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: 2026年2月28日 狀態: 重新提交 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3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 (-) | | | 27,000,000 | | | RMB | | | | 本月底結存 | | | 506,925,000 | RMB | | 1 RMB | | 506,925,000 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2026年3月3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 (-) | | | 27,000,000 | | | RMB | | | | 本月底結存 | | | 506,925,000 | RMB | | 1 RMB | | 506,925,000 | 本月底法定/註冊股本總額： RMB 506,925,000 FF301 第 1 頁 共 ...

[Table_Page] 投资策略月报|纺织服饰 证券研究报告 [Table_Title] 纺织服饰行业 纺织服装与轻工行业数据月报 2.1-2.27 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-03-02 [Table_Author] 分析师： 糜韩杰 SAC 执证号：S0260516020001 SFC CE No. BPH764 021-38003650 mihanjie@gf.com.cn 分析师： 曹倩雯 SAC 执证号：S0260520110002 SFC CE No. BWW545 021-38003621 caoqianwen@gf.com.cn 分析师： 左琴琴 SAC 执证号：S0260521050001 SFC CE No. BSE791 021-38003540 zuoqinqin@gf.com.cn 分析师： 李悦瑜 SAC 执证号：S0260524120002 021-38003784 liyueyu@gf.com.cn 分析师： 董建芳 SAC 执证号：S0260525060002 dongjian ...

港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 阿里即将推出千问 AI 眼镜，端侧 AI 落地有 望加速 事项： 根据报道，千问将在西班牙巴塞罗那举行的 2026 年 MWC 上发布首款同名 AI 眼镜，并于 3 月 2 日开启线上线下全渠道预约。同时，千问还会在年内陆续发 布 AI 指环、AI 耳机等产品，并面向全球市场发售。夸克 AI 眼镜和千问 AI 眼 镜都是由夸克眼镜团队开发的，同一个团队、同样的算法、软硬件支持，只是 后续推出的新的系列将和全球品牌保持一致，采用"千问（Qwen）"品牌。 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 | ...

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，给予目标价74.3元 港币，考虑到受益智能眼镜发展趋势且产品结构优化，该行保持预测公司2025-2027年归母净利至 5.6/7.1/8.7亿元人民币，增速31%/25%/23%;参考可比公司估值，给予公司2026年48倍PE。 国泰海通证券主要观点如下： 风险提示 定制镜片、自有品牌推进不及预期，智能眼镜镜片业务发展不及预期，行业竞争加剧等 关税压力有望释放，退税或将增厚利润 1)关税压力有望释放。目前美国对中国商品征收的关税主要分为四类叠加，301关税、232关税、122关 税、以及专项税种。此轮裁决对关税产生结构性影响，取消IEEPA下的专项税种(对等+芬太尼关税合计 20%)后，特政府新增122条款关税(15%)。公司2024年美国市场收入占比13%，关税压力有望释放。2)关 税条款限制增加。122条款受到法定上限与有效期约束，最高不得超过15%，法定有效期仅为150天。3) 退税或将增厚利润。裁决提到，此前已缴纳的相关关税可能涉及退税补偿。若能追回此前缴纳的关税， 将直接增厚2026年的净利润。 公司业务稳健，持续 ...

关税压力有望释放，退税或将增厚利润 1)关税压力有望释放。目前美国对中国商品征收的关税主要分为四类叠加，301关税、232关税、122关 税、以及专项税种。此轮裁决对关税产生结构性影响，取消IEEPA下的专项税种(对等+芬太尼关税合计 20%)后，特政府新增122条款关税(15%)。公司2024年美国市场收入占比13%，关税压力有望释放。2)关 税条款限制增加。122条款受到法定上限与有效期约束，最高不得超过15%，法定有效期仅为150天。3) 退税或将增厚利润。裁决提到，此前已缴纳的相关关税可能涉及退税补偿。若能追回此前缴纳的关税， 将直接增厚2026年的净利润。 公司业务稳健，持续受益增长红利 国泰海通证券发布研报称，维持康耐特光学(02276)"增持"评级，给予目标价74.3元港币，考虑到受益智 能眼镜发展趋势且产品结构优化，该行保持预测公司2025-2027年归母净利至5.6/7.1/8.7亿元人民币，增 速31%/25%/23%;参考可比公司估值，给予公司2026年48倍PE。 公司在2026年1月已完成14亿港元配售筹资，用于XR配套业务量产产线及购置计量与检测设备(40%)、 建立精密光学配套中 ...

关税压力有望释放，退税或将增厚利润 康耐特光学(2276) 康耐特光学公司事件点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 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 | [当前价格 Table_CurPrice] (港元)： | 64.80 | 本报告导读： 美最高法院裁定 IEEPA 关税违法， 关税压力有望释放，退税或将增厚 利润。 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 2,375 2,800 3,265 (+/-)% 12.7% 17.1% 15.3% 17.9% 16.6% 毛利润 658 795 970 1,152 1,3 ...

Group 1 - The core viewpoint of the report is that Huachuang Securities maintains a "strong buy" rating for 康耐特光学 (Kangnate Optical), projecting significant growth in the smart glasses sector and the company's profitability [1] - Huachuang Securities forecasts 康耐特光学's net profit attributable to shareholders to be 560 million, 700 million, and 870 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 51, 41, and 33 times [1] - The report highlights that the smart glasses industry has transitioned from concept validation to a phase of scalable profitability, with 康耐特光学 actively collaborating with leading 3C companies and making progress in both overseas and domestic projects [1] Group 2 - Recent stock performance shows 康耐特光学's share price fluctuating, with a closing price of 62.90 HKD on February 13, 2026, and a recovery to 63.55 HKD by February 16, 2026, indicating a slight overall decline of 0.31% during this period [2] - The stock experienced a trading range with a high of 64.55 HKD and a low of 61.60 HKD, while there was a net inflow of 12.06 million HKD in main funds on February 16, 2026 [2] - Technical indicators, such as the KDJ J-line, rose to 87.007, suggesting increased short-term volatility in the stock [2] Group 3 - On February 13, 2026, the smart glasses industry saw a catalyst event with依视路陆逊梯卡 (EssilorLuxottica) reporting increased demand, while Meta raised production capacity for Ray-Ban and other developments in the industry chain were noted [3] - 康耐特光学 is recognized as a key supplier in this evolving market, with its overseas collaboration projects expanding and domestic deliveries progressing, attracting market attention [3]

Group 1 - The core viewpoint is that EssilorLuxottica is expected to achieve sales revenue of €28.5 billion in 2025, representing an 11% year-on-year growth, with Q4 2025 revenue growth at 18.4% [1] - The gross margin has slightly declined due to tariffs and the increased proportion of smart glasses business [1] - The smart glasses segment has transitioned from "concept validation" to "scale profitability," with AI glasses sales expected to exceed 7 million units in 2025 [1] Group 2 - The combination of smart glasses and high-value lenses has created a multiplier effect, significantly increasing average transaction value and profit margins [1] - The domestic market for smart glasses is accelerating, with increased trial and sales volume following government subsidies [1] - The company is actively expanding its smart glasses business, with ongoing projects and positive feedback from end users [2] Group 3 - The company is positioned as a leading lens manufacturer, with a focus on cultivating a second growth curve in the smart glasses sector [2] - Projected net profits for the company from 2025 to 2027 are estimated at ¥560 million, ¥700 million, and ¥870 million, with corresponding P/E ratios of 51, 41, and 33 [2] - The target price is maintained at HKD 69.36, with a "strong buy" rating based on the expected acceleration in the smart glasses industry and the company's improving product structure [2]

Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) [1] Core Views - The report highlights that 依视路陆逊梯卡 is expected to achieve sales revenue of €28.5 billion in 2025, representing a year-on-year growth of 11%, with a revenue increase of 18.4% in Q4 2025. The gross margin has slightly declined due to tariffs and the increasing proportion of smart glasses business [1] - The smart glasses segment is projected to sell over 7 million units annually by 2025, with 20% of the smart glasses sold being prescription lenses and 40-50% being coated lenses [1] - The report emphasizes the transition of the smart glasses business from "concept validation" to "scale profitability," with high-margin prescription and functional coated lenses driving profitability [8] - The company is actively positioning itself in the smart glasses market, with increasing collaboration with overseas clients and steady progress on existing projects [8] - The investment suggestion indicates that 康耐特光学 is a leading lens manufacturer, cultivating a second growth curve in the smart glasses sector, with expected net profits of 5.6 billion, 7.0 billion, and 8.7 billion yuan for 2025-2027, corresponding to P/E ratios of 51, 41, and 33 [8] Financial Summary - Total revenue is projected to reach 2,061 million yuan in 2024, growing to 3,380 million yuan by 2027, with a compound annual growth rate (CAGR) of 19.2% [3] - Net profit attributable to shareholders is expected to increase from 428 million yuan in 2024 to 869 million yuan in 2027, with a CAGR of 25.0% [3] - Earnings per share (EPS) is forecasted to rise from 0.84 yuan in 2024 to 1.72 yuan in 2027 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 56 in 2024 to 33 in 2027, indicating improving valuation [3]