Investment Rating - The investment rating for 康耐特光学 (2276.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's growth potential and investment in XR business [1]. Core Insights - 康耐特光学 is accelerating its investment in XR business, with a total fundraising of approximately 1.4 billion HKD, aimed at enhancing production capabilities and R&D [1]. - The company is focusing on building a precision optical center to develop specialized materials and optical components for XR smart glasses, which is expected to strengthen its supply chain from materials to end applications [2]. - The main business is stable, with anticipated revenue growth driven by the recovery in North America and the increasing contribution from smart glasses [2]. - The company forecasts net profits of 570 million, 690 million, and 890 million CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 45.8X, 37.5X, and 29.0X [2]. Financial Summary - Total revenue is projected to grow from 2,061 million CNY in 2024 to 3,401 million CNY in 2027, with year-on-year growth rates of 17%, 14%, 18%, and 23% respectively [2]. - The net profit attributable to the parent company is expected to increase from 428 million CNY in 2024 to 894 million CNY in 2027, with growth rates of 31%, 32%, 22%, and 29% [2]. - The earnings per share (EPS) is projected to rise from 1.03 CNY in 2024 to 1.86 CNY in 2027 [2]. - Key financial metrics indicate a gross margin improvement from 38.58% in 2024 to 41.47% in 2027, and a net profit margin increase from 20.78% to 26.30% over the same period [4].

Group 1 - The company plans to place 27 million shares at a price of HKD 52.00 per share, potentially raising approximately HKD 1.404 billion, with a net amount of about HKD 1.400 billion. Post-placement, total share capital is expected to increase from 480 million shares to 507 million shares [1] - The funds raised will be allocated primarily to XR business initiatives, including 40% for production line construction, 20% for expanding XR capacity in Thailand, 20% for enhancing R&D capabilities, and 20% for working capital [1] Group 2 - The domestic industry leader is maintaining steady innovation, with the expectation that smart glasses will reach a significant milestone by 2026. ByteDance's AI glasses are set to launch around the Spring Festival, featuring a self-developed spatial algorithm chip and weighing less than 50 grams [2] - The starting price for the AI glasses is expected to be controlled under RMB 2000, with various configurations available, potentially integrating with ByteDance's content ecosystem for unique advantages [2] - The lens manufacturing leader, 康耐特光学, is actively cultivating a second growth curve in smart glasses, with expected net profits of RMB 560 million, 700 million, and 870 million for 2025-2027, corresponding to PE ratios of 46, 38, and 30 [2]

瑞银发布研报称，康耐特光学(02276)昨日(27日)宣布拟配售2,700万股，相当于扩大后股本约5.33%，集 资14亿元，股份设有60日禁售期。瑞银认为，公司长期的估值重估驱动因素依然稳固。预期在未来几个 季度，其XR业务的潜在盈利贡献将更为明朗，且在中国及海外市场的新款智能眼镜产品发布，可持续 为公司股价提供催化剂;予其目标价67港元，评级"买入"。 ...

智通财经APP获悉，瑞银发布研报称，康耐特光学(02276)昨日(27日)宣布拟配售2,700万股，相当于扩大 后股本约5.33%，集资14亿元，股份设有60日禁售期。瑞银认为，公司长期的估值重估驱动因素依然稳 固。预期在未来几个季度，其XR业务的潜在盈利贡献将更为明朗，且在中国及海外市场的新款智能眼 镜产品发布，可持续为公司股价提供催化剂; 予其目标价67港元，评级"买入"。 ...

证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 配股募资 14 亿港元，强化 XR 业务布局，彰 显成长雄心 事项： 1）公司拟通过配售代理向不少于 6 名承配人配售 2700 万股，配售价格每股 52.00 港元。若悉数配售，预计筹集资金总额约 14.04 亿港元，净额约 14.00 亿 港元。配售完成后总股本预计由 4.80 亿股增至 5.07 亿股。2）根据 AR 圈报 道，字节跳动旗下的 AI 眼镜预计于"春节前后"的时间节点上市，或通过"限 量赠送"替代公开销售。 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% ...

Core Viewpoint - UBS reports that Connet Optics announced a proposed placement of 27 million shares, equivalent to an increase of approximately 5.33% of the enlarged share capital, raising HKD 1.4 billion. The shares are subject to a 60-day lock-up period. UBS believes that the long-term valuation re-evaluation drivers for the company remain solid [1] Group 1 - The potential profit contribution from the XR business is expected to become clearer in the coming quarters [1] - The launch of new smart glasses products in both China and overseas markets is anticipated to provide ongoing catalysts for the company's stock price [1] - UBS sets a target price of HKD 67 and maintains a "Buy" rating for the company [1]

每经AI快讯，康耐特光学(02276.HK)大涨超10%，高见64.9港元，创上市新高。截至发稿，康耐特光学 涨10.77%，报64.8港元，成交额2715.8万港元。 ...

消息面上，康耐特光学宣布已订立配售协议，拟配股2700万股，相当于经扩大后已发行股本约5.33%， 每股配售价52港元，较公司1月26日收市价每股58.5港元折让约11.1%，所得款项净额近14亿港元。康耐 特光学预期，所得款项约40%将用于建设XR配套业务量产产线及购置计量与检测设备，用于推进日后 潜在进入商业化阶段的量产项目；约20%将用于持续提升研发能力，并就XR智能眼镜业务建立精密光 学配套中心；约20%将用于扩充旗下泰国工厂的XR相关产能及智能制造能力，预料会采用全自动化及 柔性生产线，提升定制镜片的产能与效率：余下约20%为一般营运资金。 康耐特光学(02276)大涨超10%，高见64.9港元创上市新高。截至发稿，涨10.77%，报64.8港元，成交额 2715.8万港元。 ...

Core Viewpoint - 康耐特光学's stock surged over 10%, reaching a new high of 64.9 HKD following the announcement of a share placement agreement [1] Group 1: Stock Performance - 康耐特光学's share price increased by 10.77%, trading at 64.8 HKD with a transaction volume of 27.158 million HKD [1] Group 2: Share Placement Details - The company plans to issue 27 million shares, representing approximately 5.33% of the enlarged issued share capital [1] - The placement price is set at 52 HKD per share, reflecting an 11.1% discount compared to the closing price of 58.5 HKD on January 26 [1] - The net proceeds from the placement are expected to be nearly 1.4 billion HKD [1] Group 3: Use of Proceeds - Approximately 40% of the proceeds will be allocated to the construction of mass production lines for XR-related businesses and the purchase of measurement and testing equipment [1] - About 20% will be used to enhance R&D capabilities and establish a precision optical support center for XR smart glasses [1] - Another 20% will be directed towards expanding XR-related production capacity and smart manufacturing capabilities at the company's factory in Thailand, utilizing fully automated and flexible production lines [1] - The remaining 20% will be reserved for general working capital [1]

每经AI快讯，1月27日，康耐特光学在港交所公告，将以每股52港元的价格配售2700万股股份，筹资约 14亿港元。 ...