Lei Jianping reported on December 16
Mingyue Lens Co., Ltd. (hereinafter referred to as "Mingyue Lens", stock code: 301101) was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange today.
Mingyue Lens issued 33.5854 million shares at an issue price of 26.91 yuan and raised 904 million yuan.
Mingyue Lens opened at 60 yuan, up 123% from the issue price; since then, the stock price has increased, and as of now, the company's market value is 9.6 billion yuan.
Revenue for the first nine months was 410 million
Mingyue Lens is mainly engaged in the research and development, design, production and sales of optometry products such as lenses, lens raw materials, mirrors and frames.
The eyewear industry has always been profitable. In 2019, the cost price of the lenses produced by Mingyue Lenses is more than 6 pieces, and the finished lenses are about 56 yuan a pair, but on the e-commerce platform, the minimum sales price of Mingyue lenses per pair is 228 yuan.
Of course, Mingyue Lens has also spared no effort in advertising in recent years, inviting a national first-class actor Chen Daoming as the brand spokesperson of Mingyue Lens, providing a good image endorsement for Mingyue Lens with its professional and dedicated image and popularity, and enhancing the brand influence of Mingyue Lens.
Mingyue Lens also carries out brand promotion through the implantation of advertisements in TV programs such as variety shows and news, mainly including "Do Not Disturb", "The Strongest Brain" and so on.
Mingyue Lens also rapidly expands its brand influence by placing advertisements in airports, high-speed rail stations, urban core business districts, well-known buildings, etc. across the country to promote brands and products.
According to the prospectus, the revenue of Mingyue Lens in 2018, 2019 and 2020 was 509 million yuan, 553 million yuan and 540 million yuan, respectively; the net profit was 41.845 million yuan, 80.574 million yuan and 81.5588 million yuan, respectively; and the net profit after deduction was 44.07 million yuan, 65.92 million yuan and 63.45 million yuan, respectively.
In the first half of 2021, Mingyue Lens had revenue of 272 million yuan and net profit of 39.259 million yuan.
As of the end of 2018, the end of 2019, the end of 2020 and the end of June 2021, the company's net accounts receivable were 100 million, 120 million, 128 million and 120 million, accounting for 32.92%, 29.17%, 27.2% and 24.00% of current assets, respectively, although it decreased slightly at the end of June 2021, but the overall upward trend was on the rise.
At the end of 2018, the end of 2019, the end of 2020 and the end of June 2021, the carrying amount of the company's inventory was 123 million yuan, 120 million yuan, 101 million yuan and 109 million yuan, accounting for 38.99%, 29.35%, 21.39% and 21.67% of the current assets, respectively. The company's large inventory balance is mainly due to the early production and stocking according to the seasonal factors of lens product sales.
The revenue of Mingyue Lens from January to September 2021 was 410 million yuan, an increase of 9.81% over January-September 2020, the operating profit was 72.4114 million yuan, an increase of 32.98% from January to September 2020, the net profit was 61.3699 million yuan, an increase of 37.82% over January-September 2020, and the net profit after deduction of non-deductions from January to September 2021 was 53.3285 million yuan, an increase of 50.38% over January-September 2020.
The company expects revenue of 2021 to be 540 million yuan to 643 million yuan, up 0.06% to 18.77% year-on-year, net profit of 73 million yuan to 108 million yuan, up 4.29% to 54.29% year-on-year, and deducting non-net profit of 66 million yuan to 90 million yuan, up 4.01% to 41.84% year-on-year.
It is a family business for Xie Gongwan
Before the IPO, Xie Gongwan, Xie Gongxing and Zeng Shaohua directly and indirectly controlled 83.93% of the voting rights of the company and were the actual controllers of the company.
Mingyue Industrial holds 73.45%, Nuowei holds 9.92%, Xie Gongwan and Xie Gongxing hold 3.26% respectively, Zhiming Management holds 2.32%, Zeng Zhe holds 2.17%, Zhiyuan Management holds 2.14%, and Zeng Shaohua holds 1.63%.
Xie Gongwan, born in 1967, has served as the executive director of Mingyue Industry and the chairman of Mingyue Optoelectronics, and since November 2019, he has served as the chairman of Mingyue Lens and the executive director of Mingyue Industry.
Xie Gongxing, born in 1973, has served as the general manager of Mingyue Industry and the general manager of Mingyue Optoelectronics, and since November 2019, he has served as the general manager of Mingyue Lens, the supervisor of Mingyue Industry, and the director of Hong Kong Mingyue.
Zeng Shaohua, born in 1963, was the director of Mingyue Optoelectronics Plus Hard Film Center, deputy director and deputy general manager of the Technical Quality Department, and is currently the executive director of Danyang Jieyou.
Xie Gongwan and Xie Gongxing were brothers, and Zeng Shaohua was the spouse of Xie Gongwan's younger sister.
After the IPO, Mingyue Industrial held 55.09%, Nuowei held 7.44%, Xie Gongwan and Xie Gongxing held 2.45% respectively, Zhiming Management held 1.74%, Zeng Zhe held 1.62%, Zhiyuan Management held 1.60%, and Zeng Shaohua held 1.22%.
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