Investment Rating - The report gives a "Buy" rating for 康耐特光学 (2276.HK) with a target price of 61.10 HKD [2][10]. Core Insights - 康耐特光学 is a leading global manufacturer of resin lenses, ranking second in sales volume globally. The company has shown a compound annual growth rate (CAGR) of 15.8% in revenue and 32.7% in net profit from 2018 to 2024, driven by both volume and price increases [7][8]. - The traditional lens market is expected to grow, with a projected CAGR of 5.8% in production and 6.2% in retail sales from 2024 to 2029. The demand for smart glasses is also anticipated to surge, with global shipments expected to reach approximately 61.07 million units by 2029 [7][8]. - The company has a strong competitive edge due to its pricing advantages, access to high-refractive index lens materials, and exceptional customization capabilities. The partnership with 歌尔股份 is expected to enhance its smart glasses business [7][8]. Summary by Sections Company Overview - 康耐特光学 was established in 1996 and has become a leading resin lens manufacturer, covering a full range of products including standardized, functional, and customized lenses. The company has a production capacity of over 7 million SKUs [7][13][16]. Traditional Lens Market - The traditional lens market is driven by health needs and technological advancements, with a significant increase in demand for high-refractive index lenses. The company is well-positioned to benefit from these trends [8][58]. Smart Glasses Market - The smart glasses segment is expected to open new growth opportunities, with 康耐特光学 actively engaging in R&D and partnerships to supply lenses for upcoming smart glasses products [8][9]. Financial Projections - Revenue and net profit forecasts for 2025-2027 are projected at 5.6 billion, 6.9 billion, and 8.4 billion RMB respectively, with corresponding P/E ratios of 47, 38, and 32 [2][10][31].

同配合， 优化研发和生产能力， 拓展定制镜片在AI/AR/VR/MR 眼镜的应用市场，推动双方行业定位与 全球发展战略。 AI 眼镜全球销量预期提升，公司XR 业务顺利推进。2025 年下半年，海外Meta、国内阿里和百度等均 有多款AI 眼镜上市，后续字节、苹果、谷歌、亚马逊等国内外大厂均计划推出相关产品，AI 眼镜全球 销量预期提升，预计2025 年为700 万副，2026 年达到1800 万副，2030 年有望达到9000 万副，有望实现 指数级增长。公司XR 业务顺利推进，截至2025年8 月31 日已累计收入约1000 万元，随着与国内外客户 合作项目陆续扩大试生产规模或进一步进入正式量产，XR 业务收入有望进一步增长。 机构：东北证券 研究员：陈渊文/赵宇天 事件：公司发布正面盈利预告，预计2025年股东应占净利润同比增长不低于30%，主要系（1）1.74 折 射率镜片及其他多功能产品销量增加；（2）规模化效应持续放大及机械自动化水平提高；（3）融资结 构优化带动资金收益提高及融资成本降低。 点评： 携手歌尔光学成立合资公司，AI 眼镜产业链加速整合。1 月19 日，康耐特光学全资子公司朝日镜片与 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company forecasts a net profit attributable to shareholders for 2025 to grow by no less than 30% year-on-year, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation, and optimized financing structure [1][4]. - A joint venture with Goer Optical has been established to accelerate the integration of the AI glasses supply chain, focusing on customized lenses and optical components for AI/AR/VR/MR applications [2][3]. - Global sales of AI glasses are expected to rise significantly, with projections of 7 million units in 2025 and 18 million units in 2026, indicating exponential growth potential [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 23.51 billion, 27.65 billion, and 32.22 billion yuan respectively, with net profits of 5.65 billion, 7.03 billion, and 8.61 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to increase from 1.03 yuan in 2024 to 1.79 yuan in 2027, reflecting a strong growth trajectory [5]. - The net profit margin is expected to improve, with net profit margins of 20.8% in 2024 and reaching 26.7% by 2027 [5][13].

Group 1 - The core viewpoint is that Asahi Optical (a wholly-owned subsidiary of Konnate Optical) and Goer Optical are forming a joint venture to develop, produce, and sell resin lenses and optical waveguide lenses for AI/AR/VR/MR glasses, with respective shareholdings of 30% and 70% [1] - The strategic alliance is seen as an upgrade from being a "component supplier" to a "solution provider," enhancing the value chain position of Konnate Optical [1] - The collaboration is expected to provide Konnate Optical with a more stable customer entry, stronger comprehensive solution capabilities, and long-term growth certainty, transitioning from a "lens solution provider" to a "smart glasses ecosystem positioner" [1] Group 2 - Konnate Optical is actively positioning itself in the smart glasses sector, with an increasing number of overseas customer collaboration projects and steady progress on existing projects [2] - The company has received positive feedback from end users on delivered products for key domestic projects, indicating a successful transition from product functionality realization to scaling production [1][2] - The expected net profits for Konnate Optical from 2025 to 2027 are projected to be 560 million, 700 million, and 870 million yuan, respectively, with corresponding PE ratios of 47, 38, and 31 [2]

机构：国泰海通证券 研究员：刘越男/范佳博 维持增持。考虑到受益智能眼镜发展趋势且产品结构优化，我们上调预测公司2025-2027 年归母净利至 5.6/7.0/8.6 亿元人民币 (原5.35/6.50/7.86 亿元)，增速31%/26%/23%，；参考可比公司估值，给予公司 2026 年45 倍PE，给予目标价72.5 元港币(按照1 港元=0.91元人民币折算)，维持增持。维持增持。 公司发布正面盈利预告，预期2025 年股东应占净利将较2024 年增加不少于30%。1）2025 年净利高增 主要因：①1.74 折射率镜片及其他多功能产品销量增加；②本公司的规模化效应持续放大及机械自动化 水平提高；③本公司积极优化融资结构，提高资金收益及降低融资成本2）经过测算，按年度看，2025 实现股东应占净利不低于5.57 亿元/同比增长不低于30%；按半年度看，25Q4 实现股东应占净利不低于 2.83 亿元/同比增长不低于29.3%。 超额完成激励目标，智能眼镜布局加速。公司24H2/25H1 归母净利润分别实现增速+30.3%/+30.7%， 25H2 增速不低于29.3%，单H 利润增速稳健；同时根据2 ...

超额完成激励目标，智能眼镜布局加速 公司24H2/25H1归母净利润分别实现增速+30.3%/+30.7%，25H2增速不低于29.3%，单H利润增速稳健； 同时根据2024年股权激励，2025年度目标为公司归母净利润(剔除股份激励费用后)同比增长不低于 21%，超额完成利润目标。近期公司智能眼镜业务迎来催化：1)12月30日，2026年国补政策发布，数码 产品购新补贴拓展智能眼镜和智能家居产品品类。2)Meta Platforms和依视路陆逊梯卡正在商讨2026年 底前将AI眼镜的产能提升至2000万副以上。3)公司成为阿里夸克AI眼镜的独家镜片供应商。公司目前持 续拓展XR业务，智能眼镜布局加速。 国泰海通证券主要观点如下： 公司发布正面盈利预告，预期2025年股东应占净利将较2024年增加不少于30% 1)2025年净利高增主要因：①1.74折射率镜片及其他多功能产品销量增加;②本公司的规模化效应持续放 大及机械自动化水平提高;③本公司积极优化融资结构，提高资金收益及降低融资成本2)经过测算，按 年度看，2025实现股东应占净利不低于5.57亿元/同比增长不低于30%;按半年度看，25Q4实现股东应占 ...

智通财经APP获悉，国泰海通证券发布研报称，维持康耐特光学(02276)"增持"评级，公司为全球镜片龙 头企业，SKU丰富+性价比突出+产品结构优化+C2M模式高效，推动盈利能力不断增强、市场份额稳步 提升;且贴合式或为智能眼镜近视解决方案的最优解，公司未来望进一步突破国内外智能眼镜领域的重 要客户，发展有望更上层楼。 国泰海通证券主要观点如下： 公司24H2/25H1归母净利润分别实现增速+30.3%/+30.7%，25H2增速不低于29.3%，单H利润增速稳健； 同时根据2024年股权激励，2025年度目标为公司归母净利润(剔除股份激励费用后)同比增长不低于 21%，超额完成利润目标。近期公司智能眼镜业务迎来催化：1)12月30日，2026年国补政策发布，数码 产品购新补贴拓展智能眼镜和智能家居产品品类。2)Meta Platforms和依视路陆逊梯卡正在商讨2026年 底前将AI眼镜的产能提升至2000万副以上。3)公司成为阿里夸克AI眼镜的独家镜片供应商。公司目前持 续拓展XR业务，智能眼镜布局加速。 风险提示 公司发布正面盈利预告，预期2025年股东应占净利将较2024年增加不少于30% 定制镜片、 ...

业绩预增 30%，智能眼镜景气持续 康耐特光学(2276) 康耐特光学 2025 业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 范佳博(研究助理) | 021-38053328 | fanjiabo@gtht.com | S0880125120019 | 本报告导读： 2025 年业绩预增不少于 30%，得益于智能眼镜产业发展趋势，业务景气度持续。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,760 | 2,061 | 2,374 | 2,810 | 3,282 | | (+/-)% | 12.7% | 17.1% | 15.2% | 18.4% | 16.8% | | 毛利润 | 658 | 795 ...

Core Viewpoint - The company has issued a positive profit forecast, expecting a year-on-year growth of no less than 30% in net profit attributable to shareholders for the year 2025, driven by increased sales of high-refractive index lenses and other multifunctional products, ongoing scale effects, and improved financing structure [1] Group 1: Company Performance and Forecast - The company anticipates significant growth in net profit for 2025, with a projected increase of at least 30% year-on-year [1] - Key drivers for this growth include increased sales of 1.74 refractive index lenses and other multifunctional products, continued scale effects, and enhanced automation levels [1] - The company has received approximately RMB 10 million in revenue from its XR business as of August 31, 2025, with expectations for further growth in the latter half of 2025 and into 2026 [1] Group 2: Industry Trends and Collaborations - The company is the exclusive lens supplier for Alibaba's Quark AI glasses, indicating strong collaboration with major domestic clients [2] - The inclusion of smart glasses in the new consumer upgrade policy is expected to lower consumer thresholds and enhance market penetration [2] - Internationally, Meta Platforms and Essilor Luxottica are discussing plans to double AI glasses production capacity by the end of 2026, reflecting a growing interest in the smart glasses market [2] Group 3: Production and Capacity Expansion - The company is actively expanding its overseas production capacity, with a new automated facility in Japan focusing on progressive lenses and youth vision health products [3] - The Thai production base is also progressing steadily, which is expected to enhance the company's market share and brand premium in overseas markets [3] Group 4: Financial Adjustments and Ratings - The company has adjusted its profit forecasts, now expecting net profits of RMB 561 million, 682 million, and 821 million for 2025-2027, respectively [3] - The corresponding price-to-earnings ratios are projected to be 47X, 38X, and 32X for the same period [3]

Core Viewpoint - The company forecasts a more than 30% year-on-year increase in net profit attributable to shareholders for 2025, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation, and optimized financing structure [1] Group 1: Performance Preview - The company expects net profit attributable to shareholders for 2025 to increase by no less than 30% due to several factors [1] - Sales of 1.74 refractive index lenses and other multifunctional products are anticipated to rise [1] - The company benefits from scale effects and enhanced mechanical automation levels [1] - Optimizing the financing structure is expected to improve fund returns and reduce financing costs [1] Group 2: Key Focus Areas - The integration of the Qianwen model into Alibaba's ecosystem is expected to enhance the functionality of Quark AI glasses, improving user experience and market share [1] - The global smart glasses market is experiencing rapid growth, with IDC reporting a 74.1% year-on-year increase in shipments in Q3 2025, and Meta planning to expand production of Ray-Ban AI glasses [1] - The company is positioned to maintain its leading advantage as a core optical supplier, benefiting from the sales growth driven by the Qianwen ecosystem [1] Group 3: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025 and 2026 upwards by 3% to 566 million and 701 million respectively, and introduced a profit forecast for 2027 at 916 million [2] - The target price has been raised by 12% to 65 HKD, reflecting an 8% upside potential from the current stock price [2] - The current stock price corresponds to a price-to-earnings ratio of 37/28 times for 2026/2027 [2]