Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown continuous product upgrades, leading to improved profitability. In 2024, the company achieved revenue of 770 million yuan, a year-on-year increase of 2.88%, and a net profit attributable to shareholders of 177 million yuan, up 12.21% year-on-year [1] - The "Light Control" series continues to lead sales, with a revenue of approximately 164 million yuan in 2024, reflecting a year-on-year growth of 22.7%. The company has also launched new products to enhance near-sightedness prevention [2] - The company's gross margin has further improved, with a gross margin of 58.56% in 2024, an increase of 0.98 percentage points year-on-year. The net profit margin for 2024 was 22.95%, up 1.91 percentage points year-on-year [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 770 million yuan and a net profit of 177 million yuan, with a quarterly revenue of 197 million yuan in Q1 2025, reflecting a year-on-year increase of 2.63% [1] - The company’s gross margin for 2024 was 58.56%, with a net profit margin of 22.95% [3] Business Segments - The "Light Control" series generated sales of 173 million yuan in 2024, a year-on-year increase of 29.5%. The lens business revenue was 634 million yuan, up 6.50% year-on-year [2] - The company’s domestic business revenue reached 741 million yuan in 2024, a year-on-year increase of 4.6%, while overseas revenue declined by 27.8% [2] Product Development - The company has introduced a series of new high-refractive index products and is actively exploring the potential market for smart glasses, aiming to provide comprehensive solutions for smart glasses manufacturers [4][9] Future Outlook - The company is expected to achieve revenues of 857 million yuan, 987 million yuan, and 1.119 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 201 million yuan, 235 million yuan, and 271 million yuan [10]
明月镜片（301101）：2024A、2025Q1业绩点评报告：产品升级持续兑现，盈利能力优化提升