明月鏡片(301101)：產品持續高折化 離焦鏡產品進一步逐漸放量
格隆匯 08-18 00:00
2022 年8 月17 日，公司發佈2022 年中報，上半年實現營業收入2.86 億元，同比增長5.34%，實現歸母淨利潤0.52 億元，同比增長53.05%，實現扣非淨利潤0.39 億元，同比增長15.37%。公司二季度實現營業收入1.50 億元，同比下降0.93%，實現歸母淨利潤0.30 億元，同比增長42.60%， 實現扣非淨利潤0.22 億元， 同比增長5.59%。經營分析鏡片業務產品結構持續優化。目前公司產品覆蓋1.56、1.60、1.67、1.71、1.74 全部常用折射率，公司率先推出1.71 高折射率鏡片，兼具高折射率及高光學參數兩大優點，預計公司功能性銷售額佔比有望穩步提升。進軍近視防控領域，離焦鏡產品有望成為新增長點。2021 年6 月公司推出青少年近視管理鏡片一代產品“輕鬆控”，12 月推出二代產品“輕鬆控Pro”，全面進軍近視管理鏡片市場，離焦鏡產品通過膜前離焦控制眼軸過快增長，有效延緩近視加深。公司毛利率53.45%（-2.91pct），公司淨利率20.18%（-5.74pct），銷售費用率16.57%（-5.24pct）。直銷為主，經銷為輔的銷售模式，建立了多層次、高覆蓋的銷售網絡體系。面向全國數億萬計的各類眼鏡連鎖店和眼科醫院，2022 年上半年公司直銷渠道收入為1.86 億元，佔比65%，經銷渠道收入0.75 億元，佔比35%；截至2022 年中報，公司直銷客户2924 家，“明月”品牌經銷客户33 家數量保持穩定。盈利調整與投資建議考慮到公司全渠道的佈局有望推動鏡片產品快速放量，未來離焦鏡產品有望逐漸貢獻業績增量。我們分別上調22、23 年淨利潤15%、5%，預計公司22-24 年歸母淨利潤分別為1.15/1.44/1.73 億元， 分別同比增長40%/25%/20%，維持“增持”評級。風險提示國產替代不及預期風險、經銷商管理風險、應收賬款發生壞賬風險、原材料價格波動風險、限售股解禁風險。
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