Easy Control" series generated sales of 163.65 million yuan, a 22.7% year-on-year growth [8] - New product launches in Q1 2025 included enhancements to the PMC Ultra Bright series and the introduction of the next-generation smart photochromic series [8] Financial Summary and Valuation Metrics - The company is projected to achieve revenues of 879 million yuan in 2025, 1 billion yuan in 2026, and 1.13 billion yuan in 2027, with respective year-on-year growth rates of 14.1%, 13.7%, and 13.3% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 45.0, 39.0, and 34.1 respectively, indicating a favorable valuation outlook [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain steady growth in operations for 2024 and Q1 2025, with significant volume increases in key products [6] - The company achieved a revenue of 770 million yuan in 2024, representing a year-on-year growth of 2.9%, and a net profit attributable to the parent company of 180 million yuan, up 12.2% [6] - The forecast for net profit attributable to the parent company for 2025-2027 is 210 million, 242 million, and 277 million yuan respectively, with corresponding EPS of 1.04, 1.20, and 1.38 yuan [6] Financial Performance Summary - In Q1 2025, the company reported a revenue of 200 million yuan, a 2.6% increase year-on-year, and a net profit of 50 million yuan, up 11.7% [6] - The overall gross margin for 2024 was 58.6%, an increase of 1.0 percentage points, while the net profit margin was 24.4%, up 1.3 percentage points [7] - The company’s three major star products accounted for 54.6% of revenue from regular lenses in 2024, with the PMC Ultra Bright series seeing a revenue increase of nearly 45.6% [8] Product Highlights - The company’s flagship products continue to perform well, with the "Easy Control" series generating sales of 163.65 million yuan in 2024, a 22.7% increase [8] - New product launches in Q1 2025 include the PMC Ultra Bright series with a new refractive index of 1.67, catering to various consumer needs [8] Financial Forecasts - The company’s revenue is projected to reach 879 million yuan in 2025, with a year-on-year growth of 14.1% [9] - The gross margin is expected to slightly improve to 58.7% in 2025, with a net profit margin of 23.8% [9] - The company’s return on equity (ROE) is forecasted to increase from 11.0% in 2024 to 12.5% in 2027 [9]

2025年4月17日，明月镜片（301101）发布了2024年年报。报告显示，公司2024年实现营业总收入7.70 亿元，同比增长2.88%；归属净利润1.77亿元，同比增长12.21%；扣非净利润1.52亿元，同比增长 11.67%。尽管公司在营收和利润上实现了稳健增长，但增速较往年有所放缓，且部分业务面临挑战。 营收与利润：增速放缓，盈利能力承压 明月镜片2024年的营业总收入为7.70亿元，同比增长2.88%，较2023年的20.17%增速大幅下降。归属净 利润1.77亿元，同比增长12.21%，扣非净利润1.52亿元，同比增长11.67%。尽管利润增速高于营收增 速，显示出公司在成本控制和产品定价方面的优势，但整体增速放缓仍值得关注。 毛利率为58.56%，较去年同期提升0.98个百分点，显示出公司在产品结构优化和成本控制上的成效。然 而，研发费用为3498.85万元，同比增长24.96%，表明公司在技术创新和产品研发上的持续投入。尽管 研发投入增加，但公司在新产品推出和市场拓展上的表现并未显著提升，导致营收增速放缓。 产品与市场：明星产品表现亮眼，但市场拓展乏力 明月镜片的核心产品"明月"品牌在20 ...

明月镜片 2025041720250416 摘要 • 明月镜片 2024 年营收同比增长 1 个百分点至 58.6%，归母净利润同比增 长 12%至 1.76 亿元，净利率提升 1.9 个百分点至 23%。2025 年 Q1 营 收同比增长 0.4 个百分点至 58.4%，归母净利润同比增长 11.7%至 4,715 万元，净利率提升 1.9 个百分点至 23.9%。 • 明月镜片 2024 年销售费用同比下降 4.4%至 1.41 亿元，销售费率下降 1.4 个百分点至 18.3%；研发费用同比增长 25%至 3,499 万元，研发费 率增长 0.8 个百分点至 4.5%。2025 年 Q1 销售费用同比下降 5.4%至 3,394 万元，销售费率下降 1.5 个百分点至 17.2%；研发费用同比增长 37.5%至 953 万元，研发费率增长 1.2 个百分点至 4.8%。 • 明月镜片通过产品结构优化提升盈利能力，PMC 超量系列产品收入同比增 长 45.6%，占常规镜片收入的 54.6%。近视防控产品轻松控系列全年销 售额同比增长 22.7%（剔除产品升级影响后增长 29%），2024 年 Q4 销 售 ...

Core Viewpoint - Mingyue Lens announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 5 yuan per 10 shares (including tax), totaling 100 million yuan, which represents 56.77% of the company's net profit, marking the fourth cash distribution since its listing [2]. Financial Performance - For the fiscal year 2024, the company reported total revenue of 770 million yuan, reflecting a year-on-year growth of 2.88%. The net profit reached 177 million yuan, an increase of 12.21%. The basic earnings per share were 0.8807 yuan, and the weighted average return on equity was 10.99% [2]. Dividend History - The company has a history of cash distributions since its listing, with the following details: - 2024: 10 shares for 5 yuan (total cash: 1.00 billion yuan, dividend yield: 1.58%) - 2023: 10 shares for 3 yuan (total cash: 0.60 billion yuan, dividend yield: 0.63%) - 2022: 10 shares for 5 and 3 yuan (total cash: 0.40 billion yuan, dividend yield: 0.57%) - 2021: 10 shares for 5.3 yuan (total cash: 0.71 billion yuan, dividend yield: 0.95%) [2]. Industry Comparison - In the light industry manufacturing sector, 34 companies have announced their 2024 distribution plans. The highest cash distribution was from Morning Glory Co., with 916 million yuan, followed by Sun Paper and Zijiang Enterprises with 838 million yuan and 455 million yuan, respectively [4].

内部控制审计报告 明月镜片股份有限公司 二○二四年度 明月镜片股份有限公司 内部控制审计报告 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） 目录 页次 一、 审计报告 1-2 内部控制审计报告 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是贵公司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 内控审计报告 第1页 信会师报字[2025]第 ZK10135 号 明月镜片股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了明月镜片股份有限公司（以下简称贵公司）2024 年 12 月 31 日的财务报 ...

一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次 | | | 1、2024 年 3 月 19 日，公司召开了第二 | | | 届董事会第十二次会议和第二届监事会 | | | 第十二次会议，分别审议通过了《关于部 | | | 分募投项目延期的议案》，同意公司将"高 | | （2）公司募集资金项目进展是否与信息披露文件 | 端树脂镜片扩产项目"的预定可使用状态 | | | 时间由原定的 年 月 日调整至 2024 3 20 | | 一致 | 2027 年 3 月 20 日 ...

东方证券股份有限公司 关于明月镜片股份有限公司 2024年度募集资金存放与使用情况的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为明月镜片 股份有限公司（以下简称"明月镜片"或"公司"）首次公开发行股票并在创业板上 市之保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》等相关规定，东方证券对明月镜片 2024 年度募集资金存放与 使用情况进行了核查，核查的具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意明月镜片股份有限公司首次公开发 行股票注册的批复》（证监许可〔2021〕3473 号）同意注册，公司获准首次公 开发行人民币普通股（A 股）股票 3,358.54 万股，每股面值 1 元，每股发行价 格为人民币 26.91 元，募集资金总额为人民币 903,783,114.00 元，扣除各类发行 费用后实际募集资金净额为人民币 792,923,877.64 元。上述募集资金到位情况经 立信会计师事务所（特殊普通合伙） ...

明月镜片股份有限公司 审计报告及财务报表 二○二四年度 明月镜片股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并股东权益变动表和母公司股东权益变动表 | 9-12 | | | 财务报表附注 | 1-120 | 审计报告 信会师报字[2025]第 ZK10136 号 明月镜片股份有限公司全体股东： 一、 审计意见 我们审计了明月镜片股份有限公司（以下简称"明月镜片"）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了明月镜片 ...