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证券研究报告 | 半年报点评 gszqdatemark 2024 08 23 年 月 日 明月镜片（301101.SZ） 产品结构持续升级，渠道布局全面 公司发布 2024 年半年报：2024H1 公司实现营业收入 3.85 亿元（同比+5.2%）， 归母净利润 0.89 亿元（同比+11.0%），扣非归母净利润 0.76 亿元（同比+7.1%）； 单 Q2 实现营业收入 1.93 亿元（同比-0.7%），归母净利润 0.47 亿元（同比+3.7%）， 扣非归母净利润 0.41 亿元（同比+1.2%）。Q2 眼镜淡季需求疲弱，公司通过自身 产品结构升级&大单品战略，逆势表现平稳，离焦镜延续快速增长，龙头地位夯实。 离焦镜增长亮眼，产品结构持续升级。24H1 公司"轻松控"系列产品实现销售额 0.76 亿元（同比+38.9%），单 Q2 实现销售额 0.35 亿元（同比+28.6%），延续靓 丽增长，我们预计轻松控 Pro 产品占比稳步提升，驱动盈利能力优化。今年明月轻 松控再次登陆央视，此外与 IP 小黄人联名，与母婴育儿头部博主年糕妈妈发起"百 名妈妈亲测"活动，并加强抖音、知乎、小红书等平台布局。5 月公 ...

预计公司 2024 / 25 / 26年能够实现基本每股收益 0.89 / 1.02 / 1.16元,对应 PE 为 31X / 27X / 24X,维持"推荐"评级。 公司点评报告 · 轻工行业 业绩整体维稳，大单品持续成长 核心观点 2024年8月 22 日 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Insights - The company demonstrated resilience in growth with a revenue of 385 million yuan for the first half of 2024, reflecting a year-on-year increase of 5.21%. The net profit attributable to the parent company reached 89 million yuan, up 11.04% year-on-year [1]. - The product structure of the lens business is optimizing, with an increase in gross margin and net profit margin. The gross margin for the first half of 2024 was 59.40%, up 2.72 percentage points year-on-year [2]. - The company is actively expanding its market presence through collaborations with well-known hospitals and clinics, aiming for sustainable long-term growth [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 385 million yuan, with a year-on-year growth of 5.21%. The net profit attributable to the parent company was 89 million yuan, marking an 11.04% increase year-on-year. In Q2 alone, revenue was 193 million yuan, down 0.72% year-on-year, while net profit was 47 million yuan, up 3.74% year-on-year [1]. - The gross margin for H1 2024 was 59.40%, an increase of 2.72 percentage points year-on-year, driven by the rising proportion of high-performing lens products [2]. Product Development - The company has enhanced its product matrix in myopia management, with 24 SKUs available across retail and medical channels. The "Light Control" series saw sales of 76.1 million yuan in H1 2024, up 39% year-on-year [1]. - The sales of the three major star products in the regular lens category have significantly increased, with the PMC Ultra Bright series seeing a revenue increase of 58.82% year-on-year [1]. Market Strategy - The company is focusing on expanding its customer base by collaborating with major hospitals and clinics, optimizing its customer structure to support long-term sustainable growth [2]. - The report projects that the net profit attributable to the parent company will grow to 178 million yuan in 2024, 193 million yuan in 2025, and 243 million yuan in 2026, with respective year-on-year growth rates of 13.3%, 7.9%, and 26.4% [2].

意识的提升是大势所趋，且配镜属于刚性消费，公司作为国内稀缺眼镜品牌， 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | |--------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is adjusting its profit expectations due to a weakening downstream consumption environment and intensified market price competition. The expected EPS for 2024-2026 is revised to 0.90, 1.16, and 1.41 yuan, respectively, down from previous estimates of 1.06, 1.36, and 1.66 yuan. The target price is adjusted to 31.94 yuan, with a PE ratio of 35.5x for 2024 [4][5] - The core product growth remains resilient, with the lens business experiencing a 14.0% year-on-year increase in H1 2024, driven by a focus on product strategy. The PMC Ultra Bright series saw a revenue increase of 59% year-on-year in H1 2024 [4] - The profit margin continues to benefit from product mix optimization, with a gross margin of 60.7% in Q2 2024, up 3.6 percentage points year-on-year [4] Summary by Sections Company Overview - The company is focused on brand positioning and product iteration to stabilize pricing amidst fierce external competition [3] Financial Performance - The company reported a revenue of 767 million yuan for 2024E, with a growth rate of 2.5% compared to 2023. The net profit attributable to the parent company is expected to be 181 million yuan, reflecting a growth of 15.1% [9][10] Strategic Initiatives - The company has established a unique partnership with Leica in April 2024 to expand its presence in the high-end market. It continues to innovate with product iterations and has launched the "Easy Control Pro 2.0" in August 2024 [4] - The company is also enhancing its channel strategy, with a focus on large and medium-sized clients, and has seen over 40% growth in medical channels in H1 2024 [4] Market Position - The company’s stock has a current price of 25.06 yuan, with a target price of 31.94 yuan, indicating potential upside [5][6]

明星产品稳健增长，盈利能力持续提升 核心观点 事件：公司发布 2024 年中报，2024 年上半年公司实现营收 3.85 亿元，同比增长 5.2%，同期实现归母净利润 0.89 亿元，同比增长 11.0%；二季度实现营业收入 1.93 亿元，同比下降 0.7%，实现归母净利润 0.47 亿元，同比增长 3.7%。 ⚫ 镜片收入增长彰显韧性，原料业务短期承压。分产品，2023 年上半年公司镜片/原 料/成镜/镜架/其他业务收入分别为 3.20/0.31/0.25/0.05/0.03 亿元，同比分别+12%/- 37%/-5%/+157%/+34%，其中：①镜片业务在外部环境相对承压的背景下彰显出充 足的韧性，三大明星产品收入延续快速增长趋势，PMC 超亮、1.71 系列产品上半年 收入同比分别增长 59%、24%；同期近视防控产品"轻松控"系列销售额为 0.76 亿 元，同比增长 39%，其中单二季度轻松控系列产品销售额为 0.35 亿元，同比增长 29%。②原料业务方面，受镜片行业整体相对疲弱、前期基数较高影响，2024 年上 半年公司原料业务收入同比下降 37%，短期对收入造成一定拖累。 ⚫ 产品结构不断优 ...

明月镜片股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------|------------------------------|------------------------------------------------------------------| | | | 编号：2024-002 | | 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、SMC - | P notes、BEST INVESTMENT CORPORATION (CIC | | | | Group)、Sumitomo Mitsui AM-Clients Funds、Quartet Fund-HK、 | | | BRILLIANCE - | BRILLIANT PARTNERS FUND LP、Headwater Investment | | | | Fund、Pleiad Inve ...

证券研究报告·公司点评报告·文娱用品 明月镜片（301101） 2024 中报点评：2024H1 归母净利润同比 +11%，离焦镜拉动业绩增长 2024 年 08 月 21 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 623.07 | 748.74 | 822.06 | 898.78 | 968.80 | | 同比（ % ） | 8.25 | 20.17 | 9.79 | 9.33 | 7.79 | | 归母净利润（百万元） | 136.22 | 157.54 | 175.61 | 194.51 | 214.44 | | 同比（ % ） | 65.93 | 15.65 | 11.47 | 10.76 | 10.24 | | EPS- 最新摊薄（元 / ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's revenue and net profit attributable to the parent company showed steady growth in H1 2024, with revenue reaching 385 million yuan, a year-on-year increase of 5.21%, and net profit attributable to the parent company reaching 89 million yuan, a year-on-year increase of 11.04% [2] - The lens business demonstrated resilience, supporting the company's gross margin growth, with a gross margin of 59.40% in H1 2024, an increase of 2.72 percentage points year-on-year [2] - The company's product focus strategy has driven rapid growth in key products, with the PMC Ultra-Bright series growing 58.82% year-on-year and the 1.71 series growing 24.40% year-on-year in H1 2024 [2] - The "Easy Control" series of myopia prevention products continued to grow rapidly, with sales reaching 76 million yuan in H1 2024, a year-on-year increase of 38.86% [2] - The company entered into an exclusive cooperation agreement with Leica in the lens field, covering brand operations, technology R&D, precision imaging, optical design, precision manufacturing, and market promotion [2] Financial Performance - The company's operating income in 2024 is expected to reach 822.06 million yuan, a year-on-year increase of 9.79%, with net profit attributable to the parent company expected to reach 175.61 million yuan, a year-on-year increase of 11.47% [1] - The company's EPS for 2024 is forecasted to be 0.87 yuan per share, with a P/E ratio of 31.56 times [1] - The company's gross margin for 2024 is expected to be 57.94%, with a net profit margin attributable to the parent company of 21.36% [9] Product and Market Performance - The "Easy Control Pro" product showed a 72% effectiveness rate in delaying myopia progression over 24 months, with 97% of users adapting to the lenses within one day [2] - The company's lens business revenue reached 320 million yuan in H1 2024, a year-on-year increase of 12.08%, with a gross margin of 63.48%, an increase of 2.17 percentage points year-on-year [2] Strategic Developments - The company's cooperation with Leica is expected to enhance its brand and technological capabilities in the lens market [2] - The company's focus on key products and myopia prevention has driven significant growth in its core product lines [2]