Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [7]. Core Insights - The company achieved a revenue of 770 million yuan in 2024, representing a year-over-year growth of 2.88%. The net profit attributable to shareholders was 177 million yuan, with a year-over-year increase of 12.21% [1]. - The company's star products continue to show high growth, with the PMC Ultra Bright series experiencing a revenue increase of 45.6% in 2024 and 44% in Q1 2025 [2]. - The company's profitability is steadily improving, with a gross margin of 58.42% in Q1 2025, reflecting a year-over-year increase of 0.35 percentage points [3]. - The company is actively expanding its product lines and enhancing brand strength, particularly in the youth myopia prevention market, with a new product series "Easy Control Pro 2.0" [4]. Financial Performance Summary - In 2024, the company reported total revenue of 770 million yuan, with projected revenues of 891 million yuan in 2025, 1,045 million yuan in 2026, and 1,244 million yuan in 2027, indicating growth rates of 2.9%, 15.7%, 17.3%, and 19.0% respectively [6][10]. - The net profit attributable to shareholders is expected to grow from 177 million yuan in 2024 to 207 million yuan in 2025, 256 million yuan in 2026, and 316 million yuan in 2027, with growth rates of 12.2%, 16.8%, 23.8%, and 23.6% respectively [6][10]. - The company's earnings per share (EPS) is projected to increase from 0.88 yuan in 2024 to 1.03 yuan in 2025, 1.27 yuan in 2026, and 1.57 yuan in 2027 [6][10].
明月镜片（301101）：2024年年报及2025年一季报点评：大单品持续领涨，产品结构实现优化，盈利能力稳步增强