业绩简评 2025 年 3 月 31 日公司披露 24 年财报，全年实现营收 20.61 亿元， 同比+17.1%；实现归母净利润 4.28 亿元，同比+31.0%，净利率 20.8%，同比+2.2pct。其中，2H24 实现营收 10.84 亿元，同比增 长 16.8%；实现归母净利润 2.20 亿元，同比增长 30.3%,业绩符合 预期。 经营分析 定制片 C2M+高折射功能镜片表现靓丽，差异化突破抢占市场。 24 年销量 1.78 亿件，出货单价 11.6 元/件（+4.5%）。分产品角 度，受益于国内加速渠道扩张、高折射产品凭借差异化&高性价 比优势突围，并通过防蓝光/偏光类产品提升产品力，24 年功能 镜片/标准镜片/定制镜片/其他收入 7.55/9.07/3.95/0.03 亿 元，同比+32.4%/+8.8%/+11.8%/+60.3%；分地区来看，中国内地 /美洲/亚洲/欧洲地区收入 6.55/4.74/5.22/3.19 亿元，同比 +13.92%/16.93%/37.88%/6.38%，2H 增速 +7.4%/+15.9%/+58%/+1.7%,东南亚、南美地区表现突出。 产品结构优化带动 ...

业绩简评 24 年销量 1.78 亿件，出货单价 11.6 元/件（+4.5%）。分产品角 度，受益于国内加速渠道扩张、高折射产品凭借差异化&高性价 比优势突围，并通过防蓝光/偏光类产品提升产品力，24 年功能 镜片/标准镜片/定制镜片/其他收入 7.55/9.07/3.95/0.03 亿 元，同比+32.4%/+8.8%/+11.8%/+60.3%；分地区来看，中国内地 /美洲/亚洲/欧洲地区收入 6.55/4.74/5.22/3.19 亿元，同比 +13.92%/16.93%/37.88%/6.38%，2H 增速 +7.4%/+15.9%/+58%/+1.7%,东南亚、南美地区表现突出。 产品结构优化带动盈利能力提升，研发费用投入有所扩张。24 年 毛利率 38.6%（+1.18 pct），其中 2H24 毛利率 38.1%（+0.5pct）， 主要受益于订单数量提升、人民币贬值、产品结构升级，24 年销 售/行政费用率 6.30%/9.41%，同比+0.43/-0.54 pct，研发费用增 加 1820 万元，研发费率 4.3%（+0.3pct），中期角度，看好 XR 业 务放量对自身盈利能力带来边际向 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，且明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai Conant Optical Co., Ltd. 上海康耐特光學科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2276） 截 至2024年12月31日止年度的 年度業績公告 上海康耐特光學科技集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然 公 佈 本 公 司 連 同 其 子 公 司（統 稱「本集團」）截 至2024年12月31日 止 年 度（「報告期」） 的經審計綜合年度業績，連同截至2023年12月31日止年度的經審計比較數字如下。 於 本 公 告 中，「我 們」及「我 們 的」指 本 公 司 及（倘 文 義 另 有 規 定）本 集 團。 摘 要 • 截 至2024年12月31日止年度的收入約為人民幣2,060.8百萬元，較2023年 增 加 約17.1%。 • 截至2024年12月31日止年度的毛利約為人民幣795.1百萬元，較20 ...

[Table_Page] 公司深度研究|日常消费 证券研究报告 [Table_Title] 【广发轻工&海外】康耐特光学 （02276.HK） 全球树脂镜片龙头，技术研发实力引领行业 [Table_Summary] 核心观点： 盈利预测： | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 26.90 港元 | | 合理价值 | 29.76 港元 | | 报告日期 | 2025-03-27 | 基本数据 [Table_BaseInfo] | 总股本/流通股本（百万股） | 479.93/479.93 | | --- | --- | | 总市值/流通市值（百万港元） | 12909/12909 | | 一年内最高/最低（港元） | 30.90/7.93 | | 30 日日均成交量/成交额（百万） | 2.10/59.19 | | 近 3 个月/6 个月涨跌幅（%） | 23.68/85.52 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]曹倩雯 SAC 执证号：S0260520110002 021-38003621 ...

轻工制造/文娱用品 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 320% 2024-03 2024-07 2024-11 康耐特光学 恒生指数 ——港股公司首次覆盖报告 | 吴柳燕（分析师） | 吕明（分析师） | 张可（分析师） | | --- | --- | --- | | wuliuyan@kysec.cn | lvming@kysec.cn | zhangke1@kysec.cn | | 证书编号：S0790521110001 | 证书编号：S0790520030002 | 证书编号：S0790523070001 | 主业结构升级确保业绩成长，关注 XR 产业催化及港股通流动性改善机会 考虑到公司镜片种类多样化、高附加值产品占比逐渐提高，我们预期 2024-2026 年公司营业收入分别为 20.6/23.7/27.5 亿 元 ， 对 应 分 别 同 比 增 长 16.9%/15.1%/16.3%。考虑到公司定制化镜片和高折射率产品占比逐步提高，且 后期布局更高价值量的 XR 相关业务，公司盈利能力有望持续改善，我们预期 2024-2026 年公司归母净利润分别为 4.3/5 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 48-54 per share based on a projected PE ratio of 40-45X for 2025 [6]. Core Insights - The company is a leading resin lens manufacturer in China, ranking first in production volume and ninth in revenue globally, with products sold in over 80 countries [1][13]. - The company has shown robust revenue and profit growth, with a projected net profit increase of over 30% in 2024, reaching over HKD 430 million [2][25]. - The lens industry in China is expected to grow at a CAGR of 9.1% from 2023 to 2027, driven by increasing demand for corrective lenses and the expansion of the domestic market [3][43]. Summary by Sections Company Overview - The company is recognized as a global leader in the resin lens market, with a strong focus on customized services and a diverse product range [1][4]. - The company has established a solid customer base and long-term partnerships across various countries, enhancing its market presence [4][36]. Financial Performance - From 2018 to 2023, the company's revenue grew from HKD 850 million to HKD 1.76 billion, with a CAGR of 16%, while net profit increased from HKD 80 million to HKD 330 million, achieving a CAGR of 33% [2][25]. - The company anticipates a net profit of over HKD 430 million in 2024, primarily due to effective market expansion and a higher proportion of high-value products [2][25]. Industry Analysis - The Chinese lens market is projected to grow steadily, with a retail market size of approximately HKD 378 billion in 2023, reflecting a year-on-year growth of 11.2% [43]. - The demand for lenses is expected to rise due to an increasing population with vision impairments and the growing popularity of specialized lenses such as progressive and sports eyewear [55][60]. Product and Production Capabilities - The company has a comprehensive product system with a focus on high-refractive and customized lenses, being one of the few manufacturers capable of producing 1.74 refractive index lenses [4][31]. - The company operates automated production facilities with a daily capacity of 20,000 pieces, ensuring efficient and precise delivery of customized lenses [4][39]. Strategic Initiatives - The company is entering the XR (Extended Reality) market, collaborating with leading consumer electronics firms to develop smart glasses, which are expected to drive significant growth [5][20]. - The partnership with GoerTek enhances the company's position in the XR industry, leveraging synergies for product development [5][20].

证券研究报告 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 [Table_Author] 姜文镪 盈利预测：我们预计 2024-2026 年归母净利润分别为 4.4/5.5/6.7 亿元，对 应 PE 分别为 24.1X/19.2X/15.7X。 风险提示：自有品牌销售不及预期、定制化销售不及预期、XR 推进不及预 期。 | 重要财务指标 | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入 | 1760 | 2079 | 2458 | 2907 | | （+/-)(%) | 13% | 18% | 18% | 18% | | 归母净利润 | 327 | 437 | 547 | 672 | | （+/-)(%) | 32% | 34% | 25% | 23% | | EPS | 0.77 | 0.91 | 1.14 | 1.40 | | P/E | 8.44 | 24.06 | 19.20 | 15.65 | [ ...

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 30.9 HKD based on a PE of 27X for 2025 [4]. Core Insights - The company has demonstrated strong growth with a revenue CAGR of 12.80% and a net profit CAGR of 26.98% from 2018 to 2023, benefiting from product structure optimization and customer expansion [1][10]. - The company is positioned as a leading manufacturer of lenses in China, ranking fifth globally in resin lens sales, with a significant increase in domestic revenue share [3][11]. - The report highlights the company's strategic moves in AI hardware and the establishment of an XR R&D service center, which are expected to enhance its market presence [2][38]. Summary by Sections Investment Logic - The company has a clear direction in high refractive index standardized lenses, with revenue growth of 15.4% and 31.1% for 1.67 and 1.74 refractive index lenses respectively in the first half of 2024 [1][17]. - The gross margin for customized lenses is approximately 20 percentage points higher than that of standardized lenses, indicating a strong profitability advantage [1][21]. - Automation efforts have improved cost control and productivity, with revenue per employee increasing from 558,000 RMB in 2021 to 718,000 RMB in 2023 [1][30]. Growth Drivers - The company is expanding into the AI hardware market, having established an XR R&D service center and acquired land in Thailand for production, which is expected to enhance its exposure to the U.S. market [2][50]. - The domestic revenue share has increased significantly, reaching 32.7% in 2023, up 18 percentage points from 2018, driven by product upgrades and consumer demand for high refractive lenses [3][11]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 416 million, 505 million, and 604 million RMB for 2024, 2025, and 2026 respectively, with growth rates of 27.1%, 21.5%, and 19.7% [4][7]. - The current stock price corresponds to a PE of 24, 22, and 18 for 2024 to 2026, which is lower than the average PE of comparable companies [4][42].

上 市 公 司 证 券 研 究 报 告 轻工制造 证券分析师 资料来源：Bloomberg 一年内股价与基准指数对比走势： | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|----------------|-------| | | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1561 | 1760 | 2075 | 2397 | 2760 | | 同比增长率（ %） | | | | 15 13 18 16 15 | | | 归母净利润（百万元） | 249 | 327 | 418 | 500 | 593 | | 同比增长率（%） | | | | 35 32 28 20 19 | | | 每股收益（元 /股） | 0.58 | 0.77 | 0.98 | 1.17 | 1.39 | | 净资产收益率（%） | 21.70 | 23.44 | 24.19 | 23.81 | 23.70 | | 市盈率 | 35.1 | 26.7 | ...

Investment Rating - The report assigns an investment rating to Conant Optical (2276 HK) [5] Core Viewpoints - Conant Optical has entered into a placement agreement with a strategic shareholder, Goertek, to accelerate breakthroughs in smart glasses [5] - The company plans to use the proceeds from the placement for R&D, design, and manufacturing of lenses and visual solutions for smart glasses and XR head-mounted devices [5] - Conant Optical has acquired a second piece of land in Thailand for building production lines for XR product lenses [5] - The company has made progress in R&D projects with leading global tech and consumer electronics companies, receiving payments for R&D fees and small trial orders [5] - Conant Optical is focusing on international head clients for smart glasses, with a significant emphasis on the domestic market through collaborations with major smartphone manufacturers [5] - The company's high-end product proportion is increasing, with its own brand growing rapidly and production capacity in Thailand steadily expanding [5] - Conant Optical's standardized lenses have a gross margin of over 30%, while customized lenses have a gross margin of about 60%, with overall gross margin expected to continue optimizing [5] - The company's lens products are exported globally, with nearly 70% of revenue coming from overseas markets [5] - Conant Optical's own brand revenue is expected to account for over 50% of total revenue, with rapid expansion anticipated in the domestic market [5] Financial Projections - The report forecasts Conant Optical's net profit attributable to the parent company to be 430 million, 540 million, and 660 million yuan for 2024, 2025, and 2026, respectively [5] - The corresponding P/E ratios are projected to be 19 1X, 15 2X, and 12 5X for the same periods [5] - Revenue growth is expected to be 18% YoY for 2024, 2025, and 2026 [6] - Net profit growth is projected at 31%, 25%, and 22% YoY for 2024, 2025, and 2026, respectively [6] - EPS is forecasted to be 0 77, 1 01, 1 26, and 1 54 yuan for 2023, 2024, 2025, and 2026, respectively [6] - The P/E ratios are expected to be 8 44, 19 05, 15 19, and 12 47 for 2023, 2024, 2025, and 2026, respectively [6] - The P/B ratios are projected to be 1 99, 4 85, 3 68, and 2 84 for the same periods [6] Financial Ratios - The gross margin is expected to increase from 37 40% in 2023 to 40 72% in 2026 [15] - The net profit margin is forecasted to rise from 18 58% in 2023 to 22 58% in 2026 [15] - ROE is projected to be 23 44%, 25 44%, 24 20%, and 22 77% for 2023, 2024, 2025, and 2026, respectively [15] - ROIC is expected to be 20 96%, 22 87%, 22 30%, and 21 37% for the same periods [15] - The asset-liability ratio is forecasted to decrease from 29 70% in 2023 to 21 55% in 2026 [15] - The net debt ratio is projected to improve from -8 98% in 2023 to -30 42% in 2026 [15] - The current ratio is expected to increase from 3 28 in 2023 to 4 57 in 2026 [15] - The quick ratio is forecasted to rise from 2 15 in 2023 to 3 38 in 2026 [15]