主业经营稳健，北美业务持续修复。公司日本工厂预计于四季度建成落地，新增60 万副定制化镜片产 能，对美业务关税有望进一步降低。随着明年泰国工厂落地，全球化供应能力持续强化，看好公司主业 平稳增长。 机构：华创证券 研究员：刘一怡 根据易观双11 观察报告，截至10 月30 日，智能眼镜品类成交额同比暴涨25倍，强势跃居天猫3C 数码 趋势热门品类TOP3。其中，公司作为镜片独供的夸克AI 眼镜S1 在"双11"预售期间，位列天猫智能眼镜 品牌、智能眼镜店铺、XR 品类榜销量第一，累计销量突破5000 台。 评论： 双十一智能眼镜大卖，看好消费级产品放量。从XR 设备热卖榜单来看，前20款热销产品中4000 元以下 产品占比过半，智能眼镜已逐步从极客玩具转向大众消费。中长期来看，公司XR 业务先发优势明显且 技术壁垒高。有望在产业链推新过程中强化竞争优势，持续看好公司供应链卡位。 目前公司已和多家头部3C 龙头合作布局智能眼镜，成长可期。考虑到智能眼镜产业链发展提速叠加公 司产品结构稳步向上，我们预计公司25-27 年归母净利润分别为5.6/7.0/8.7 亿元，对应PE 为40/33/26X。 参考可比公司估 ...

证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 双十一智能眼镜大卖，持续看好公司 XR 业 务进展 事项： ❖ 根据易观双 11 观察报告，截至 10 月 30 日，智能眼镜品类成交额同比暴涨 25 倍，强势跃居天猫 3C 数码趋势热门品类 TOP3。其中，公司作为镜片独供的 夸克 AI 眼镜 S1 在"双 11"预售期间，位列天猫智能眼镜品牌、智能眼镜店 铺、XR 品类榜销量第一，累计销量突破 5000 台。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,061 | 2,347 | 2,835 | 3,380 | | 同比增速(%) | 17.1% | 13.9% | 20.8% | 19.2% | | 归母净利润(百万元) | 428 | 564 | 696 | 869 | | 同比增速(%) | 31.0% | 31.7% | 23.3% | 25.0% | | 每股盈 ...

中泰证券指出，公司为国内领先的树脂镜片厂商，核心优势在于高折射率1.74镜片的先发优势以及创新 的C2M服务模式，产品结构优化下盈利能力持续提升；领先的镜片制造能力及C2M服务能力是拓展智 能眼镜镜片业务的关键基础，建议积极关注。 消息面上，据夸克AI眼镜公众号今日披露，夸克AI眼镜发布会正式定档11月27日。官方数据显示，目 前已经开启预售的夸克AI眼镜S1在"双11"预售期间表现亮眼，位列天猫智能眼镜品牌、智能眼镜店铺、 XR品类榜销量第一。根据康耐特光学官方工作号，公司是夸克AI眼镜的独家镜片供应商，标志着客户 在国内市场拓展再下一城。 康耐特光学(02276)一度涨超5%，高见52.5港元刷新上市新高。截至发稿，涨3.82%，报51.7港元，成交 额1.25亿港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，港股康耐特光学(02276.HK)一度涨超5%，高见52.5港元刷新上市新高。截至发稿，涨 3.82%，报51.7港元，成交额1.25亿港元。 ...

消息面上，据夸克AI眼镜公众号今日披露，夸克AI眼镜发布会正式定档11月27日。官方数据显示，目 前已经开启预售的夸克AI眼镜S1在"双11"预售期间表现亮眼，位列天猫智能眼镜品牌、智能眼镜店铺、 XR品类榜销量第一。根据康耐特光学官方工作号，公司是夸克AI眼镜的独家镜片供应商，标志着客户 在国内市场拓展再下一城。 康耐特光学(02276)一度涨超5%，高见52.5港元刷新上市新高。截至发稿，涨3.82%，报51.7港元，成交 额1.25亿港元。 中泰证券（600918）指出，公司为国内领先的树脂镜片厂商，核心优势在于高折射率1.74镜片的先发优 势以及创新的C2M服务模式，产品结构优化下盈利能力持续提升；领先的镜片制造能力及C2M服务能 力是拓展智能眼镜镜片业务的关键基础，建议积极关注。 ...

Core Insights - The company is a leading optical lens provider, focusing on both standard and customized optical lenses for downstream brands and end-users, with a projected revenue CAGR of 15% and profit CAGR of 33% from 2021 to 2024 [1] Industry Overview - The traditional lens industry is expected to reach a global retail value of $54.3 billion in 2024, with a compound annual growth rate (CAGR) of approximately 4.7% from 2019 to 2024 [1] - The domestic lens shipment volume is estimated at 940 million pairs annually, while global sales are around 1.7 billion pairs [1] - The AI glasses market is nascent, with an expected global sales volume of approximately 2.83 million units in 2024, representing a penetration rate of only 0.2% [2] - If the penetration rate of AI glasses increases to 10% over the next five years, sales could reach about 16 million units [2] Company Positioning - 康耐特光学 ranks second in global resin lens sales and fifth in sales value in 2024, being one of the few manufacturers capable of mass-producing high-refractive-index lenses [3] - The company has established strong relationships with international brand clients and has increased its high-end product and proprietary brand ratio, driving structural growth in revenue and profitability [3] - 康耐特光学 is a pioneer in the XR glasses lens sector, having secured exclusive supply agreements for lenses with major companies, including the upcoming Quark AI glasses from Alibaba [3] Financial Projections - The company anticipates net profits of 540 million, 660 million, and 830 million RMB for 2025, 2026, and 2027, respectively, with growth rates of 25.6%, 22.1%, and 26.9% [3] - Earnings per share (EPS) are projected to be 1.12, 1.37, and 1.74 RMB for the same years [3] - The estimated reasonable valuation for the company ranges from 56.22 to 61.84 RMB or 61.78 to 67.96 HKD [3]

Group 1: Company Overview - Company is a leading optical lens provider, specializing in the research and sales of optical lenses, and has entered the XR glasses market [1][3] - The company is expected to achieve a net profit of 540 million, 660 million, and 830 million RMB from 2025 to 2027, with growth rates of 25.6%, 22.1%, and 26.9% respectively [1] - The company ranks second in global resin lens sales and fifth in sales revenue in 2024, demonstrating significant manufacturing and research advantages [3] Group 2: Industry Insights - The global lens industry retail sales are projected to reach 54.3 billion USD in 2024, with a compound annual growth rate (CAGR) of approximately 4.7% from 2019 to 2024 [2] - The AI glasses market is expected to see sales of about 2.83 million units in 2024, with a penetration rate of only 0.2%, indicating substantial growth potential [2] - The AI glasses lens segment has higher technical and customer barriers due to the specific requirements for AR display compatibility, which may benefit companies with advanced technology [2]

国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，首次评级，给予康耐特光学(02276)"优于大市"评级，传统业 务量利齐升，XR业务进一步贡献增量，预计2025-27年归母净利润5.4/6.6/8.3亿元，增速 25.6%/22.1%/26.9%。EPS为1.12/1.37/1.74元人民币。通过多角度估值，预计公司合理估值56.22-61.84元 人民币/61.78-67.96港币。 主营光学镜片研发销售，前瞻切入XR眼镜赛道 公司是全球领先的光学镜片提供商，为下游镜片品牌(ODM模式)和终端(自有品牌)提供标准化和定制化 光学镜片和服务。2021-24年收入CAGR为15%，2021-24年利润复合增速33%。同时公司积极切入了智 能眼镜赛道，2025年已实现了收入确认。 镜片行业：传统镜片行业长坡厚雪，智能(AI)眼镜开辟更大空间 传统镜片行业：2024年全球镜片行业零售额预计为543亿美元(出厂销额口径约为62亿美元)，2019-2024 年全球和国内的零售额复合增速约为4.7%、5.0%。预计国内每年镜片出货量约为9.4亿副，全球销量约 为17亿副。行业空间高但格局分散，尽管如此，也 ...

Investment Rating - The report assigns an "Outperform" rating for the company [6] Core Insights - The company is a leading global optical lens provider, focusing on both standardized and customized optical lenses, with a projected revenue CAGR of 15% and a profit CAGR of 33% from 2021 to 2024 [1][4] - The traditional lens industry is expected to maintain steady growth, while the smart (AI) glasses segment presents significant expansion opportunities, with a projected global sales volume of approximately 1.6 million units if penetration reaches 10% by 2029 [3][38] - The company has established a strong position in the XR glasses market, having secured exclusive supply agreements with major players like Alibaba for their AI glasses [4][62] Summary by Sections Company Overview - The company has been deeply involved in the resin lens industry for nearly 30 years, expanding its business into the XR glasses sector [15] - It has maintained a strong growth trajectory, becoming the top resin lens manufacturer in China by shipment volume since 2020, and ranking fifth globally by revenue in 2024 [20][25] Financial Performance - The company’s revenue is projected to grow from 1.76 billion RMB in 2023 to 3.24 billion RMB by 2027, with a net profit expected to increase from 327 million RMB to 833 million RMB over the same period [5][34] - The gross margin has improved from 30.6% in 2018 to 39.16% in the first half of 2024, driven by a shift towards higher-margin customized lenses [32][36] Industry Analysis - The global lens market is projected to reach a retail value of 54.3 billion USD in 2024, with a compound annual growth rate of approximately 4.7% from 2019 to 2024 [2][38] - The smart glasses segment is still in its infancy, with a current penetration rate of only 0.2%, but has the potential for rapid growth as technology and consumer acceptance evolve [3][38] Competitive Landscape - The lens industry is characterized by low overall concentration but high concentration in the high-end segment, where the company competes with established brands like EssilorLuxottica and Carl Zeiss [48][57] - The company has a competitive edge due to its advanced manufacturing capabilities and strong relationships with international brand clients [4][20]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 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） 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02276 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 479,925,000 | RMB | | 1 RMB | | 479,925,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 479,925,000 | RMB | | 1 RMB | | 479,925,000 | 本月底法定/註冊股本總額： RMB 479,925,000 截至月份: 2025年10月31日 狀 ...