明月镜片:23Q2轻松控销售持续高增,盈利能力稳步提升
（以下内容从天风国际证券《明月镜片:23Q2轻松控销售持续高增,盈利能力稳步提升》研报附件原文摘录）
Mingyue Optical Lens (301101 CH) 23Q2轻松控销售持续高增，盈利能力稳步提升 Steady profitability uptrend as sales of research-backed Easy Control Pro glasses shot up in Q2 ACCUMULATE (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 23Q2收入1.94亿同增29.39%，归母净利润0.45亿同增49.62% 公司发布半年报，23H1实现收入3.66亿元，同比+27.78%，其中Q1/Q2分别实现1.72/1.94亿元，同比+26.00%/29.39%；23H1实现归母净利润0.80亿元，同比+53.38%，其中Q1/Q2分别实现0.35/0.45亿元，同比+58.50%/+49.62%；23H1实现扣非归母净利润0.70亿元，同比+81.56%，其中Q1/Q2分别实现0.30/0.40亿元，同比+75.80%/+86.15%。尽管Q2部分区域消费者到店配镜受到新一轮客观因素影响，23H1整体线下消费有所恢复，配镜需求释放。 Q2 uptick: RMB194m revenue, up 29.39% yoy; RMB45m net profit, up 49.62% yoy Mingyue Optical Lens Co released 23H1 results with revenue at RMB366m, up 27.78% yoy; the quarterly breakdown was RMB172m/194m in Q1/Q2, up 26.00/29.39% yoy. H1 net profit came to RMB80m, up 53.38% yoy; comprising RMB35m/45m in Q1/Q2, up 58.50/49.62% yoy; while H1 ex-nonrecurring net profit was RMB70m, up 81.56% yoy, comprising RMB30m/40m in Q1/Q2, up 75.80/+86.15% yoy. Although store footfall in some areas were affected by a new set of impartial elements in Q2, total offline consumption recovered in H1 as incremental demand for prescription lenses grew. 分品类看，23H1公司镜片收入2.85亿元，同比+34.12%，毛利率61.31%，同比+1.89pct；原料收入4919万元，同比+5.09%，毛利率26.58%，同比+4.95pct。常规镜片中，PMC超亮、1.71镜片、防蓝光镜片等明星产品Q2快速增长；近视防控产品保持在上升通道中，23H1轻松控系列销售额0.5亿同比+76%，其中Q2销售0.27亿元。 Revenue performance ·spectacle lens revenue grew 34.12% yoy to RMB285m in H1; with gross margin at 61.31%, up 1.89ppt yoy; ·raw materials drew revenue of RMB49.19m in H1, up 5.09% yoy, with gross margin at 26.58%, up 4.95ppt yoy ·bestsellers: PMC ultra-bright, 1.71 lenses, anti-blue light lenses grew quickly in Q2; ·myopia prevention and control glasses maintain growth: the Easy Control Pro series drew sales of RMB50m in H1, up 76% yoy; including RMB27m in Q2. 盈利能力稳步提升，费用率显著改善 23H1公司毛利率56.68%，同比+3.23pct，主要原因或系产品结构优化，聚焦中高折射率、功能片等差异化品类，青少年近视管控产品快速占领优势市场；归母净利率21.89%，同比+3.66pct，扣非归母净利率19.26%，同比+5.71pct。23H1销售/管理/研发/财务费用率分别为18.36%/9.6%/3.08%/-1.72%，同比分别-1.79/-4.33/-4.82/-1.08pct。 Profitability trended upward steadily in H1 while it curbed expense ratios Mingyue’s gross margin rose 3.23ppt yoy to 56.68% in H1, a result of efforts to optimize the product structure. It increased competitive differentiation with medium and highly refractive lenses and other functional categories. The company’s youth myopia management and control glasses continued to dominate the market. Total net margin was 21.89% in H1, up 3.66ppt yoy, while ex-nonrecurring net margin was 19.26%, up 5.71ppt yoy. H1 segmental expenses ratios were as follows: sales/management/ R&D/financial at +18.36/+9.6/+3.08/-1.72%, narrowing 1.79/4.33/4.82/1.08ppt yoy. 轻松控认可度持续提升，产品线丰富度领先行业 据5月临床报告，轻松控Pro最近一季度延缓近视加深有效率达82%；戴镜12个月延缓近视加深有效率60%；97%受试者能在1天内适应镜片，青少年近视防控系列持续获得权威媒体关注及认可。目前公司近视防控产品线齐全度引领全行业，轻松控系列近期上市1.56pro与1.56pro防蓝光，全部产品线合计共20款，覆盖1.56、1.60、1.67、1.71四个折射率。 Better-than-industry product mix: Easy Control Pro’s profile continues to rise Mingyue released clinical research findings in May and reported these highlights: ·Easy Control Pro glasses were 82% effective in slowing the progression of myopia in its youth subjects in the prior three months; ·they were 60% effective after wearing the glasses for 12 months; ·97% of the research subjects were able to adapt to the glasses within one day. Mingyue’s youth myopia prevention and control glasses are gaining awareness and recognition from authoritative media, says the company. In this category, Mingyue believes it has the most comprehensive range in the industry. In the Easy Control Pro series, the company recently launched 1.56 Pro and 1.56 Pro anti-blue light lenses. The full line consists of 20 models with four refractive rates: 1.56, 1.60, 1.67 and 1.71. 推动直销、经销与医疗渠道协同发展 目前公司合作线下门店达万家，其中超80%开始销售轻松控系列，一方面提高合作头部门店近视管理镜片销售占有率；另一方面通过经销加速中小客户覆盖；医疗渠道开发已初见成效。此外公司积极推动线上线下融合，通过小红书、抖音（官方平台粉丝量近110万）、B站等布局新媒体渠道，强化自线上触达至线下消费的转移路径。 Integrated development of direct sales, distribution and medical channels Mingyue partners with tens of thousands of physical stores and more than 80% currently sell the Easy Control Pro series. The company’s myopia management lenses would not only increase sales market share in leading stores, but it expects its SME distribution coverage will also accelerate. In the medical channel, Mingyue has seen initial results. And efforts to integrate the offline to online channels have led to a growing presence in new media such as Xiaohongshu, Douyin (nearly 1.1m followers) and Bilibili. 投资建议/Investment Ideas 维持盈利预测，维持“增持”评级 公司致力打造中国镜片第一品牌，加强品牌传播，加速渠道扩张，优化渠道及产品结构，近视防控产品成长空间可期。我们预计公司23-25年EPS分别为0.79/1.04/1.36元/股，对应PE分别52/39/30X。 Valuation and risks Bent on building up its profile as China’s top lens brand, Mingyue continues to strengthen brand communications, expand channels and optimize channel and product mixes to tap growing potential in the myopia prevention and control segment. We maintain our forecast and project EPS at RMB0.79/1.04/1.36 in 2023/24/25E, corresponding to 52/39/30x PE. We maintain our ACCUMULATE rating on the stock. 风险提示：市场竞争加剧；原材料价格上涨；经销商管理风险；新品拓展不及预期等。 Risks include: intensifying competition; rising raw material prices; distributor management risks; and development of new products falling short of expectations. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际资产管理有限公司（证监会中央编号：ASF056）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。
Mingyue Optical Lens (301101 CH) 23Q2轻松控销售持续高增，盈利能力稳步提升 Steady profitability uptrend as sales of research-backed Easy Control Pro glasses shot up in Q2 ACCUMULATE (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 23Q2收入1.94亿同增29.39%，归母净利润0.45亿同增49.62% 公司发布半年报，23H1实现收入3.66亿元，同比+27.78%，其中Q1/Q2分别实现1.72/1.94亿元，同比+26.00%/29.39%；23H1实现归母净利润0.80亿元，同比+53.38%，其中Q1/Q2分别实现0.35/0.45亿元，同比+58.50%/+49.62%；23H1实现扣非归母净利润0.70亿元，同比+81.56%，其中Q1/Q2分别实现0.30/0.40亿元，同比+75.80%/+86.15%。尽管Q2部分区域消费者到店配镜受到新一轮客观因素影响，23H1整体线下消费有所恢复，配镜需求释放。 Q2 uptick: RMB194m revenue, up 29.39% yoy; RMB45m net profit, up 49.62% yoy Mingyue Optical Lens Co released 23H1 results with revenue at RMB366m, up 27.78% yoy; the quarterly breakdown was RMB172m/194m in Q1/Q2, up 26.00/29.39% yoy. H1 net profit came to RMB80m, up 53.38% yoy; comprising RMB35m/45m in Q1/Q2, up 58.50/49.62% yoy; while H1 ex-nonrecurring net profit was RMB70m, up 81.56% yoy, comprising RMB30m/40m in Q1/Q2, up 75.80/+86.15% yoy. Although store footfall in some areas were affected by a new set of impartial elements in Q2, total offline consumption recovered in H1 as incremental demand for prescription lenses grew. 分品类看，23H1公司镜片收入2.85亿元，同比+34.12%，毛利率61.31%，同比+1.89pct；原料收入4919万元，同比+5.09%，毛利率26.58%，同比+4.95pct。常规镜片中，PMC超亮、1.71镜片、防蓝光镜片等明星产品Q2快速增长；近视防控产品保持在上升通道中，23H1轻松控系列销售额0.5亿同比+76%，其中Q2销售0.27亿元。 Revenue performance ·spectacle lens revenue grew 34.12% yoy to RMB285m in H1; with gross margin at 61.31%, up 1.89ppt yoy; ·raw materials drew revenue of RMB49.19m in H1, up 5.09% yoy, with gross margin at 26.58%, up 4.95ppt yoy ·bestsellers: PMC ultra-bright, 1.71 lenses, anti-blue light lenses grew quickly in Q2; ·myopia prevention and control glasses maintain growth: the Easy Control Pro series drew sales of RMB50m in H1, up 76% yoy; including RMB27m in Q2. 盈利能力稳步提升，费用率显著改善 23H1公司毛利率56.68%，同比+3.23pct，主要原因或系产品结构优化，聚焦中高折射率、功能片等差异化品类，青少年近视管控产品快速占领优势市场；归母净利率21.89%，同比+3.66pct，扣非归母净利率19.26%，同比+5.71pct。23H1销售/管理/研发/财务费用率分别为18.36%/9.6%/3.08%/-1.72%，同比分别-1.79/-4.33/-4.82/-1.08pct。 Profitability trended upward steadily in H1 while it curbed expense ratios Mingyue’s gross margin rose 3.23ppt yoy to 56.68% in H1, a result of efforts to optimize the product structure. It increased competitive differentiation with medium and highly refractive lenses and other functional categories. The company’s youth myopia management and control glasses continued to dominate the market. Total net margin was 21.89% in H1, up 3.66ppt yoy, while ex-nonrecurring net margin was 19.26%, up 5.71ppt yoy. H1 segmental expenses ratios were as follows: sales/management/ R&D/financial at +18.36/+9.6/+3.08/-1.72%, narrowing 1.79/4.33/4.82/1.08ppt yoy. 轻松控认可度持续提升，产品线丰富度领先行业 据5月临床报告，轻松控Pro最近一季度延缓近视加深有效率达82%；戴镜12个月延缓近视加深有效率60%；97%受试者能在1天内适应镜片，青少年近视防控系列持续获得权威媒体关注及认可。目前公司近视防控产品线齐全度引领全行业，轻松控系列近期上市1.56pro与1.56pro防蓝光，全部产品线合计共20款，覆盖1.56、1.60、1.67、1.71四个折射率。 Better-than-industry product mix: Easy Control Pro’s profile continues to rise Mingyue released clinical research findings in May and reported these highlights: ·Easy Control Pro glasses were 82% effective in slowing the progression of myopia in its youth subjects in the prior three months; ·they were 60% effective after wearing the glasses for 12 months; ·97% of the research subjects were able to adapt to the glasses within one day. Mingyue’s youth myopia prevention and control glasses are gaining awareness and recognition from authoritative media, says the company. In this category, Mingyue believes it has the most comprehensive range in the industry. In the Easy Control Pro series, the company recently launched 1.56 Pro and 1.56 Pro anti-blue light lenses. The full line consists of 20 models with four refractive rates: 1.56, 1.60, 1.67 and 1.71. 推动直销、经销与医疗渠道协同发展 目前公司合作线下门店达万家，其中超80%开始销售轻松控系列，一方面提高合作头部门店近视管理镜片销售占有率；另一方面通过经销加速中小客户覆盖；医疗渠道开发已初见成效。此外公司积极推动线上线下融合，通过小红书、抖音（官方平台粉丝量近110万）、B站等布局新媒体渠道，强化自线上触达至线下消费的转移路径。 Integrated development of direct sales, distribution and medical channels Mingyue partners with tens of thousands of physical stores and more than 80% currently sell the Easy Control Pro series. The company’s myopia management lenses would not only increase sales market share in leading stores, but it expects its SME distribution coverage will also accelerate. In the medical channel, Mingyue has seen initial results. And efforts to integrate the offline to online channels have led to a growing presence in new media such as Xiaohongshu, Douyin (nearly 1.1m followers) and Bilibili. 投资建议/Investment Ideas 维持盈利预测，维持“增持”评级 公司致力打造中国镜片第一品牌，加强品牌传播，加速渠道扩张，优化渠道及产品结构，近视防控产品成长空间可期。我们预计公司23-25年EPS分别为0.79/1.04/1.36元/股，对应PE分别52/39/30X。 Valuation and risks Bent on building up its profile as China’s top lens brand, Mingyue continues to strengthen brand communications, expand channels and optimize channel and product mixes to tap growing potential in the myopia prevention and control segment. We maintain our forecast and project EPS at RMB0.79/1.04/1.36 in 2023/24/25E, corresponding to 52/39/30x PE. We maintain our ACCUMULATE rating on the stock. 风险提示：市场竞争加剧；原材料价格上涨；经销商管理风险；新品拓展不及预期等。 Risks include: intensifying competition; rising raw material prices; distributor management risks; and development of new products falling short of expectations. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际资产管理有限公司（证监会中央编号：ASF056）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。
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