热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 康耐特光学发布公告称，预期集团于截至2025年12月31日止年度的股东应占净利润将较截至2024年12月 31日止年度增加不少于30%。增加主要由于1.74折射率镜片及其他多功能产品销量增加；公司的规模化 效应持续放大及机械自动化水平提高；公司积极优化融资结构，提高资金收益及降低融资成本。 责任编辑：卢昱君 康耐特光学（02276）盘中涨超6%，盘中高见64.5港元，再创新高。截至发稿，股价上涨4.80%，现报 63.30港元，成交额7188.612万港元。 康耐特光学发布公告称，预期集团于截至2025年12月31日止年度的股东应占净利润将较截至2024年12月 31日止年度增加不少于30%。增加主要由于1.74折射率镜片及其他多功能产品销量增加；公司的规模化 效应持续放大及机械自动化水平提高；公司积极优化融资结构，提高资金收益及降低融资成本。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 康耐特光学（02276）盘中涨超6%，盘中高见64.5港元，再创新高。截至发稿，股价上涨4.80%，现报 63.30港 ...

消息面上，康耐特光学发布公告称，预期集团于截至2025年12月31日止年度的股东应占净利润将较截至 2024年12月31日止年度增加不少于30%。增加主要由于1.74折射率镜片及其他多功能产品销量增加；公 司的规模化效应持续放大及机械自动化水平提高；公司积极优化融资结构，提高资金收益及降低融资成 本。 康耐特光学(02276)涨超6%，盘中高见64.5港元再创新高。截至发稿，涨4.97%，报63.4港元，成交额 3475.92万港元。 ...

智通财经APP获悉，康耐特光学(02276)涨超6%，盘中高见64.5港元再创新高。截至发稿，涨4.97%，报 63.4港元，成交额3475.92万港元。 消息面上，康耐特光学发布公告称，预期集团于截至2025年12月31日止年度的股东应占净利润将较截至 2024年12月31日止年度增加不少于30%。增加主要由于1.74折射率镜片及其他多功能产品销量增加；公 司的规模化效应持续放大及机械自动化水平提高；公司积极优化融资结构，提高资金收益及降低融资成 本。 ...

事件：公司发布正面盈利预告 研究员：李宏鹏/汪浚哲 机构：华福证券 1 月16 日公司发布公告，预期集团于截至2025 年12 月31 日止年度的股东应占净利润将较截至2024 年12 月31 日止年度增加不少于30%。增加主要由于(i)1.74 折射率镜片及其他多功能产品销量增加;(ii)公司的 规模化效应持续放大及机械自动化水平提高;(iii)公司积极优化融资结构，提高资金收益及降低融资成 本。 内功持续精进，主业增长稳健 公司主业稳增，产品结构优化提升盈利，XR 业务随产业发展有望步入兑现期，我们小幅上调盈利预 测，预计公司25-27 年收入增速分别20%/21%/19%（ 前值19%/18%/18% ）， 归母净利增速分别为 31%/25%/23% （ 前值29%/22%/21%），对应PE 为47/37/30 倍，维持"买入"评级。 风险提示 贸易政策波动、原材料价格波动、XR 进展不及预期等 产品结构进一步优化，高折射率、高附加值产品放量。公司为国内少数能量产1.74 镜片的厂商，高折射 率镜片的单价和毛利更高，且需求旺盛。龙头地位稳固，规模效应显著。根据弗若斯特沙利文，2024 年公司是中国销量 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights various sectors including trendy toys, new tobacco, home furnishings, paper packaging, personal care, AI glasses, Xiaomi Group, pet food, and AI+3D printing, indicating a mixed outlook across these industries with some showing growth potential while others face challenges Trendy Toys - The collaboration between Honor and Pop Mart to launch the first trendy toy smartphone is expected to differentiate products in a competitive market, targeting younger consumers [8] - Despite a decline in overall online GMV for trendy toys, leading companies like Miniso and Bluku are experiencing significant growth, with Miniso's blind box category growing by 315% [10] New Tobacco - The cancellation of VAT export rebates for e-cigarettes is expected to pressure profits in the short term, but may benefit companies like Smoore in the long run as they can capture market share from smaller competitors [11] - The HNB market is anticipated to expand significantly with the upcoming launch of IQOS in the US [12] Home Furnishings - The domestic real estate market remains weak, with significant declines in new and second-hand home transactions [13] - Export figures show a decline for Chinese furniture, while Vietnam's furniture exports are growing, indicating a shift in regional competitiveness [14] Paper Packaging - The report notes fluctuations in paper prices, with a general decline in prices for various paper types, but anticipates a recovery in demand as packaging needs stabilize [15] - The overall retail growth in food, beverages, and daily necessities is expected to support the packaging sector's recovery [16] Personal Care and AI Glasses - The personal care sector shows mixed performance, with some brands experiencing growth while others decline [17] - Meta's plans to significantly increase the production capacity of AI glasses signal a positive outlook for the sector, potentially boosting demand across the supply chain [18] Xiaomi Group - Xiaomi continues to lead in the smartphone market, with expectations to integrate self-developed chips and AI models into their products by 2026 [19] - The company aims to enhance its brand positioning and profitability through technological advancements and strategic product launches [20] Pet Food - The pet food market is projected to grow, with a focus on new product introductions and market expansion strategies [23] - Recent data indicates a decline in GMV for pet food on major e-commerce platforms, highlighting competitive pressures [24] AI+3D Printing - The consumer-grade 3D printing market is expected to grow, driven by new product launches and community engagement initiatives [33] - Companies are focusing on lowering entry barriers and enhancing user experience to penetrate the market further [36]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [6][16]. Core Insights - The company anticipates a net profit increase of at least 30% for the fiscal year ending December 31, 2025, compared to the previous year, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, along with improved operational efficiency and financing structure [3][4]. - The company is positioned as a leading manufacturer of high-refractive lenses in China, with significant cost advantages due to its scale and production capabilities. It is also expanding its overseas production capacity to mitigate tariff impacts [4][5]. - The smart glasses market is projected to grow significantly, with a 110% year-on-year increase in shipments expected in the first half of 2025. The company has secured partnerships with major players in the smart glasses sector, enhancing its revenue potential from XR (extended reality) business [5][6]. Financial Projections - Revenue growth rates are forecasted at 20% for 2025, 21% for 2026, and 19% for 2027, with corresponding net profit growth rates of 31%, 25%, and 23% respectively. The report adjusts previous estimates slightly upward [6][10]. - The company's earnings per share (EPS) is projected to increase from 0.89 in 2024 to 1.79 by 2027, reflecting strong profitability growth [6][10]. Financial Data Summary - The company’s main revenue is expected to reach RMB 2,477 million in 2025, with a net profit of RMB 559 million. By 2027, revenue is projected to grow to RMB 3,582 million, with net profit reaching RMB 861 million [7][10]. - The report highlights a consistent improvement in gross margin, expected to rise from 38.6% in 2024 to 42.1% by 2027, indicating enhanced operational efficiency [10].

证 券 研 究 报 告 康耐特光学（02276.HK）2025 年业绩预告点评 强推（维持） 业绩表现延续高增，持续看好公司智能眼镜 业务发展 事项： 公司发布 2025 年业绩预告，预计 2025 年归母净利润增速不低于 30%。增长 贡献主要由：1）高折及多功能镜片销量增加；2）规模化效应释放及机器自动 化水平提高；3）优化财务结构，提高资金收益及降低融资成本。 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% | | 每股盈利(元) | 0.89 | 1.18 | 1.45 | 1.81 | | 市盈率 ...

Group 1 - Meta and EssilorLuxottica are considering doubling the production capacity of the Ray-Ban AI glasses by the end of this year [1] - Meta is expected to continue expanding its product offerings in the AR and AI sectors, with strong demand for the Display product launched in September 2025 [1] - Meta is shifting focus from VR headsets to AR glasses, indicating confidence in the smart glasses market [1] Group 2 - Kangnate Optical is actively cultivating a second growth curve in the smart glasses sector, with ongoing collaborations with leading 3C companies [2] - The company is expected to see improvements in profitability due to structural upgrades and the accelerated development of the smart glasses industry [2] - Projected net profits for Kangnate Optical from 2025 to 2027 are estimated at 560 million, 700 million, and 870 million yuan, respectively, with corresponding PE ratios of 42, 34, and 27 [2]

本文源自：金融界AI电报 康耐特光学(02276.HK)公告，根据对本集团截至2025年12月31日止年度的未经审计合并管理账目及董事 会现时所得数据的初步审阅，预期本集团于截至2025年12月31日止年度的股东应占净利润将较截至2024 年12月31日止年度增加不少于30%。增加主要由于1.74折射率镜片及其他多功能产品销量增加；本公司 的规模化效应持续放大及机械自动化水平提高；及本公司积极优化融资结构，提高资金收益及降低融资 成本。 ...

康耐特光学(02276)发布公告，预期集团于截至2025年12月31日止年度的股东应占净利润将较截至2024 年12月31日止年度增加不少于30%。增加主要由于(i)1.74折射率镜片及其他多功能产品销量增加;(ii)公 司的规模化效应持续放大及机械自动化水平提高;(iii)公司积极优化融资结构，提高资金收益及降低融资 成本。 ...