上 市 公 司 轻工制造 公 司 研 究/ 公 司 深 度 报告原因：首次覆盖 证 券 研 究 报 告 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 26 日 | | 收盘价（港币） | 14.50 | | 恒生中国企业指数 | 7086.7 | | 52 周最高/最低（港币） | 15.00/5.82 | | H 股市值（亿港币） | 61.86 | | 流通 H 股（百万股） | 426.60 | | 汇率（人民币/港币） | 1.1064 | 一年内股价与基准指数对比走势： 183% 09/2610/2611/2612/2601/2602/2603/2604/2605/2606/2607/2608/2609/26 HSCEI 康耐特光学 -17% 资料来源：Bloomberg 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 联系人 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 20% increase compared to the same period last year[1]. - Revenue increased by 17.5% from RMB 831.2 million for the six months ended June 30, 2023, to RMB 976.4 million for the six months ended June 30, 2024[11]. - For the six months ended June 30, 2024, the company reported revenue of RMB 976,396 thousand, an increase from RMB 831,156 thousand in the same period of 2023, representing a growth of 17.5%[46]. - Total revenue for the six months ended June 30, 2024, reached RMB 976,396 thousand, a 17.5% increase from RMB 831,156 thousand in the same period of 2023[67]. - Revenue from standardized lenses with refractive indices of 1.67 and 1.74 grew by 15.4% and 31.1%, respectively, compared to the first half of 2023[11]. - Customized lens revenue increased by 13.7% in the first half of 2024 compared to the same period in 2023[11]. - The company reported a pre-tax profit of RMB 245,698,000 for the six months ended June 30, 2024, up from RMB 188,155,000 in the previous year, representing a growth of 30.5%[53]. - Profit rose by 31.6% from RMB 158.6 million for the six months ended June 30, 2023, to RMB 208.7 million for the six months ended June 30, 2024[11]. - The net profit attributable to the parent company for the six months ended June 30, 2024, was RMB 208,732 thousand, compared to RMB 158,576 thousand in 2023, marking a year-on-year increase of 31.6%[47]. Market Expansion and Strategy - The company provided a future outlook, projecting a revenue growth of 25% for the second half of 2024, driven by new product launches and market expansion[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - A strategic acquisition of a local optical technology firm was announced, expected to enhance product offerings and increase market competitiveness[1]. - The company aims to launch three new products in Q4 2024, which are anticipated to contribute an additional RMB 100 million in revenue[1]. Research and Development - Investment in R&D increased by 30%, totaling RMB 150 million, focusing on innovative optical technologies and product enhancements[1]. - Research and development costs increased to RMB 48,399 thousand, compared to RMB 30,699 thousand in the previous year, representing a 57.5% increase[71]. Financial Position - Total assets increased by 9.8% from RMB 1,984.3 million as of December 31, 2023, to RMB 2,178.7 million as of June 30, 2024[19]. - Total liabilities increased by 22.1% from RMB 589.4 million as of December 31, 2023, to RMB 719.5 million as of June 30, 2024[19]. - Cash and cash equivalents increased by 63.9% from RMB 330.5 million as of December 31, 2023, to RMB 541.7 million as of June 30, 2024, mainly due to increased cash generated from operating activities[19]. - The company’s total reserves as of June 30, 2024, amounted to RMB 1,032,578,000, compared to RMB 808,990,000 as of June 30, 2023, reflecting an increase of 27.7%[52]. - The company’s retained earnings as of June 30, 2024, were RMB 680,496,000, up from RMB 557,084,000 at the beginning of the period, indicating an increase of 22.1%[52]. Expenses and Costs - Selling and distribution expenses rose by 20.4% from RMB 44.5 million for the six months ended June 30, 2023, to RMB 53.6 million for the six months ended June 30, 2024[12]. - Administrative expenses increased by 29.6% from RMB 73.2 million for the six months ended June 30, 2023, to RMB 94.9 million for the six months ended June 30, 2024, primarily due to ongoing R&D investments[13]. - The total tax expense for the period was RMB 36,966 thousand, compared to RMB 29,578 thousand in the previous year, reflecting a 25.0% increase[75]. - Interest expenses on bank loans decreased to RMB 4,605 thousand from RMB 7,393 thousand, a reduction of 37.9%[72]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance, adhering to all provisions of the corporate governance code as of June 30, 2024, except for a deviation noted in clause C.2.1[38]. - The company has confirmed compliance with the standard rules regarding securities trading by directors and supervisors for the six months ending June 30, 2024[40]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2024[41]. Employee and Welfare - As of June 30, 2024, the company employed a total of 2,756 employees across China, Japan, the United States, and Mexico[29]. - Employee welfare expenses, including salaries and bonuses, amounted to approximately RMB 206.3 million for the six months ended June 30, 2024[29]. Dividends - Proposed 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[24]. - 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[78]. - The company paid a final dividend of RMB 0.20 per ordinary share on August 2, 2024, totaling RMB 85,320,000[103]. Other Financial Metrics - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization strategies[1]. - Overall gross margin improved from 37.3% for the six months ended June 30, 2023, to 39.2% for the six months ended June 30, 2024[12]. - The company recognized a loss from an associate of RMB 1,446,000 for the six months ended June 30, 2024, compared to a gain of RMB 37,000 in the same period of 2023[53].

康耐特光学20240812_1_导读 2024年08月15日 00:28 关键词 长江汽车 消费环境 产品结构 净利润 CIO 董秘 毛利率 资产负债率 生产线 定制化业务 投资人提问 国际 市场 CTM 自主品牌 消费电子 定制化产品 政策管控 毛利 国内市场 产能扩张 全文摘要 该公司在上半年实现了收入和净利润的增长，得益于产品结构的调整和高附加值产品销售比重的提升。 通过扩产和市场开拓，公司增强了竞争力，并积极适应复杂的国际经济环境。该企业不仅专注国内市场 扩展，也在深化海外市场发展，尤其是非洲和澳大利亚等地区。通过产品创新和升级，公司成功占据了 高端市场份额，并实现了年均40%以上的销售增长。AR/VR/MR技术的融入为行业带来了新的发展机 遇，但同时也面临着商业化进程的挑战。公司自主品牌产品占比约55%，C2M业务毛利率高于传统模 式，显示出定制化产品的市场需求增长。青少年近视防控产品和老年健康型产品是公司增长的主要驱动 力，其中青少年产品毛利率超过60%。产能扩张计划和多元化的市场布局帮助公司降低了国际贸易形势 变化带来的风险。总的来说，该公司通过战略调整和市场深耕，在激烈的市场竞争中巩固了地位， ...

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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，且明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai Conant Optical Co., Ltd. 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） （股份代號：2276） 截 至2024年6月30日止六個月的 未經審計中期業績公告 上 海 康 耐 特 光 學 科 技 集 團 股 份 有 限 公 司（「本公司」，連 同 其 子 公 司 統 稱「本集團」） 董 事（「董 事」）會（「董事會」）欣 然 公 佈 本 集 團 截 至2024年6月30日止六個月的未經審 計綜合業績，連同2023年同期的比較數字。 於 本 公 告 中，「我 們」及「我 們 的」指 本 公 司 及（倘 文 義 另 有 規 定）本 集 團。 | --- | --- | |-------|----------------------------------------------------------------------------- ...

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].