一、 会议召开情况 证券代码：301101 证券简称：明月镜片 公告编号：2024-037 明月镜片股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 6、 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程等的规定。 二、 会议出席情况 （一）股东出席的总体情况 出席本次股东大会现场会议和网络投票表决的股东及股东代理人共 133 人， 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 1、 召开时间： （1） 会议召开时间：2024 年 11 月 8 日（星期五）14:30。 （2） 网络投票时间：2024 年 11 月 8 日。 其中通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 11 月 8 日 9:15—9:25，9:30—11:30 和 13:00—15:00；互联网投 票系统投票的时间为 2024 年 11 月 8 日 9:15—15:00 期间的任意时 间。 2、 召开地点：上海市普陀区岚皋路 5 ...

明月镜片股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------------|------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Insights - The company demonstrated resilient performance with a revenue of 580 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.6%. The net profit attributable to shareholders reached 140 million yuan, up 11.9% year-on-year [1][2]. - The overall gross margin stabilized at 59.3% for the first three quarters, showing a year-on-year increase of 1.4 percentage points [2]. - The company's focus on product optimization and brand strength continues to drive growth, particularly in its star products, which have maintained double-digit growth [3][4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 200 million yuan, a year-on-year increase of 0.6%, and a net profit of 48.04 million yuan, up 13.6% year-on-year [1][2]. - The gross margin for Q3 was reported at 59.1%, a decrease of 1.1 percentage points year-on-year, while the net margin improved to 24.2%, an increase of 2.8 percentage points year-on-year [2]. - The company’s total expenses for the first three quarters were 34% of revenue, with a notable decrease in sales expenses due to reduced advertising costs [2]. Product and Market Strategy - The lens business generated 170 million yuan in revenue during Q3, marking a 3.9% year-on-year increase, contributing 84.3% to total revenue [3]. - The introduction of the "Light Control Pro 2.0" series has enhanced product quality, leading to a 34.2% year-on-year increase in sales for the "Light Control Pro" series [3]. - The company anticipates steady growth in its near-sightedness prevention product line, with projected sales growth rates of 5%, 40%, and 30% for 2024-2026 [8]. Earnings Forecast and Valuation - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.87 yuan, 1.05 yuan, and 1.23 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 31x, 25x, and 22x [4][10]. - The report emphasizes the continuous optimization of the product structure and enhancement of brand power as key factors supporting the "Hold" rating [4].

明月镜片（301101.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 常规镜片大单品逆势高增，离焦镜升级迭代持续放量，期待后续持续增长 2024 年 10 月 25 日 ➢ 事件：明月镜片披露 2024 年三季报。24Q1-3，公司实现营收 5.83 亿 元，yoy+3.61%；归母净利润 1.37 亿元，yoy+11.91%；扣非归母净利 1.17 亿元，yoy+9.88%。单 Q3 看，公司实现营收 1.98 亿元，yoy+0.64%；归 母净利润 0.48 亿元，yoy+13.57%；扣非归母净利 0.42 亿元，yoy+15.22%。 ➢ 常规镜片大单品持续高增，轻松控系列升级延续增长。1）明星单品：剔 除出口业务，24Q3 公司镜片业务营收为 1.67 亿元，同比+3.9%，占总营收 的比例为 84.18%；公司聚焦大单品策略效果明显，24Q1-3 PMC 超亮系列 产品收入同比+50.62%、1.71 系列产品同比+16.5%。2）近视防控产品： 24Q3 公司推出新一代轻松控 PRO 2.0 系列产品，进一步优化镜片的光学设 计和成像质量；根据中山大学中山眼科 ...

公司点评报告 · 轻工行业 表现稳健, 产品迭代持续向上 2024年10月 24日 核心观点 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|--------------------| | | | | | | | | | | | ● | 事件:公司发布 2024年第三季度报告。报告 ...

Investment Rating - Buy rating maintained for Mingyue Optical (301101 SZ) [1][4] Core Views - Revenue and earnings show steady growth with 2024Q1-Q3 revenue of RMB 580 million (+3 6%) and net profit of RMB 140 million (+11 9%) [4] - Gross margin improved to 59 3% (+1 4pct) in 2024Q1-Q3 with net profit margin at 24 8% (+1 2pct) [5] - Focus on key product strategy shows effectiveness with PMC Ultra-Bright series revenue up 50 6% YoY and 1 71 series up 16 5% [6] - Collaboration with global optical giant Leica to enter high-end market [6] Financial Performance - 2024Q3 revenue reached RMB 290 million (+0 6%) with net profit of RMB 50 million (+13 6%) [4] - 2024-2026 net profit forecast adjusted to RMB 175/210/242 million from previous RMB 201/243/289 million [4] - 2024Q3 gross margin slightly declined to 59 1% (-1 1pct) but net profit margin improved to 25 7% (+2 1pct) [5] Product Strategy - New product "Easy Control Pro" 2 0 launched with optimized optical design and imaging quality [6] - "Easy Control" series sales reached RMB 45 97 million in 2024Q3 (+2 4% YoY) [6] Market Position - Total market capitalization stands at RMB 5 247 billion with circulating market cap of RMB 1 861 billion [1] - Current stock price at RMB 26 04 with 52-week range of RMB 19 84-41 98 [1]

证券研究报告 | 季报点评 gszqdatemark 2024 10 24 年 月 日 明月镜片（301101.SZ） 逆势稳健增长，新品储备丰富 公司发布 2024 年三季报：24Q3 公司实现收入 1.98 亿元（同比+0.6%）、 镜片业务实现收入 1.67 亿元，同比+3.9%（（剔除出口业务），归母净利润 0.48 亿元（同比+13.6%），扣非归母净利润 0.42 亿元（同比+15.2%）， 收入逆势稳健增长，伴随多款重磅新品陆续上市、渠道推行减法降负、品 牌定位进一步夯实、净利率实现稳步提升，利润增长稳健。 离焦镜产品升级，大单品矩阵迭代。公司 24Q3 推出轻松控 PRO2.0 系列 产品，进一步优化镜片的光学设计和成像质量，根据中山眼科中心为期 1 年的前瞻性、多中心、随机、双盲、平行对照试验的总结报告，轻松控 PRO2.0 戴镜 12 个月等效球镜度有效率为 73.82%，较轻松控 PRO1.0 提 升 13.82%，同时售价不变。公司践行"卖 2.0 就不卖 1.0"的原则，主动 召回渠道内的轻松控 PRO1.0 系列产品，24Q3（"轻松控"系系列产品售售 额为 0.46 亿元（同比+ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.03 yuan [2][4][7]. Core Insights - The company reported a revenue of 583 million yuan for the first three quarters of 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to the parent company of 137 million yuan, up 11.91% year-on-year [1]. - In Q3, the company achieved a revenue of 198 million yuan, a 0.64% increase year-on-year, and a net profit of 48 million yuan, growing 13.57% year-on-year [1]. - Domestic lens business showed steady growth, while raw material and export businesses faced pressure [1]. - The company adjusted its sales expense rhythm, leading to a continuous improvement in profitability, with a gross margin of 59.10% in Q3, a decrease of 1.1 percentage points year-on-year [1]. - The collaboration with Leica is expected to enhance the company's high-end brand image, with the launch of four categories of Leica lens products [1]. Financial Summary - The company’s revenue is projected to grow from 749 million yuan in 2023 to 1,036 million yuan in 2026, with a compound annual growth rate (CAGR) of 12.4% [3]. - The net profit attributable to the parent company is expected to increase from 158 million yuan in 2023 to 261 million yuan in 2026, reflecting a CAGR of 16.6% [3]. - The gross margin is anticipated to improve from 57.6% in 2023 to 62.3% in 2026 [3]. - The net profit margin is projected to rise from 21.0% in 2023 to 25.1% in 2026 [3]. - The earnings per share (EPS) is expected to grow from 0.78 yuan in 2023 to 1.29 yuan in 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.03 yuan [2][4][7]. Core Insights - The company reported a revenue of 583 million yuan for the first three quarters of 2024, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 137 million yuan, up 11.91% year-on-year [1]. - In Q3, the company achieved a revenue of 198 million yuan, a 0.64% increase year-on-year, and a net profit of 48 million yuan, growing 13.57% year-on-year [1]. - Domestic lens business showed steady growth, while raw material and export businesses faced pressure [1]. - The company adjusted its sales expense rhythm, leading to a continuous improvement in profitability, with a gross margin of 59.10% in Q3, a decrease of 1.1 percentage points year-on-year [1]. - The partnership with Leica is expected to enhance the company's high-end brand image, with the launch of four categories of Leica lens products [1]. Financial Summary - The company’s revenue is projected to grow from 784 million yuan in 2024 to 1,036 million yuan in 2026, with corresponding net profits of 184 million yuan and 261 million yuan respectively [3][7]. - The gross margin is expected to improve from 60.0% in 2024 to 62.3% in 2026, while the net profit margin is projected to increase from 23.5% to 25.1% over the same period [3][7]. - Earnings per share (EPS) are forecasted to rise from 0.91 yuan in 2024 to 1.29 yuan in 2026 [3][7].

本次会议由中金公司及国胜证券联合主持此外和我们一起组织本次会议的还有民生证券浙商证券以及东方证券的各位老师们今天傍晚我们看到明月发布了前三季度的业绩我们看到尽管在 国内消费整体还是在承压和逐步起稳这个背景下公司的李高进以及三大明星产品仍然延续着优秀的表现市场份额持续提升业务结构持续优化今天呢我们也在第一时间非常荣幸的邀请到了公司的管理层包括公司的副总裁兼董秘增总财务总兼郁总正代理总和对外事务高级经理石总来到线上来为大家分享公司前三季度的经营的情况 本场会议我们还是按照惯例分成这么几个环节首先我们会先请公司的财务总监郁总来为我们分享公司的业绩的情况之后我们也会请郑家李总来就投资人关心的一些业务的情况做一个简单的分享最后我们会留有投资人问答提问的时间接下来我们就把时间先交给公司的财务总监郁总请您来为我们介绍一下公司的经营情况的细节有请您 好的谢谢主持人大家好我是明月镜片的财务总监郁静依下面我来向大家汇报一下我们公司三季度的一个业绩总结营业收入累计5.83亿同比增长3.6%毛利率累计59.3%同比增长1.4个百分点Q3的话我们营业收入是1.98亿同比增长0.6% 其中镜片业务收入1.67亿剔除掉出口业务以外我们的同 ...