Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [14]. Core Insights - The company achieved a total revenue of 770 million yuan in 2024, reflecting a year-on-year growth of 2.88%, with a net profit of 177 million yuan, up 12.21% [4]. - In Q1 2025, the company reported a revenue of 197 million yuan, an increase of 2.63%, and a net profit of 47 million yuan, up 11.70% [4]. - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 100 million yuan, with a payout ratio of 56.77% [4]. Revenue and Profitability - The company's lens and raw material revenues for 2024 were 634 million yuan and 68 million yuan, respectively, with the lens business growing by 8.72% after excluding overseas and raw material business impacts [5]. - The gross margin for 2024 was 58.56%, with a net margin of 24.40%, indicating improved profitability [6]. - The company expects revenue growth rates of 11.20%, 13.50%, and 17.00% for 2025, 2026, and 2027, respectively [8]. Product and Market Strategy - The company is focusing on high-end lens products, with significant growth in its PMC Ultra Bright series, which saw a revenue increase of 45.6% [5]. - The collaboration with Leica is enhancing technology development, brand operation, and channel expansion, which is expected to further open profit margins in the high-end lens market [7]. - The company is actively promoting the development of AI smart glasses, positioning its lens business to benefit from this emerging market [7]. Financial Forecast - The forecasted net profits for the company are 206 million yuan, 236 million yuan, and 275 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.02 yuan, 1.17 yuan, and 1.36 yuan [8]. - The projected PE ratios are 45.70, 39.99, and 34.36 for the years 2025, 2026, and 2027, respectively [8].
明月镜片（301101）：2025Q1业绩双位数增长，高端化+AI眼镜布局加速