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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 1.76 billion (CNY) in 2023, representing a year-on-year growth of 12.7%, with a net profit attributable to shareholders of 327 million (CNY), up 31.6% year-on-year [1]. - The growth in revenue and profit is driven by the increase in customized and proprietary brand business, with a comprehensive gross margin rising by 3.0 percentage points to 37.4% [1]. - The company has a strong international presence, with 67.3% of revenue coming from international markets, and a significant increase in domestic market share from 14.7% in 2018 to 32.7% in 2023 [1][2]. Financial Performance - The company reported a revenue of 1.76 billion (CNY) in 2023, with a net profit of 327 million (CNY) and a non-recurring net profit of 312 million (CNY) [1]. - The revenue for the second half of 2023 was 928 million (CNY), showing a year-on-year increase of 14.0%, while the net profit for the same period was 168 million (CNY), up 29.1% year-on-year [1]. - The company expects net profits of 400 million (CNY) and 480 million (CNY) for 2024 and 2025, respectively, with corresponding P/E ratios of 8.5X and 7.1X [2]. Market Position and Strategy - The company has a strong foothold in the lens industry, with customized lens revenue accounting for 20.1% of total revenue, reflecting a year-on-year increase of 0.7 percentage points [2]. - The company utilizes advanced automated equipment and a C2M closed-loop system to enhance production efficiency and reduce delivery times for customized orders to as short as 72 hours [2]. - The report highlights the company's focus on enhancing brand strength through increased investment in domestic marketing and distribution channels, including emerging platforms like Douyin [1][2].

Financial Performance - For the year ended December 31, 2023, the revenue was approximately RMB 1,759.6 million, an increase of about 12.7% compared to 2022[2] - The gross profit for the year ended December 31, 2023, was approximately RMB 658.1 million, reflecting a growth of 22.4% from 2022[2] - The profit attributable to the owners of the parent company for the year ended December 31, 2023, was approximately RMB 327.0 million, representing an increase of about 31.6% compared to 2022[2] - The earnings per share for the year ended December 31, 2023, was approximately RMB 0.77, up by 32.8% from 2022[2] - The total comprehensive income for the year ended December 31, 2023, was RMB 313.3 million, compared to RMB 244.5 million in 2022[5] - Total customer contract revenue for 2023 reached RMB 1,759,641, an increase of 12.7% from RMB 1,561,317 in 2022[18] - The company reported a pre-tax profit of RMB 48,248 in 2023, up from RMB 34,300 in 2022, reflecting a growth of 40.6%[21] - The pre-tax profit for 2023 was RMB 393,010,000, an increase of 39.6% compared to RMB 281,539,000 in 2022[26] Sales and Revenue Breakdown - The total sales volume of products for the year ended December 31, 2023, was approximately 158.8 million units, an increase of about 4.9% compared to 2022[2] - Revenue from mainland China reached RMB 575,351,000 in 2023, up from RMB 447,167,000 in 2022, representing a growth of approximately 28.7%[15] - Revenue from the Americas was RMB 405,599,000 in 2023, slightly increasing from RMB 391,529,000 in 2022, which is a growth of approximately 3.6%[15] - Revenue from Asia (excluding mainland China) was RMB 378,923,000 in 2023, up from RMB 356,602,000 in 2022, representing an increase of about 6.2%[15] - Revenue from Europe reached RMB 299,901,000 in 2023, compared to RMB 289,177,000 in 2022, indicating a growth of approximately 3.9%[15] - Revenue from Oceania increased to RMB 75,865,000 in 2023 from RMB 62,704,000 in 2022, reflecting a growth of about 21%[15] - Standardized lenses contributed RMB 1,403,945 to revenue in 2023, up from RMB 1,244,057 in 2022, representing a growth of 12.9%[18] - Revenue from customized lenses increased to RMB 353,522 in 2023, compared to RMB 303,000 in 2022, marking a growth of 16.7%[18] Expenses and Costs - The cost of goods sold for 2023 was RMB 1,101,507, compared to RMB 1,023,447 in 2022, indicating an increase of 7.6%[22] - Sales and distribution expenses rose by 47.6% from RMB 69.9 million in 2022 to RMB 103.2 million in 2023[46] - Research and development costs rose to RMB 70,091 in 2023 from RMB 65,826 in 2022, an increase of 6.5%[22] - Total other income for 2023 was RMB 27,019, an increase of 31.4% from RMB 20,553 in 2022[21] - Financial expenses decreased to RMB 13,649 in 2023 from RMB 25,741 in 2022, a reduction of 47%[23] - The total tax expense for the year was RMB 65,988, significantly higher than RMB 32,973 in 2022, representing a growth of 100.5%[25] Assets and Liabilities - Non-current assets as of December 31, 2023, totaled RMB 569.6 million, an increase from RMB 525.2 million in 2022[6] - Current assets as of December 31, 2023, amounted to RMB 1,414.7 million, compared to RMB 1,263.4 million in 2022[6] - The net asset value attributable to the owners of the parent company was RMB 1,394.9 million as of December 31, 2023, up from RMB 1,145.6 million in 2022[7] - Total assets increased by 10.9% from RMB 1,788.6 million as of December 31, 2022, to RMB 1,984.3 million as of December 31, 2023[52] - Total liabilities decreased by 8.3% from RMB 643.0 million as of December 31, 2022, to RMB 589.4 million as of December 31, 2023[52] - The debt-to-asset ratio improved from 36.0% as of December 31, 2022, to 29.7% as of December 31, 2023[52] Dividends and Shareholder Returns - The board has proposed a final dividend of RMB 0.20 per share (tax included) for the year ended December 31, 2023[2] - The proposed final dividend is RMB 0.20 per share for the year ended December 31, 2023, compared to RMB 0.15 per share for the year ended December 31, 2022[61] - The company proposed a final dividend of RMB 0.20 per share for 2023, totaling RMB 85,320,000, pending shareholder approval[27] Corporate Governance and Compliance - The company has committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[70] - The company has confirmed compliance with the corporate governance code and the standard code for securities transactions by directors for the year ended December 31, 2023[71] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of the financial reporting process and internal control systems[72] - The consolidated financial statements for the year ended December 31, 2023, have been reviewed and deemed compliant with applicable accounting standards and regulations[73] Future Plans and Investments - The company plans to enhance production capacity and automation at its Shanghai and Jiangsu facilities in 2024[40] - The company aims to upgrade its R&D center to a national-level facility to boost innovation and competitiveness[41] - The company anticipates utilizing the remaining unutilized net proceeds primarily for enhancing R&D capabilities and increasing sales and marketing efforts, with a delay of one year due to adjustments in business development strategies[69] - The company has raised approximately HKD 473.5 million from its global offering, with about HKD 396.3 million (83.7%) utilized as of December 31, 2023[66][67] - The planned use of the remaining unutilized net proceeds includes strengthening R&D capabilities (19.9% of proceeds) and increasing sales and marketing efforts (2.3% of proceeds) by the second half of 2024[68][69] Employee and Workforce - As of December 31, 2023, the company employed a total of 2,509 employees across China, Japan, the United States, and Mexico[65] - Employee benefit expenses, including salaries and other allowances, amounted to approximately RMB 387.5 million for the year ended December 31, 2023, compared to RMB 357.9 million for the previous year[65] - The company has implemented a restricted share unit plan (2023 Share Incentive Plan) to retain and motivate selected participants for ongoing operations and development[65] - The company has repurchased a total of 9,000,000 H shares in the open market for future use under the 2023 Share Incentive Plan[65]