Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 46.83 CNY [5] Core Views - The company is expected to benefit from the rapid growth of AI smart glasses, which will drive demand for high-quality lenses [5] - The product focus strategy has shown significant results, with star products and myopia control products demonstrating resilience in growth [2][3] - The company has made progress in expanding its market share, particularly in the medical channel, which is crucial for myopia management products [4] Financial Performance Summary - In Q1 2025, the company reported revenues of 197 million CNY, a year-on-year increase of 2.6%, and a net profit of 47 million CNY, up 11.7% [1] - For the full year 2024, the company achieved revenues of 770 million CNY, a 2.9% increase, and a net profit of 177 million CNY, up 12.2% [1] - The lens segment generated revenues of 630 million CNY in 2024, with a gross margin of 63.4%, reflecting a 1.3 percentage point increase year-on-year [2] Product Strategy and Market Expansion - The company has successfully launched new high-refractive index products to meet diverse user needs, contributing to the growth of its star products [2] - The "Easy Control" series for myopia management has seen significant sales growth, with revenues reaching 160 million CNY in 2024, a 22.7% increase [3] - Direct sales revenue decreased by 2.3% to 440 million CNY in 2024, while distribution revenue increased by 13.3% to 260 million CNY, indicating a shift in sales strategy [4] Future Outlook - The company is projected to see net profits of 210 million CNY, 240 million CNY, and 280 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 46X, 39X, and 34X [9] - The report highlights the potential for the company to capitalize on the emerging AI glasses market, which is expected to grow rapidly starting in 2025 [5]
明月镜片（301101）：期待AI眼镜业务落地推进