华创证券研报表示，康耐特光学深耕眼镜制造行业，内外销齐头并进，结构升级有望带动盈利能力持续 改善。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，该行预计公司25-27年归母净利润分别为5.6/7.0/8.7亿元，对应PE为 41/34/27X。 消息面上，据报道，Meta Platforms与依视路陆逊梯卡(EssilorLuxottica)正讨论在今年年底前把AI智能眼 镜的产能提高一倍，以抓住不断增长的需求并抢在竞争对手之前布局。知情人士称，随着Ray-Ban Meta 眼镜销量逐步起量，Meta已建议到2026年底将年产能提升至2000万副或以上。国泰海通证券研报指 出，根据Counterpoint咨询，2025年上半年全球智能眼镜出货量同比增长110%，维持高速增长。智能眼 镜首次纳入国补，预计将带来增量。 康耐特光学(02276)涨超5%，截至发稿，涨5.36%，报55.05港元，成交额2763.36万港元。 ...

华创证券研报表示，康耐特光学深耕眼镜制造行业，内外销齐头并进，结构升级有望带动盈利能力持续 改善。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，该行预计公司25-27年归母净利润分别为5.6/7.0/8.7亿元，对应PE为 41/34/27X。 消息面上，据报道，Meta Platforms与依视路陆逊梯卡（EssilorLuxottica）正讨论在今年年底前把AI智能 眼镜的产能提高一倍，以抓住不断增长的需求并抢在竞争对手之前布局。知情人士称，随着Ray-Ban Meta眼镜销量逐步起量，Meta已建议到2026年底将年产能提升至2000万副或以上。国泰海通证券研报 指出，根据Counterpoint咨询，2025年上半年全球智能眼镜出货量同比增长110%，维持高速增长。智能 眼镜首次纳入国补，预计将带来增量。 智通财经APP获悉，康耐特光学(02276)涨超5%，截至发稿，涨5.36%，报55.05港元，成交额2763.36万 港元。 ...

国泰海通发布研报称，根据品牌方舟，2026年CES AI眼镜相关的参展商约为23家，其中来自中国的企 业达16家，包括雷鸟创新、Rokid、影目、VITURE、XREAL等品牌。此外，值得关注的是，字节跳动 旗下"豆包"AI眼镜即将进入出货阶段，计划推出多款不同配置产品，无屏版AI眼镜或将于2026年第一季 度率先发布。根据Counterpoint咨询，2025H1全球智能眼镜出货量同比+110%，维持高速增长。智能眼 镜首次纳入国补，预计将带来增量。 国泰海通主要观点如下： CES2026：定调物理AI，指向AI与硬件深度融合 1月6日，2026年CES展于美国拉斯维加斯开幕，共有约4300家企业参展，来自160多个国家。其中，中 国参展商共有942家，约占参展企业总数的22%，参展数量仅次于美国，领先于韩国。英伟达CEO黄仁 勋演讲指出，AI的发展重心正从"数字智能"迈向能够理解并作用于物理世界的"物理AI"，由原先的技术 展示逐步转向AI与硬件的深度融合。 多家中国智能眼镜企业参展，展外大厂动作频出 根据品牌方舟，CES AI眼镜相关的参展商约为23家，其中来自中国的企业达16家，包括雷鸟创新、 Rok ...

Flash | 08 Jan 2026 07:14:02 ET │ 11 pages Conant Optical (2276.HK) Key Takeaways from Fireside Chat with Chairman CITI'S TAKE We hosted a fireside chat call with Chairman Mr. Fei on 8 January. Management's outlook is positive with 2026 expected to be continuous- growth year riding AI glasses. He is optimistic on AI glasses outlook and believes Conant is one of the few capable players in providing RX lens as optical module. Conant has 30+ AI glasses projects on hand from North America and China customers, o ...

Summary of 康耐特光学 Conference Call Company Overview - 康耐特光学 is a leading resin lens manufacturer globally, ranked second in sales and covering over 90 countries and regions [2][6] - The company has a strategic investment from 歌尔股份, holding approximately 20% of shares, enhancing its position in the AI glasses supply chain [2][6] Industry Insights - The AI glasses market is expected to grow significantly, with 康耐特光学 projected to capture a 30% market share, increasing average selling prices to 300-400 RMB and achieving a net profit margin of 30-35% [2][3] - The global market for AI glasses could reach 600 million units, corresponding to a market size of 2 trillion RMB [4][15] Financial Performance - From 2018 to 2024, 康耐特光学's revenue is expected to grow at a CAGR of 16%, with net profit growing at 33%, reaching 430 million RMB by 2024 [2][7] - The company’s gross margin is projected to increase from 35% in 2020 to 41% by 2025, with net profit margin rising from 12% to 25% [7] Product and Market Strategy - High refractive index lenses are a key driver for profitability, with 康耐特光学 being the only domestic producer of 1.74 refractive index lenses, holding a 50% market share [2][8][10] - The company employs a C to C to N customization model, achieving a 60% gross margin on customized lenses, which currently represent 19% of total sales [2][13] Competitive Landscape - 康耐特光学 benefits from a cost advantage over imported brands while maintaining quality, allowing it to capture significant market share in high refractive index lenses [10][11] - The company is positioned to respond quickly to market demands and expand its market share through overseas production facilities in Japan and Thailand [4][14][21] Future Growth Potential - The company’s valuation is currently around 460 billion RMB, with potential for 2-3x growth, driven by the AI glasses market and new national subsidy policies [4][5] - The expected increase in net profit from AI glasses could elevate the profit margin to 30-35%, with a potential revenue increase of 1.2 billion RMB from XR business [22] Key Risks and Considerations - The company faces competition from global leaders like 依视路, which may limit its market share growth despite its technological advantages [21] - The impact of tariffs on overseas markets has been noted, but the establishment of production facilities abroad is seen as a mitigating factor [14] Conclusion - 康耐特光学 is well-positioned to capitalize on the growing AI glasses market, with strong financial performance, innovative product offerings, and strategic international expansion plans. The company’s unique capabilities in high refractive index lenses and customization are expected to drive future growth and profitability [2][3][4][22]

Core Viewpoint - 康耐特光学's stock price surged over 5%, reaching a historical high of 58.65 HKD, driven by the inclusion of smart glasses in the national subsidy policy [1] Company Summary - 康耐特光学 is a leading lens manufacturer actively developing a second growth curve in smart glasses [1] - The company has established partnerships with several top 3C companies to expand its smart glasses offerings, indicating strong growth potential [1] Industry Summary - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the 2026 national subsidy policy, which is expected to stimulate consumer demand [1] - According to Huachuang Securities, smart glasses priced over 3300 RMB can fully benefit from the national subsidy, potentially lowering product prices and increasing market penetration [1]

Group 1 - 康耐特光学 (02276) saw a morning increase of over 5%, reaching a new historical high of 58.65 HKD, with a current price of 58.05 HKD and a trading volume of 24.53 million HKD [1] - The National Development and Reform Commission and the Ministry of Finance recently announced the 2026 national subsidy policy, which includes smart glasses for the first time [1] - According to Huachuang Securities, smart glasses priced over 3,300 RMB can fully enjoy the national subsidy, which is expected to lower product prices and stimulate consumer demand [1] Group 2 - The company is a leading lens manufacturer and is actively cultivating a second growth curve in smart glasses [1] - 康耐特光学 is deeply engaged in the eyewear manufacturing industry, with both domestic and international sales progressing, and structural upgrades are expected to enhance profitability [1] - The company has partnered with several leading 3C companies to develop smart glasses, indicating promising growth potential [1]

Core Viewpoint - 康耐特光学's stock price surged over 5%, reaching a new historical high of 58.65 HKD, driven by the inclusion of smart glasses in the national subsidy policy [1] Group 1: Company Performance - 康耐特光学's stock is currently trading at 58.05 HKD with a trading volume of 24.53 million HKD [1] - The company is recognized as a leading lens manufacturer and is actively developing a second growth curve in smart glasses [1] Group 2: Industry Insights - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the 2026 national subsidy policy, allowing products priced over 3,300 RMB to qualify for full subsidies [1] - The introduction of subsidies is expected to lower product prices and stimulate consumer demand, leading to an anticipated increase in smart glasses penetration rates next year [1] - 康耐特光学 is collaborating with several leading 3C companies to expand its presence in the smart glasses market, indicating strong growth potential [1]

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 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 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: 2026年1月7日 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 479,925,000 | | 0 | | 479,925,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 479,925,000 | | 0 | | 479,925,000 | 第 2 頁 共 10 頁 ...

证 券 研 究 报 告 轻工制造行业跟踪报告 CES 举办在即，关注智能眼镜新品节奏 ❑ 投资建议：从需求端挖掘供应链稀缺卡位标的。 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com 行业基本数据 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） | 2025E 2026E | | 2027E | 2025E | 2026E | 2027E 2025E | 评级 | | 康耐特光 学 | 02276.HK | 53.50 | 1.18 | 1.45 | 1.81 | 41.05 | 33.26 | 26.64 | 8.47 强推 | | 资料来源： | Wind ， | 华创证券预测 | | 注：股价为 | 2026 | 年 1 | 月 6 | 日收盘价， | 股价货币单 ...