机构：申万宏源研究 研究员：屠亦婷/张海涛 公司发布2025H1 正面盈利预告。预计公司2025H1 股东应占净利润同比增长不少于30%，增加主要由于 高折射率产品及功能型产品销量增长强劲，有利产品组合带动平均售价提升。 公司制造能力突出，逐渐发力自主品牌及国内市场，带动收入稳健增长、盈利能力提升。1）产品：研 发能力突出，产品结构持续优化升级。公司与上游原材料供应商如三井等合作密切，自身具备模具自产 能力，SKU 超700 万个，满足客户差异化需求；注重产品研发，豪雅稳居第一大客户，高端产品受市场 认可，推动产品结构持续迭代升级；2）渠道：多元渠道布局，加速发力国内市场和自主品牌建设。公 司早期以海外代工业务为主，近年来公司国内市场发力迅猛，线上、线下双线推进品牌营销，2024 年 自主品牌业务实现收入11.50亿元，同比增长24.5%，收入占比55.8%，同比提升3.3pct；3）供应链：制 造优势显著，全球化产能布局保障增长。基于强大供应链，打造定制化生产能力，实现公司、小b 客户 和消费者的三方共赢；精益管理提升运营效率，人效及资产周转效率领先行业；三大基地布局保障生 产，后续泰国工厂投产，充分应对潜 ...

公司预告2025 上半年归母净利润同比增长不少于30%。增长主要得益于高折射率和功能型产品的强劲 销售，以及有利的产品组合推动平均售价提升，延续了21 年以来利润复合增速超30%的强劲势头。 传统主业结构升级，盈利能力持续兑现 高折射率产品壁垒高，份额稳固，公司是国内少数能够生产1.74 高折射率镜片的企业，深度绑定上游核 心原料供应商日本三井化学，技术壁垒和成本优势显著。随着国内高度近视人群的增长及消费升级，高 折镜片渗透率仍有较大提升空间，公司作为龙头将持续受益。C2M 模式提升盈利，公司C2M 定制化生 产模式提升客户服务能力和交付效率的同时，也将显著提高客单价和整体毛利率。定制镜片的毛利率显 著高于标准镜片，其收入占比的提升是驱动公司盈利提升的重要因素。 XR 业务蓄势待发，打开第二成长曲线 机构：华福证券 研究员：李宏鹏/汪浚哲 投资要点： 公司发布2025H1 正面盈利预告，利润高增 全球化布局规避风险，提供长期增长动能 公司积极推进全球化产能布局，2024 年宣布在泰国投建高折射率产品及XR 业务的自动化生产线。2025 年5 月，公司拟在日本投资建设自动化车房树脂镜片产线，专注高端定制化镜片的 ...

机构：华创证券 研究员：刘一怡 事项： 根据Wind 资讯，Meta 以当前市价购入依视路近3%的股份，价值约30 亿欧元（约252 亿人民币）；而 且之后可能考虑追加投资，将持股比例提升至5%左右。 两种视角看Meta 入股依视路。1）产业链视角下：智能眼镜需要满足全天候佩戴需求，对镜片"超轻、 超薄、耐高温"的属性要求更高，且镜片作为智能眼镜唯一非标环节，Meta 直接入股依视路，类似歌尔 入股康耐特（第二大股东，占20%），均体现产业链对镜片企业的高度重视。2）商业模式视角下：镜 片行业本身毛利率较高，配合智能眼镜的定制镜片方案预计单位价值量更大，有望进一步打开镜片企业 价格空间。 近期产业链迎来密集催化，建议重视9 月Meta 新品。1）Oakley 官方于6 月20 日发布新品，新款眼镜基 于 Oakley HSTN 打造，专为骑行、跑步等运动爱好者设计；2）根据XR 研究院，小米AI 眼镜发布首周 销量约7 万台（含线上线下等所有渠道），预计小米AI 眼镜年销量30~40 万台；3）新品方面建议重视 后续9 月Meta 系列产品推出，如AR+AI 功能的Hypernova 系列和新一代AI 眼镜M ...

研究员：孙海洋 公司发布2025 半年度业绩预告 机构：天风证券 通过日本本土化生产，可有效对冲中美贸易摩擦导致的关税成本上升风险，确保对美国市场的稳定供 应。日本产线的区位优势亦将提升亚太地区客户响应速度。结合公司现有产能布局，我们预计日本车房 产线将会同位于中国江苏和上海的两大生产基地发挥协同效应，降低综合生产成本。多元化生产基地布 局将有望增强应对地缘政治不确定性及汇率波动的能力。 XR 业务积极接洽客户，研发中心助力创新升级XR 业务方面（包括AR 和AI 眼镜等），在与美国多家 头部企业在内的多个全球领先的科技和消费电子企业持续合作的同时，公司也积极拓展与其他国内外科 技和消费电子企业客户的业务合作机会。公司将继续配合客户持续推进现有研发项目，并积极开拓新项 目，为未来可能的AR 或AI 眼镜等项目的批量生产做准备。 公司在积极布局国家级研发中心的规划，包括新建XR（扩展现实）研发中心在内，公司将持续投入， 强化项目和知识产权管理机制，注重研发成果转化和产业协同效应。除此以外，公司也在不断研发不同 折射率、不同功能叠加创新产品，积极改进和升级现有产品。 调整盈利预测，维持"买入"评级 公司作为树脂镜 ...

华福证券 公 司 研 究 公 司 康耐特光学（02276.HK） 25H1 利润高增，XR 业务兑现在即 投资要点： 公司发布 2025H1 正面盈利预告，利润高增 公司预告 2025 上半年归母净利润同比增长不少于 30%。增长主要得益于高 折射率和功能型产品的强劲销售，以及有利的产品组合推动平均售价提升， 延续了 21 年以来利润复合增速超 30%的强劲势头。 传统主业结构升级，盈利能力持续兑现 动 态 跟 踪 高折射率产品壁垒高，份额稳固，公司是国内少数能够生产 1.74 高折射率 镜片的企业，深度绑定上游核心原料供应商日本三井化学，技术壁垒和成 本优势显著。随着国内高度近视人群的增长及消费升级，高折镜片渗透率 仍有较大提升空间，公司作为龙头将持续受益。C2M 模式提升盈利，公司 C2M 定制化生产模式提升客户服务能力和交付效率的同时，也将显著提高 客单价和整体毛利率。定制镜片的毛利率显著高于标准镜片，其收入占比 的提升是驱动公司盈利提升的重要因素。 XR 业务蓄势待发，打开第二成长曲线 XR 业务方面，在与美国多家头部企业在内的多个全球领先的科技和消费电 子企业持续合作的同时，公司也积极拓展与其他国内 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Viewpoints - The company expects a year-on-year increase of no less than 30% in net profit attributable to shareholders for the first half of 2025, driven by strong sales growth of high refractive index and functional products, leading to an increase in average selling prices [1]. - The company is one of the few manufacturers capable of producing resin lenses with a refractive index of 1.74, and its C2M model effectively ensures the delivery efficiency of customized glasses [1]. - The company plans to invest approximately $4 million to build an automated resin lens production line in Japan, aimed at enhancing its production capacity for high-end customized lenses and improving supply chain resilience [2]. - The new production line is expected to increase annual production capacity by 20% compared to existing facilities and will help mitigate risks associated with trade tensions between China and the U.S. [2]. - The company is actively engaging with leading global technology and consumer electronics firms in its XR (Extended Reality) business, preparing for potential mass production of AR and AI glasses [3]. - The establishment of a national-level R&D center will further strengthen the company's innovation capabilities and project management [3]. Summary by Sections Financial Performance - The company forecasts a net profit of no less than 271 million yuan for the first half of 2025, reflecting a robust growth trajectory [1]. - Revised profit forecasts for 2025-2027 are 560 million, 670 million, and 790 million yuan, respectively, with corresponding P/E ratios of 31X, 26X, and 22X [4]. Production and Supply Chain - The new Japanese production line is expected to enhance the company's ability to respond to customer needs in the Asia-Pacific region and improve overall production cost efficiency [2]. - The diversified production base is anticipated to strengthen the company's resilience against geopolitical uncertainties and currency fluctuations [2]. Research and Development - The company is committed to continuous investment in R&D, focusing on innovative products with varying refractive indices and functionalities [3]. - The establishment of an XR R&D center is part of the company's strategy to enhance its technological capabilities and foster collaboration with industry leaders [3].

证 券 研 究 报 告 康耐特光学（02276.HK）跟踪分析报告 强推（维持） Meta 收购依视路约 3%股份，重视智能眼镜 产业链机会 事项： ❖ 根据 Wind 资讯，Meta 以当前市价购入依视路近 3%的股份，价值约 30 亿欧 元（约 252 亿人民币）；而且之后可能考虑追加投资，将持股比例提升至 5%左 右。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,061 | 2,498 | 2,982 | 3,554 | | 同比增速(%) | 16.1% | 21.2% | 19.4% | 19.2% | | 归母净利润(百万) | 428 | 556 | 695 | 862 | | 同比增速(%) | 31.0% | 29.9% | 24.9% | 24.1% | | 每股盈利(元) | 1.00 | 1.16 | 1.45 | 1.80 | | 市盈率(倍) | 36.2 | 31.4 | 25.1 | 20 ...

上 市 公 司 轻工制造 2025 年 07 月 10 日 康耐特光学 (02276) ——2025H1 正面盈利预告点评：产品结构升级带动利润 超预期，XR 业务卡位优势显著 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1760 | 2061 | 2403 | 2790 | 3248 | | 同比增长率（%） | 13 | 17 | 17 | 16 | 16 | | 归母净利润（百万元） | 327 | 428 | 550 | 682 | 840 | | 同比增长率（%） | 32 | 31 | 29 | 24 | 23 | | 每股收益（元/股） | 0.77 | 1.00 | 1.15 | 1.42 | 1.75 | | 净资产收益率（%） | 23.44 | 27.01 | 27.42 | 26.80 | 26.49 | | 市盈率 | 47.6 | 36.3 | 31.8 ...

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

证券研究报告 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 康耐特光学：传统业务产品结构改善，智能眼 镜配套方案持续落地 [Table_ReportDate] 2025 年 07 月 08 日 报告内容摘要: [Table_S 事件：公司发布公告， ummary] 2025H1 归母净利润同比增速不低于 30%，根据我们测 算，利润体量至少为 2.71 亿元+，我们预计利润增速优于收入。公司为全球镜 片龙头，我们预计 H1 标准化镜片保持平稳增长、高折射率&功能性镜片等高价、 高毛利产品增长较快，产品结构持续优化、价格带&盈利中枢延续向上。 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 康耐特光学(2276.HK) 投资评级 上次评级 智能眼镜行业销量高增，公司客户合作快速突破。根据 IDC，25Q1 全球智能眼 镜出货量为 148.7 万台（同比+82.3%，预计全年销量为 1451.8 万台/增速为 42.5%），其中音频和音频拍摄眼镜市场 ...