Summary of Conference Call for 康耐特光学 Company Overview - 康耐特光学 reported revenue and net profit growth in the first half of the year, driven by product structure adjustments and an increase in high-value product sales [2][3] - The company is expanding its production capacity and market reach, focusing on both domestic and international markets, particularly in Africa and Australia [2][3] Key Points Financial Performance - Revenue increased by approximately 10.5% to 9.81 billion RMB, with net profit rising by 31.6% to 2.1 billion RMB [13] - Gross margin reached 39.2%, up nearly 2 percentage points from the previous year, attributed to enhanced product structure and higher sales of functional high-value products [13] Product Strategy - The company is focusing on high-end product development, with a significant portion of sales coming from high-refractive index products like 1.74, which saw a growth of about 30% to 35% [19][20] - Self-branded products accounted for approximately 55% of total revenue, with domestic sales exceeding 65% [17] - C2M (Customer to Manufacturer) business contributed about 20% of revenue, with a gross margin of 59.5%, significantly higher than traditional models [17] Market Trends - The eyewear industry is experiencing a consumption upgrade, with an overall growth rate of 4%-5% [5] - There is a growing demand for youth myopia prevention products and functional eyewear, with youth products achieving a gross margin exceeding 60% [9][20] - The integration of AR/VR/MR technologies into consumer electronics presents both opportunities and challenges for the industry [6][7] Production and Capacity Expansion - The company is investing approximately $45 million in a new factory in Thailand to produce high-index products, with plans to increase capacity for both standardized and customized products [11][12] - Current capacity utilization is around 80%, with plans to expand production to support an estimated 15% annual sales growth [12][26] Risk Management - The company is diversifying its market presence to mitigate risks associated with international trade dynamics, particularly concerning U.S.-China trade relations [11][25] - The establishment of a production base in Thailand is aimed at reducing potential risks from high tariffs and trade uncertainties [26] Future Outlook - The company remains optimistic about future growth, with expectations of continued expansion in both domestic and international markets [3][4] - There is a strategic focus on enhancing brand presence and product offerings in the high-end market segment [14][18] Additional Insights - The company is exploring the potential of smart glasses, although there are uncertainties regarding market acceptance and technological integration [24] - The ODM (Original Design Manufacturer) business remains stable, contributing about 40%-45% of total sales, with a goal to increase self-branded sales [24][25] - The company is actively working on product innovation to meet changing consumer preferences, particularly in the youth and elderly segments [20][21]

本次电话会议并服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资朋友们我是长江气候潮水分析师蔡方毅非常感谢大家参加康奈特光学2024年上半年的夜体读会跟我们一同代签的航运团队的助理名义首先我们也要恭喜公司在整个上半年应该是取得了非常不错的增长那么收入在大年度投币增长17.5%利润投币增长31.6% 大家其实也可以看到在当前这个商业环境里面这个消费品其实整体的这个行业应该说并没有那么好的一个商业环境但公司在这个环境之下呢其实还是实现了这个持续的一个非常亮丽的一个增长那么其实我们对于全年的增长呢其实也充满了期待在正好呢今天呢也是借这个机会可以和公司的两位两边的两位领导也是咱们的老朋友做一个线上的交流 组织的介绍一下今天我们非常荣幸的邀请到公司的CFO徐总以及董立宇陶总两位领导参加本次的现场交流接下来我们就把时间先交给公司领导就半年多的经营情况做一个简要的回顾然后我相信大家可能也会特别关心对于整个下半年 公司有就是在比如说增长上啊包括在一些 ...

Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Views - The company achieved a 32% growth in H1 performance, demonstrating operational resilience. It plans to enhance high-end manufacturing and increase automation levels to further strengthen its global competitiveness [4][7]. - The report maintains profit forecasts for 2024-2026 with net profits projected at 409 million, 492 million, and 575 million RMB, reflecting growth rates of 25.2%, 20.2%, and 17% respectively [7]. - The target price is set at 15 RMB, with a recommendation to maintain the "Buy" rating [7]. Financial Summary - Revenue for H1 reached 976 million RMB, an increase of 17.5%, while net profit was 209 million RMB, up 31.6%. The total production from three major bases was 10.4 million pieces, marking a 21.4% increase [7]. - The revenue breakdown shows standardized lens revenue at 779 million RMB (+18.4%, 79.7% share) and customized lens revenue at 194 million RMB (+13.7%, 19.9% share) [7]. - Geographically, overseas revenue was 675 million RMB (+15.3%, 69.1% share), while domestic revenue was 301 million RMB (+22.7%, 29.6% share) [7]. Profitability Metrics - The gross profit margin for H1 was 39.2%, an increase of 1.9 percentage points, with standardized lens gross margin at 33.8% (+2.4 percentage points) and customized lens gross margin at 59.5% (-0.4 percentage points) [7]. - The net profit margin was 21.4%, up 2.3 percentage points [7]. - Sales expense ratio was 5.49%, R&D expense ratio was 4.96%, and management expense ratio was 4.77% [7]. Strategic Initiatives - The company plans to acquire land in Thailand for 39 million RMB to build a production base for high-end refractive resin lenses and automated production lines [7]. - It is actively expanding its domestic business through online platforms like Douyin and Xiaohongshu, as well as offline through exhibitions and academic conferences [7]. - The company is leveraging a C2M model to enhance business processes and aims to accelerate the expansion of overseas brand lenses [7].

买入 24H1 净利润增长 31.5%，高折产品销售占比提升 康耐特光学（2276.HK） 2024-08-08 星期四 | --- | --- | |-----------|------------| | 目标价： | 14.50 港元 | | 现 价： | 11.80 港元 | | 预计升幅: | 22.9% | 重要数据 | --- | --- | |------------------------------------------|-------------| | 日期 | 2024/08/07 | | 收盘价（港元） | 11.8 | | 总股本（亿股） | 4.27 | | 总市值（亿港元） | 50.3 | | 净资产（亿港元） | 15.99 | | 总资产（亿港元） | 23.87 | | 52 周高低（港元） | 12.72/ 4.74 | | 每股净资产（港元） | 3.75 | | 数据来源：Wind、国元证券经纪（香港）整理 | | 主要股东 费铮翔 49.87% 相关报告 康耐特光学（2276.HK）深度报告：中国 镜片出海领先品牌，聚合多元高端定制 产品-20240416 研究 ...

证券研究报告 | 半年报点评 2024 年 08 月 06 日 康耐特光学（02276.HK） 产品结构升级，自有品牌持续发力 公司发布 2024 年半年度报告：2024H1 实现收入 9.76 亿元（同比+17.5%）， 归母净利润 2.09 亿元（同比+31.6%），扣非归母净利润 1.98 亿元（同比 +33.0%），2024H1 收入&利润表现靓丽，盈利能力稳步提升。 高端产品占比提升，驱动毛利率持续优化。2024H1 公司毛利率 39.2%（同 比+1.9pct），归母净利率 21.4%（同比+2.3pct），盈利能力稳步提升。分 产品来看，24H1 标准化镜片收入同比+18.4%、毛利率提升至 33.8%（同 比+2.4pct），主要系高端产品占比提升；定制镜片收入占比 19.9%，毛利 率 59.5%（同比-0.4pct）、盈利能力延续高位。依托强定制化&柔性化生产 能力，公司在高端领域竞争优势显著，AR/VR/MR 领域有望实现 0-1 突破。 布局泰国产能，全球化竞争能力增强。公司镜片产品远销全球，24H1 境外 收入占比 69.1%（同比-1.3pct），其中亚洲（除中国大陆）、美洲延续较 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 976.4 million, an increase of about 17.5% compared to the same period in 2023[2] - Gross profit for the six months ended June 30, 2024, was approximately RMB 382.4 million, reflecting a growth of about 23.5% year-over-year[2] - Profit attributable to equity holders of the parent company for the six months ended June 30, 2024, was approximately RMB 208.7 million, representing an increase of about 31.6% compared to the same period in 2023[2] - Earnings per share for the six months ended June 30, 2024, was approximately RMB 0.50, up about 35.1% from RMB 0.37 in the same period of 2023[2] - The company reported a total comprehensive income of RMB 216.7 million for the six months ended June 30, 2024, compared to RMB 154.0 million for the same period in 2023[4] - The pre-tax profit for the six months ended June 30, 2024, was RMB 245,698,000, up from RMB 188,154,000 in 2023, reflecting a growth of 30.5%[24] - The company's profit for the six months ended June 30, 2024, increased by 31.6% to RMB 208.7 million from RMB 158.6 million for the same period in 2023[47] Revenue Breakdown - Revenue from standardized lenses was RMB 778,615,000, up from RMB 657,415,000, indicating a growth of 18.4% year-over-year[17] - Revenue from customized lenses increased to RMB 194,365,000, compared to RMB 170,921,000, reflecting a growth of 13.7%[17] - Revenue from mainland China accounted for 30.9% of total revenue, increasing from 29.6% in the previous year[14] - Revenue from the Americas was RMB 224,178,000, up from RMB 189,890,000, showing an increase of 18.0%[14] - Revenue from Europe was RMB 160,937,000, compared to RMB 144,387,000, reflecting an increase of 11.5%[14] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 2,122.8 million, compared to RMB 2,046.5 million as of December 31, 2023[5] - Cash and cash equivalents as of June 30, 2024, were RMB 541.7 million, an increase from RMB 330.5 million as of December 31, 2023[5] - Current liabilities as of June 30, 2024, totaled RMB 612.7 million, compared to RMB 431.7 million as of December 31, 2023[6] - The net asset value as of June 30, 2024, was RMB 1,459.2 million, up from RMB 1,394.9 million as of December 31, 2023[6] - Total liabilities increased by 22.1% to RMB 719.5 million as of June 30, 2024, from RMB 589.4 million as of December 31, 2023[48] Expenses and Costs - Research and development costs increased to RMB 48,399,000 for the six months ended June 30, 2024, compared to RMB 30,699,000 in 2023, marking a rise of 57.6%[20] - The total tax expense for the six months ended June 30, 2024, was RMB 36,966,000, compared to RMB 29,578,000 in 2023, indicating a 25.0% increase[23] - Selling and distribution expenses rose by 20.4% from RMB 44.5 million to RMB 53.6 million, driven by business expansion costs[41] - Administrative expenses increased by 29.6% from RMB 73.2 million to RMB 94.9 million, mainly due to ongoing investments in research and development[42] - Financial expenses decreased by 36.0% from RMB 7.5 million to RMB 4.8 million, resulting from optimized financing structure and reduced bank loan interest[45] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.20 per share, totaling RMB 85,320,000, which was approved at the annual general meeting on June 4, 2024[25] - The company proposed an interim dividend of RMB 0.12 per share for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[52] - The company declared a final dividend of RMB 0.20 per share, totaling RMB 85,320,000 on August 2, 2024[59] Employee and Operational Metrics - As of June 30, 2024, the company employed a total of 2,756 employees across China, Japan, the United States, and Mexico[60] - Employee benefits expenses, including salaries and other allowances, amounted to approximately RMB 206.3 million for the six months ended June 30, 2024[60] - Production volume reached 104.3 million pieces in the first half of 2024, a 21.4% increase compared to the same period in 2023[34] Credit and Risk Management - The company maintains strict control over overdue accounts receivable, with monthly balance confirmations and regular reviews of overdue amounts by sales and finance departments[28] - The company has purchased insurance to mitigate credit risk associated with accounts receivable[28] - The expected credit loss rate for accounts receivable within three months is 4.9% as of June 30, 2024, compared to 2.1% as of December 31, 2023[31] Corporate Governance and Compliance - The company has adhered to all corporate governance codes as of June 30, 2024, with one exception noted[62] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended June 30, 2024[65] - The company has not been involved in any significant litigation or arbitration during the six months ended June 30, 2024[61] Future Plans and Investments - The company aims to enhance the efficiency of the use of net proceeds from its global offering in response to changing external conditions[66] - The company plans to utilize approximately HKD 219.7 million for enhancing production capacity at its Shanghai and Jiangsu bases by December 2024[67] - An allocation of HKD 94.2 million is designated to strengthen the company's R&D capabilities, with no specific timeline provided[67] - The company intends to increase its sales and marketing efforts with an investment of HKD 48.8 million, expected to be completed by December 2024[67]

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 15 RMB per share [4][19]. Core Insights - The company has over 20 years of experience in the resin lens industry, establishing itself as a leading exporter with a market share of approximately 7.3% in China [4][19]. - The company is positioned as the second-largest resin lens manufacturer globally by volume and fifth by sales revenue in 2023 [4][19]. - The report forecasts a compound annual growth rate (CAGR) of 25.2%, 20.2%, and 17% for net profit from 2024 to 2026, with net profits projected at 4.09 billion, 4.92 billion, and 5.75 billion RMB respectively [4][12]. Summary by Sections 1. Profit Forecast and Valuation - The company is expected to achieve revenues of 20.1 billion, 22.7 billion, and 25.4 billion RMB from 2024 to 2026, with respective growth rates of 14.5%, 12.9%, and 11.8% [12][19]. - The report highlights the company's competitive advantages, including a strong C2M model and a diversified product matrix [11][19]. 2. Company Development - The company has three production bases in Shanghai, Jiangsu, and Japan, with capacity utilization rates exceeding 90% [20][109]. - The company has a concentrated shareholding structure, with the founder holding approximately 49.87% of the shares [4][29]. - The revenue from customized lenses has increased significantly, with a CAGR of 20.3% from 2019 to 2023 [4][32]. 3. Industry Outlook - The global lens market is projected to grow from 50.1 billion USD in 2023 to 67.7 billion USD by 2028, with a CAGR of 6.2% [51][62]. - The demand for customized lenses is expected to grow rapidly, driven by increasing consumer preferences for personalized and functional products [51][62]. - The report notes that the prevalence of myopia is rising globally, which is expected to drive demand for corrective lenses [57][62]. 4. Core Advantages - The company boasts a rich product matrix with over 700 SKUs, catering to diverse consumer needs [102][104]. - The company has a strong R&D capability, with a research expense ratio of around 4%, which is above industry standards [114][109]. - The C2M model enhances operational efficiency by connecting consumers directly with manufacturers, reducing costs and improving service delivery [126][129]. 5. Financial Performance - The company has shown resilience with a revenue increase from 1.07 billion RMB in 2019 to 1.78 billion RMB in 2023, reflecting a CAGR of 10.7% [38][41]. - The net profit has grown from 112 million RMB in 2019 to 327 million RMB in 2023, with a CAGR of 23.9% [38][41]. - The gross margin has improved from 33% in 2019 to 37.4% in 2023, driven by a higher proportion of customized lenses [41][44].

Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to increased marketing efforts [3]. - Gross profit reached $500 million, a 20% increase year-over-year [4]. Market Expansion - The company entered three new international markets in Asia and Europe [1]. - Market share in the domestic market grew by 5% [2]. - A new distribution center was opened in Germany to support European operations [3]. - Strategic partnerships were formed with local suppliers in emerging markets [4]. Product Development - Launched two new product lines targeting the health and wellness sector [1]. - R&D investment increased by 25% to support innovation [2]. - A new mobile app was introduced to enhance customer engagement [3]. - Product quality improvements led to a 10% reduction in customer complaints [4]. Operational Efficiency - Implemented a new ERP system to streamline operations [1]. - Production efficiency improved by 15% through automation [2]. - Supply chain disruptions were minimized with better logistics planning [3]. - Employee training programs were expanded to improve workforce skills [4]. Customer Satisfaction - Customer satisfaction scores reached an all-time high of 92% [1]. - A new loyalty program was introduced, resulting in a 20% increase in repeat customers [2]. - Response time to customer inquiries improved by 30% [3]. - Enhanced after-sales service led to a 15% increase in customer retention [4]. Sustainability Initiatives - Reduced carbon emissions by 10% through energy-efficient practices [1]. - Launched a recycling program that diverted 50% of waste from landfills [2]. - Committed to sourcing 100% renewable energy for all facilities by 2025 [3]. - Partnered with NGOs to support environmental conservation projects [4]. Financial Risks - Identified potential risks in currency fluctuations due to international operations [1]. - Increased hedging activities to mitigate foreign exchange risks [2]. - Monitored rising interest rates that could impact borrowing costs [3]. - Conducted regular audits to ensure compliance with financial regulations [4].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.18, representing an expected upside of 24.6% from the current price of HKD 8.17 [3][6]. Core Insights - The company, Conant Optical (2276.HK), is a leading exporter of resin lenses in China, with a strong focus on customized and high-end products. It has a product network of over 6 million SKUs and sold 79.4 million pairs of lenses in 2023, achieving a CAGR of 9.89% from 2020 to 2023 [3][5]. - The global demand for eyewear is on the rise, with the market expected to reach USD 148.6 billion in 2024, and the lens segment projected to grow to USD 61.72 billion, accounting for 41.5% of the market. The Chinese lens market is also expected to grow at a CAGR of 5.6% from 2023 to 2028 [5][6]. - The company has a competitive edge in R&D and manufacturing, with all lens molds independently developed and produced. It has established a strong brand presence and is expanding its online sales channels [6][7]. Company Overview - Conant Optical is a one-stop service provider specializing in resin lens products, offering both standardized and customized lenses to meet diverse customer needs [12][16]. - The company has a rich history, having been established in 1996 and going public in 2021. It has expanded its production capabilities and market reach over the years [13][14]. Financial Performance - The company reported a revenue of HKD 1.775 billion in 2023, a year-on-year increase of 12.86%, with a CAGR of 12.63% from 2020 to 2023. The gross profit for the same year was HKD 658 million, reflecting a 22.4% increase [26][27]. - The net profit for 2023 was HKD 327 million, up 31.6% from the previous year, with a net profit margin of 18.42% [28][29]. Industry Analysis - The eyewear and lens industry is experiencing significant growth, driven by increasing awareness of vision care and the rising prevalence of myopia, particularly among children and the elderly [31][35]. - The market for functional lenses, which address various vision needs, is expanding, with a market share of 48.2% in 2023. The demand for high-refractive index lenses is also increasing due to consumer preferences for lighter and thinner eyewear [36][38].

[Table_Title] 证券研究报告 【信达新消费|眼视光】康耐特光学：高折射 公司研究 &定制业务带动毛利率提升，业绩稳定高增 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年3月29日 [T康ab耐le特_S光toc学kA（nd2R2an7k6]. HK） [T事a件bl：e_康Su耐mm特ar发y]布 2023年业绩报告：23年公司实现营业收入17.60亿元/同比 投资评级 — +12.7%，实现归母净利润3.27亿元/同比+31.56%；23H2营业收入9.28亿元/ 上次评级 — 同比+24.36%，归母净利润1.68亿元/同比+42.63%，实现毛利7.4%/+2.95pct， 实现净利率18.58%/+2.66pct。 [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 整体来看，随着全球经济活动恢复正常，镜片需求稳步增长，公司23年实现 执业编号：S1500522110002 镜片销量1.59亿件，同比增长4.89%，三个生产基地产量达1.81万件，同比 联系电话：15000310173 增长9.3%；此外产品结构进一步优化，高折射产 ...