Group 1 - Core viewpoint: Kangnait Optical (02276) is deeply engaged in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, and structural upgrades are expected to drive continuous improvement in profitability [1] - The company has partnered with several leading 3C brands to develop smart glasses, indicating promising growth potential [1] - The projected net profit attributable to shareholders for 2025-2027 is estimated at 560 million, 700 million, and 870 million yuan, respectively, with corresponding PE ratios of 41, 33, and 27 times [1] Group 2 - The Quark AI glasses market demand has exceeded expectations, with delivery times for the Quark AI glasses S1 extended to 45 days on platforms like Tmall, Douyin, and JD [2] - Kangnait is the exclusive lens supplier for Quark AI glasses, with the S1 model's lens prices significantly higher than standard lenses, indicating a strong market position [3] - The company is expected to enhance its competitive advantage in the XR business due to its first-mover advantage and high technical barriers [3] Group 3 - The company's main operations are stable, with North American business showing continuous recovery [4] - A new factory in Japan is expected to be completed in the fourth quarter, adding 600,000 customized lens production capacity, which may further reduce tariffs on U.S. business [4] - The global supply capability is expected to strengthen with the establishment of a factory in Thailand next year, supporting steady growth in the company's main business [4]

Group 1 - The core viewpoint of the report is that 康耐特光学 (02276) is well-positioned in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, and structural upgrades are expected to enhance profitability [1] - The company has established partnerships with several leading 3C companies to develop smart glasses, indicating strong growth potential [1] - 华创证券 forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 560 million, 700 million, and 870 million yuan respectively, with corresponding PE ratios of 41, 33, and 27 times [1] Group 2 - The demand for 夸克AI glasses has exceeded expectations, with delivery times on platforms like Tmall, Douyin, and JD extended to 45 days [2] - 康耐特 is the exclusive lens supplier for 夸克AI glasses, with prices for lenses with refractive indices of 1.60, 1.67, and 1.74 being significantly higher than standard lenses [3] - The company is expected to strengthen its competitive advantage in the XR business due to its first-mover advantage and high technical barriers [3] Group 3 - The company's main operations are stable, with the North American business showing signs of recovery [4] - A new factory in Japan is expected to be completed in the fourth quarter, adding 600,000 customized lens production capacity, which may further reduce tariffs on U.S. business [4] - The global supply capability is expected to be continuously strengthened with the upcoming establishment of a factory in Thailand [4]

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） [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(倍) | 48 | 41 | 33 | 27 | | 市净率(倍) | 13.0 | 8.1 | 6.9 | 5.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 月 17 日收盘价 其他轻工Ⅲ 2025 年 12 月 18 日 春节旺季临近，关注夸克 AI ...

智通财经获悉，康耐特光学(02276)涨近4%，截至发稿，涨3.76%，报52.4港元，成交额1065.97万港 元。 花旗表示，技术仍在发展的人工智能眼镜，将成为下一代快速增长的人工智能边缘设备。该行预测2030 年人工智能眼镜出货量为约1.12亿副，按2024年起计算年复合增长率105%；2030年市场规模400亿美 元，同期年复合增长率112%。该行续指，光学组件对人工智能或扩增实境(AR)眼镜至关重要，在物料 清单中占比或达四至七成，更偏好供应链中风险敞口高或光学业务占比较重的企业。 本文源自：智通财经网 消息面上，近期，随着夸克AI眼镜正式发布，标志着阿里巴巴正式进入AI眼镜赛道。华为、小米等科 技巨头此前均已该领域完成布局，市场竞争日趋激烈。据IDC预测，到2026年，全球智能眼镜出货量将 突破2368.7万台；到2029年，这一数字有望超过4000万台。预计在2024至2029年间，该市场的复合年增 长率将高达55.6%，展现出巨大的市场潜力。 ...

每经AI快讯，康耐特光学(02276.HK)涨近4%，截至发稿，涨3.76%，报52.4港元，成交额1065.97万港 元。 （文章来源：每日经济新闻） ...

康耐特光学(02276)涨近4%，截至发稿，涨3.76%，报52.4港元，成交额1065.97万港元。 花旗表示，技术仍在发展的人工智能眼镜，将成为下一代快速增长的人工智能边缘设备。该行预测2030 年人工智能眼镜出货量为约1.12亿副，按2024年起计算年复合增长率105%；2030年市场规模400亿美 元，同期年复合增长率112%。该行续指，光学组件对人工智能或扩增实境(AR)眼镜至关重要，在物料 清单中占比或达四至七成，更偏好供应链中风险敞口高或光学业务占比较重的企业。 消息面上，近期，随着夸克AI眼镜正式发布，标志着阿里巴巴正式进入AI眼镜赛道。华为、小米等科 技巨头此前均已该领域完成布局，市场竞争日趋激烈。据IDC预测，到2026年，全球智能眼镜出货量将 突破2368.7万台；到2029年，这一数字有望超过4000万台。预计在2024至2029年间，该市场的复合年增 长率将高达55.6%，展现出巨大的市场潜力。 ...

花旗表示，技术仍在发展的人工智能眼镜，将成为下一代快速增长的人工智能边缘设备。该行预测2030 年人工智能眼镜出货量为约1.12亿副，按2024年起计算年复合增长率105%；2030年市场规模400亿美 元，同期年复合增长率112%。该行续指，光学组件对人工智能或扩增实境(AR)眼镜至关重要，在物料 清单中占比或达四至七成，更偏好供应链中风险敞口高或光学业务占比较重的企业。 消息面上，近期，随着夸克AI眼镜正式发布，标志着阿里巴巴正式进入AI眼镜赛道。华为、小米等科 技巨头此前均已该领域完成布局，市场竞争日趋激烈。据IDC预测，到2026年，全球智能眼镜出货量将 突破2368.7万台；到2029年，这一数字有望超过4000万台。预计在2024至2029年间，该市场的复合年增 长率将高达55.6%，展现出巨大的市场潜力。 智通财经APP获悉，康耐特光学(02276)涨近4%，截至发稿，涨3.76%，报52.4港元，成交额1065.97万港 元。 ...

Core Viewpoint - Citigroup initiates coverage of Conant Optical with a "Buy/High Risk" rating and a target price of HKD 65, anticipating significant increases in the price of single lenses and average selling prices starting in the second half of next year due to the launch of a new flagship AI eyewear with display features [1] Group 1 - The company is expected to see a notable rise in single lens prices and average selling prices with the introduction of new AI eyewear [1] - Citigroup believes the core business of the company demonstrates strong resilience [1] - The company's market share in high-end resin lenses is continuously increasing both globally and in China [1]

Core Insights - Citi's report indicates that artificial intelligence glasses are poised to become the next rapidly growing AI edge device, with projected shipments reaching approximately 112 million units by 2030, reflecting a compound annual growth rate (CAGR) of 105% from 2024 onwards [1] - The market size for AI glasses is expected to reach $40 billion by 2030, with a CAGR of 112% during the same period [1] Market Positioning - EssilorLuxottica and Meta are predicted to maintain a leading position in the short term, with a market share of 31% by 2030, down from 90% last year [1] - Google and Apple are expected to capture market shares of 27% and 16%, respectively [1] Component Importance - Optical components are crucial for AI or augmented reality (AR) glasses, potentially accounting for 40% to 70% of the bill of materials [1] - Companies with high exposure to the supply chain or significant optical business are favored, including EssilorLuxottica, GoerTek (002241.SZ), Sunny Optical Technology (02382), OmniVision Technologies (603501.SH), and Conant Optical (02276) [1] Ratings and Price Targets - Citi has initiated coverage on Conant Optical, assigning a "Buy" rating to both Sunny Optical and Conant, with target prices set at HKD 103 and HKD 65, respectively [1]

Core Insights - Citi's report indicates that artificial intelligence glasses are poised to become the next rapidly growing AI edge device, with projected shipments reaching approximately 112 million units by 2030, reflecting a compound annual growth rate (CAGR) of 105% from 2024 onwards [1] - The market size for AI glasses is expected to reach $40 billion by 2030, with a CAGR of 112% during the same period [1] Market Positioning - EssilorLuxottica and Meta are predicted to maintain a leading position in the short term, with a market share of 31% by 2030, down from 90% last year [1] - Google and Apple are expected to capture market shares of 27% and 16%, respectively [1] Component Importance - Optical components are crucial for AI or augmented reality (AR) glasses, potentially accounting for 40% to 70% of the bill of materials [1] - Companies with high exposure in the supply chain or significant optical business are favored, including EssilorLuxottica, GoerTek (002241.SZ), Sunny Optical Technology (02382), OmniVision Technologies (603501.SH), and Conant Optical (02276) [1] Ratings and Price Targets - Citi has initiated coverage on Conant Optical, assigning "Buy" ratings to Sunny Optical and Conant, with target prices set at HKD 103 and HKD 65, respectively [1]