机构：中金公司 研究员：徐卓楠/柳政甫/刘玉雯 公司近况 10 月24 日，阿里官宣首款自研"夸克AI眼镜"开启预售，公司是夸克光学独家镜片供应商。我们认为公 司凭截至2024 年全球第二、中国最大树脂镜片量产规模与持续加大的研发资源，有望率先占领消费级 智能眼镜市场高地，进一步巩固其作为全球视光科技赛道中国龙头企业的地位。 评论 盈利预测与估值 维持2025/2026 年盈利预测5.5/6.8 亿元不变，当前股价对应2025/2026 年34/27 倍市盈率。维持目标价58 元不变，对应2025/2026 年47/38 倍市盈率，较当前股价有38%上行空间。 风险 关税与地缘风险，AI眼镜商业化低于预期，行业竞争加剧。 1、夸克AI眼镜是国内首款一体化带显智能眼镜，聚焦生活服务功能。1)外观设计上，采用7.5mm镜腿 与超薄镜框设计，整体重量42g。2)硬件配置上，支持显示距离调节，针对近视人群提供一体化贴合配 镜方案。3)功能应用上，具备识物、实时翻译/备忘/提词/导航/通话/拍摄等功能，"看一看"支付功能通 过生物识别定位支付码，有别于市面上仅基于声纹识别的支付功能。目前平光/1.60/1.67/1.7 ...

Group 1 - Huachuang Securities maintains a "strong buy" rating for Kangnait Optical (02276), setting a target price of HKD 54.5 based on a relative valuation method with a 2026 valuation of 35X [1] - The company is expected to achieve net profits of RMB 560 million, RMB 700 million, and RMB 870 million for the years 2025, 2026, and 2027, corresponding to PE ratios of 33X, 26X, and 21X [1] - Kangnait Optical is actively collaborating with several leading 3C companies to expand its presence in the smart glasses market, indicating strong growth potential [1] Group 2 - The first self-developed AI glasses, Quark AI glasses, began pre-sale on Tmall on October 24, 2025, and quickly became the top-selling product in the smart glasses category within 10 hours [2] - During the Double 11 shopping festival, the final transaction price for Quark AI glasses was RMB 3,329, benefiting from VIP platform subsidies and discounts [2] - Quark AI glasses feature a unique design with integrated prescription lenses and a dual battery hot-swappable system, allowing for a 24-hour battery life, enhancing user comfort and usability [2]

Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Kangnait Optical (02276), setting a target price of HKD 54.5 based on a relative valuation method with a 2026 valuation of 35X [1] Financial Projections - The company is expected to achieve net profits attributable to shareholders of RMB 560 million, RMB 700 million, and RMB 870 million for the years 2025, 2026, and 2027, respectively, corresponding to PE ratios of 33X, 26X, and 21X [1] Industry Position and Product Development - Kangnait Optical is actively engaged in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, indicating potential for continuous improvement in profitability due to structural upgrades [1] - The company has partnered with several leading 3C brands to expand its footprint in the smart glasses market, suggesting promising growth prospects [1] Product Launch and Market Performance - The first self-developed AI glasses, Quark AI glasses, began pre-sale on Tmall on October 24, 2025, and quickly became the top-selling product in the smart glasses category within 10 hours [1] - During the Double 11 shopping festival, the final transaction price for the Quark AI glasses was RMB 3,329, benefiting from an 88VIP platform subsidy and a 10% discount coupon [1] Technological Innovation - The Quark AI glasses feature a unique prescription lens fitting solution that is more integrated and comfortable compared to most domestic products, which typically use clip-on or magnetic methods [1] - The innovative design includes a dual-battery and hot-swappable battery system, allowing users to replace the main battery easily, achieving a total battery life of up to 24 hours for all-day usability [1]

华创证券发布研报称，公司预计日本工厂将于四季度投产，全球化供应能力持续强化，亦可有效对冲关 税风险。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。 消息面上，根据21世纪经济报道，阿里首款自研AI眼镜——夸克AI眼镜2025年10月24日凌晨在天猫开 启预售。仅10个小时后，就冲上了双11智能眼镜品类销量Top1。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。 智通财经APP获悉，康耐特光学(02276)早盘涨超6%，截至发稿，涨4.82%，报43.96港元，成交额 3499.06万港元。 ...

每经AI快讯，康耐特光学(02276.HK)早盘涨超6%，截至发稿，涨4.82%，报43.96港元，成交额3499.06 万港元。 ...

Core Viewpoint - 康耐特光学's stock price increased by over 6% in early trading, reflecting positive market sentiment following the announcement of its exclusive partnership with 阿里 for the Quark AI glasses [1] Group 1: Company Performance - 康耐特光学's stock rose by 4.82% to HKD 43.96, with a trading volume of HKD 34.99 million [1] - The company is the exclusive lens supplier for 阿里’s Quark AI glasses, which achieved the top sales position in the smart glasses category on Tmall within 10 hours of its pre-sale launch [1] Group 2: Industry Developments - 华创证券 forecasts that 康耐特光学's Japanese factory will commence production in Q4, enhancing its global supply capabilities and mitigating tariff risks [1] - The company possesses a significant first-mover advantage and high technological barriers in its XR business, which is expected to strengthen its competitive position in the industry [1]

Group 1 - The report highlights that the Q3 2025 revenue exceeded expectations, with significant growth in overseas markets, particularly in North America, where the company is accelerating store openings [21][22][23] - The company achieved a year-on-year revenue growth of 245%-250% in Q3 2025, with overseas revenue increasing by 365%-370% [21] - The management's confidence is reflected in the recent share purchases by key stakeholders, indicating a positive outlook for future growth [27][29] Group 2 - The report indicates that the company has maintained a strong gross margin, with Q3 2025 gross margin at 55.62%, an increase of 4.42 percentage points year-on-year [31][32] - The company’s revenue for the first three quarters of 2025 reached 1.933 billion yuan, a year-on-year increase of 2.20% [31] - The life sciences segment is expected to drive future growth, with a planned investment of 1.15 billion yuan in a new high-end materials industrial park [33] Group 3 - The report notes that the company has seen a significant increase in net profit, with a year-on-year growth of 0.5% for the first three quarters of 2025, despite challenges in the mining services and defense sectors [36] - The company is actively pursuing a strategy to integrate its civil explosives business and is focusing on military transformation, which is expected to enhance long-term growth prospects [39][41] - The report emphasizes the importance of expanding domestic demand and the potential for increased consumer spending, particularly in the service sector [13][14][16] Group 4 - The optical lens industry is experiencing a shift towards high-end and smart products, with the market for AI smart glasses expected to grow significantly [44][45] - The company is positioned as a leading manufacturer of resin lenses, with a strong focus on R&D and partnerships with global tech firms to develop smart eyewear solutions [43][44] - The report highlights the increasing demand for functional and customized lenses, driven by rising health awareness and changing consumer preferences [44][45]

Core Insights - The report addresses the advantages of traditional lens manufacturers in the trend of smart glasses, the competitive barriers of 康耐特光学, and the growth path of domestic optical lens manufacturers compared to international giants like Essilor Luxottica [1] Company Overview - 康耐特光学 is a leading resin lens manufacturer in China, ranking second globally and first in China by sales volume and value in 2023, with a strong custom production capability and scale advantage [1] - The company has a solid foundation in flexible production and product R&D, having established close partnerships with various eyewear brands and international optical companies over its 30-year history [1] - Revenue is projected to exceed 2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 14.05% from 2018 to 2024, and net profit CAGR of 33.5% during the same period [1] Lens Industry Trends - In 2023, China's lens factory sales and retail sales reached 19.04 billion yuan and 34.81 billion yuan, respectively, with a CAGR of 5.5% and 4.4% from 2018 to 2023 [2] - The market for optical lenses in China is expected to continue growing, driven by high demand due to eye diseases and increasing awareness of eye health [2] - The penetration of high-refractive lenses and myopia management lenses remains low, indicating significant growth potential [2] Smart Glasses Development - The global sales of AI smart glasses are expected to grow from 240,000 units in 2023 to 1.52 million units in 2024, a year-on-year increase of 533.33% [3] - Traditional lens manufacturers are increasingly involved in the development and sales of smart glasses, enhancing the user experience through optical lens solutions [3] Competitive Barriers of 康耐特光学 - 康耐特光学 has a global customer network, including well-known eyewear brands and international optical companies, which enhances its quality control and production efficiency [3] - The company has established long-term relationships with core clients, ensuring stable orders [3] Business Model - 康耐特光学 leverages its custom production capabilities to develop its own brand and C2M model, increasing product value [4] - The company has a strong production capacity and market share, with a total output expected to reach 209 million pieces in 2024, a 15.1% year-on-year increase [4] R&D and Innovation - The company is increasing its R&D investment, with a projected R&D expense ratio of approximately 4.29% in 2024 [5] - 康耐特光学 is actively developing smart glasses products and has signed supply agreements with multinational consumer electronics companies [5] Comparison with International Giants - Essilor Luxottica is a global leader in lens and eyewear design, manufacturing, and distribution, with a strong brand matrix and extensive retail network [6] - The company has successfully launched products like Ray-Ban Meta in collaboration with Meta, establishing itself as a leader in the smart glasses market [6] Growth Directions for Domestic Manufacturers - Domestic optical lens manufacturers should enhance brand visibility, improve service capabilities, and increase R&D levels to optimize product offerings [7] - 康耐特光学 has made significant progress in developing functional products for youth myopia management and high-refractive lenses, with a growing share of high-end products [7] - The company has a strong global presence, with nearly 70% of its revenue coming from markets outside mainland China [7] Profit Forecast and Valuation - Revenue projections for 康耐特光学 are 2.35 billion yuan, 2.79 billion yuan, and 3.22 billion yuan for 2025 to 2027, with corresponding net profits of 540 million yuan, 660 million yuan, and 790 million yuan [8] - The company is rated with a "buy" recommendation based on its strong production capabilities and strategic positioning in the smart glasses market [8]

Investment Rating - The report assigns a "Buy" rating for 康耐特光学 (Conant Optical) as part of its initial coverage [1]. Core Insights - The report addresses key questions regarding the advantages of traditional lens manufacturers in the context of smart glasses trends, the competitive barriers for 康耐特光学, and the growth potential of domestic optical lens manufacturers compared to international giants like Essilor Luxottica [7][12]. Company Overview - 康耐特光学 is a leading resin lens manufacturer in China, ranking first in both sales volume and revenue in the domestic market as of 2023. The company has a strong custom production capability and has established close partnerships with various eyewear brands and international optical companies [8][15]. - The company has seen a steady revenue growth with a compound annual growth rate (CAGR) of 14.05% from 2018 to 2024, and a net profit CAGR of 33.5% during the same period [8][34]. Industry Trends - The lens industry is experiencing a clear trend towards high-end and smart products. The Chinese lens market is projected to continue growing, driven by increasing demand for functional lenses and a higher replacement frequency among consumers [9][55]. - The global market for AI smart glasses is expected to grow significantly, with sales projected to increase from 240,000 units in 2023 to 1.52 million units in 2024, marking a growth of 533.33% [9]. Competitive Barriers - 康耐特光学 has built a robust customer network, including several well-known eyewear brands, which enhances its production quality and efficiency. The company has a long-standing relationship with core clients, ensuring stable orders [11]. - The company’s business model leverages its custom production capabilities to enhance product value, with a gross margin exceeding 50% for customized lenses [11]. Growth Potential - The report forecasts 康耐特光学's revenue to reach 2.35 billion yuan in 2025, with net profits expected to be 537.78 million yuan, reflecting a strong growth trajectory [13]. - The company is actively expanding its presence in the smart glasses segment, collaborating with leading technology and consumer electronics firms to develop and produce smart eyewear lenses [12][19]. Financial Performance - 康耐特光学's revenue increased from 859 million yuan in 2018 to 2.06 billion yuan in 2024, with a net profit growth from 78 million yuan to 428 million yuan during the same period [34]. - The company’s gross margin improved from 30.61% in 2018 to 38.58% in 2024, driven by increased production efficiency and a higher proportion of high-margin customized products [43][34]. Market Position - 康耐特光学 is positioned as a significant player in the global resin lens market, ranking second in sales volume and fifth in revenue as of 2023, with a strong international presence in over 90 countries [15][8].

Core Viewpoint - 康耐特光学 (02276) shares rose over 6%, reaching 41 HKD, with a trading volume of 20.67 million HKD, driven by the growing demand for AI glasses and the company's strategic positioning in the XR business [1] Industry Summary - The global edge AI market is experiencing continuous growth, with AI glasses identified as one of the best hardware carriers for edge AI, indicating a positive industry trend [1] - Recent product launches in the smart glasses sector include Alibaba's Quark AI glasses, Meta's Oakley Meta Vanguard priced at 499 USD, and Thunder Innovation's HDR viewing glasses, suggesting a competitive landscape [1] Company Summary - 康耐特光学 is a leading manufacturer of lenses, with an upgraded product structure that positions the company to benefit from the increasing demand for AI glasses [1] - The company is actively expanding its XR business, with a planned capital increase to GoerTek, making it the second-largest shareholder, which is expected to enhance collaboration in XR initiatives [1] - As of August 31, 2025, 康耐特光学's XR business has generated approximately 10 million RMB in revenue, with expectations for further growth in the latter half of 2025 and into 2026 [1]