24Q1-3/ 单Q3“轻松控”系列产品销售额为1.22/0.46 亿元， 同比+22.4%/+2.4%；为让客户和用户更早更快地销售和体验更好的PRO 2.0 产品，按照“卖2.0 就不卖1.0”的原则，公司主动召回渠道内的轻松控PRO1.0系列产品，若剔除产品升级回收带来的影响，24Q1-3/单Q3“轻松控”全系列产品销售额为1.30/0.54 亿元，同比+36.9%/+34.2%。Incident: Mingyue Lens revealed its 2024 three-quarter report. With 24Q1-3, the company achieved revenue of 0.583 billion yuan, yoy +3.61%; net profit attributable to mother 0.137 billion yuan, yoy +11.91%; net profit not attributable to mother 0.117 billion yuan, yoy +9.88%. Looking at Q3 alone, the company achieved revenue of 0.198 billion yuan, yoy +0.64%; net profit attributable to mother 0.048 billion yuan, yoy +13.57%; net profit not attributable to mother 0.042 billion yuan, yoy +15.22%.
Large conventional lens products continue to grow rapidly, and easy to control series upgrades continue to grow. 1) Star single products: Excluding export business, 24Q3's lens business revenue was 0.167 billion yuan, +3.9%, accounting for 84.18% of total revenue; the company's strategy of focusing on large single products had obvious results. The 24Q1-3 PMC Super Bright Series product revenue was +50.62% YoY, and 1.71 series products +16.5% YoY. 2) Myopia prevention and control products:
24Q3 launched a new generation of Easy Control PRO 2.0 series products to further optimize the optical design and imaging quality of lenses; according to the summary report of Sun Yat-sen University's Zhongshan Ophthalmology Center, the 12-month equivalent ball mirror efficiency of Easy Control PRO 2.0 is 73.82%, compared with 60% of the 12-month equivalent ball mirror efficiency of Easy Control PRO 1.0. On the basis of the same price, the prevention and control effect of Easy Control PRO 2.0 products is better. The product quality is better, further enhancing the market competitiveness of Easy Control PRO 2.0 products.
The sales volume of 24Q1-3/Single Q3 “Easy Control” series products was 0.122/0.046 billion yuan, compared to +22.4%/+2.4%; in order for customers and users to sell and experience better PRO 2.0 products earlier and faster, according to the “sell 2.0, don't sell 1.0” principle, the company actively recalls the Easy Control PRO1.0 series products within the channel. If the impact of product upgrades and recycling is excluded, the sales volume of 24Q1-3/Single Q3 “Easy Control” products is 0.13/0.054 billion yuan, +36.9%/+34.2% YoY.
Profitability increased steadily, and the 24Q3 net profit margin after deducting non-return to mother was +2.68pct to 21.17% year over year. 1) In terms of gross margin, in 24Q1-3/Q3, the company's gross margin was 59.30%/59.10%, +1.39/-1.10pct year-on-year. 2) In terms of cost ratio, in 24Q1-3/single Q3, the company's sales expense ratio was 18.93%/18.58%, -1.05/-4.42pct; management expense ratio was 11.08%/10.12%, +1.17/-0.39pct; R&D expense ratio was 3.94%/4.18%, +0.93/+1.28pct, mainly due to an increase in R&D investment. 3) In terms of net interest rate, in 24Q1-3/Q3, the company's net interest rates to mother were 23.49%/24.23%, respectively, +1.74/+2.76pct; net interest rates after deducting non-return to mother were 20.14%/21.17%, respectively, +1.15/+2.68pct.
Investment advice: The company is a leader in domestic lenses. Revenue and profit from the conventional lens business are expected to grow steadily and become a hidden growth gripper, actively lay out a myopia prevention and control circuit, build a second growth curve with a high growth rate, and have strong scarcity. We expect the company's net profit to be 0.178/0.198/0.24 billion yuan in 24-26, with a year-on-year growth rate of +13.0%/+11.5%/+21.1%. The current stock price corresponds to the 24-26 PE of 30x, 27x, and 22x respectively, maintaining the “recommended” rating.
Risk warning: industry competition intensifies; raw material prices fluctuate; new product development progress falls short of expectations.
