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，並明確表示，概不對因本公告全部或任何部分內容 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。 本公告僅供說明用途，並不構成收購、購買或認購本公司任何證券的邀請或要約。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其 他司法管轄區內刊發或派發。 本公告並不構成或成為於美國購買或認購證券的任何要約或招攬的一部分。本公告所述 證券並無亦不會根據 1933 年美國證券法（「美國證券法」）登記，且除非根據美國證券法登 記或獲豁免遵守美國證券法的登記規定或在毋須遵守美國證券法的登記規定的交易中進 行，否則不得在美國提呈發售或出售。本公司無意根據美國證券法登記本公告內所指的 任何證券，或在美國進行證券的公開發售。 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） 根據一般授權配售新股份 整體協調人及配售代理 –1– 於2026年1月27日（交易時段前），本公司 ...

Investment Rating - The report gives a "Buy" rating for 康耐特光学 (2276.HK) with a target price of 61.10 HKD [2][10]. Core Insights - 康耐特光学 is a leading global manufacturer of resin lenses, ranking second in sales volume globally. The company has shown a compound annual growth rate (CAGR) of 15.8% in revenue and 32.7% in net profit from 2018 to 2024, driven by both volume and price increases [7][8]. - The traditional lens market is expected to grow, with a projected CAGR of 5.8% in production and 6.2% in retail sales from 2024 to 2029. The demand for smart glasses is also anticipated to surge, with global shipments expected to reach approximately 61.07 million units by 2029 [7][8]. - The company has a strong competitive edge due to its pricing advantages, access to high-refractive index lens materials, and exceptional customization capabilities. The partnership with 歌尔股份 is expected to enhance its smart glasses business [7][8]. Summary by Sections Company Overview - 康耐特光学 was established in 1996 and has become a leading resin lens manufacturer, covering a full range of products including standardized, functional, and customized lenses. The company has a production capacity of over 7 million SKUs [7][13][16]. Traditional Lens Market - The traditional lens market is driven by health needs and technological advancements, with a significant increase in demand for high-refractive index lenses. The company is well-positioned to benefit from these trends [8][58]. Smart Glasses Market - The smart glasses segment is expected to open new growth opportunities, with 康耐特光学 actively engaging in R&D and partnerships to supply lenses for upcoming smart glasses products [8][9]. Financial Projections - Revenue and net profit forecasts for 2025-2027 are projected at 5.6 billion, 6.9 billion, and 8.4 billion RMB respectively, with corresponding P/E ratios of 47, 38, and 32 [2][10][31].

Core Viewpoint - The company has released a positive profit forecast, expecting a net profit attributable to shareholders to grow by no less than 30% year-on-year by 2025, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation levels, and optimized financing structure [1] Group 1: Joint Venture and AI Glasses Market - The company has established a joint venture with GoerTek to accelerate the integration of the AI glasses industry chain, focusing on custom lenses and optical components for AI/AR/VR/MR applications [1] - The joint venture has an initial registered capital of $1 million, with an additional $2 million to be added by June 30, and aims to enhance supply chain collaboration and optimize R&D and production capabilities [1] Group 2: Market Growth and XR Business - Global sales of AI glasses are expected to rise significantly, with projections of 7 million units in 2025, 18 million in 2026, and potentially 90 million by 2030, indicating exponential growth [2] - The company's XR business has generated approximately 10 million yuan in revenue as of August 31, 2025, with further growth anticipated as production scales up [2] Group 3: Traditional Optical Business and Financial Projections - The company is set to enhance its market share and profitability in the traditional optical business, with the automation of its Japanese facility and the expected launch of its Thai production base in mid-2026 [2] - Revenue forecasts for 2025-2027 are adjusted to 2.351 billion, 2.765 billion, and 3.222 billion yuan, with net profits projected at 565 million, 703 million, and 861 million yuan respectively, maintaining a "buy" rating for the company [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company forecasts a net profit attributable to shareholders for 2025 to grow by no less than 30% year-on-year, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation, and optimized financing structure [1][4]. - A joint venture with Goer Optical has been established to accelerate the integration of the AI glasses supply chain, focusing on customized lenses and optical components for AI/AR/VR/MR applications [2][3]. - Global sales of AI glasses are expected to rise significantly, with projections of 7 million units in 2025 and 18 million units in 2026, indicating exponential growth potential [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 23.51 billion, 27.65 billion, and 32.22 billion yuan respectively, with net profits of 5.65 billion, 7.03 billion, and 8.61 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to increase from 1.03 yuan in 2024 to 1.79 yuan in 2027, reflecting a strong growth trajectory [5]. - The net profit margin is expected to improve, with net profit margins of 20.8% in 2024 and reaching 26.7% by 2027 [5][13].

Group 1 - The core viewpoint is that Asahi Optical (a wholly-owned subsidiary of Konnate Optical) and Goer Optical are forming a joint venture to develop, produce, and sell resin lenses and optical waveguide lenses for AI/AR/VR/MR glasses, with respective shareholdings of 30% and 70% [1] - The strategic alliance is seen as an upgrade from being a "component supplier" to a "solution provider," enhancing the value chain position of Konnate Optical [1] - The collaboration is expected to provide Konnate Optical with a more stable customer entry, stronger comprehensive solution capabilities, and long-term growth certainty, transitioning from a "lens solution provider" to a "smart glasses ecosystem positioner" [1] Group 2 - Konnate Optical is actively positioning itself in the smart glasses sector, with an increasing number of overseas customer collaboration projects and steady progress on existing projects [2] - The company has received positive feedback from end users on delivered products for key domestic projects, indicating a successful transition from product functionality realization to scaling production [1][2] - The expected net profits for Konnate Optical from 2025 to 2027 are projected to be 560 million, 700 million, and 870 million yuan, respectively, with corresponding PE ratios of 47, 38, and 31 [2]

Group 1 - The company expects a net profit attributable to shareholders in 2025 to increase by no less than 30% compared to 2024, driven by the growth of the smart glasses industry and continuous business prosperity [1] - The forecasted net profit for 2025-2027 has been revised to 5.6 billion, 7.0 billion, and 8.6 billion RMB respectively, reflecting growth rates of 31%, 26%, and 23% [1] - The company has achieved a net profit growth of 30.3% and 30.7% for the second half of 2024 and the first half of 2025 respectively, with a projected growth rate of no less than 29.3% for the second half of 2025 [2] Group 2 - The company has become the exclusive lens supplier for Alibaba's Quark AI glasses, indicating a strategic partnership that enhances its market position [2] - The company is actively expanding its XR business and accelerating its layout in the smart glasses sector, supported by favorable government policies and collaborations with major tech firms [2] - The company maintains a strong market presence as a leading lens manufacturer, with a diverse product range and competitive pricing, which is expected to enhance profitability and market share [2]

Group 1 - The core viewpoint of the report is that 康耐特光学 (02276) is a leading global lens manufacturer with a diverse SKU range, strong cost-performance ratio, optimized product structure, and an efficient C2M model, which enhances profitability and steadily increases market share [1] - The company has issued a positive profit forecast, expecting a net profit attributable to shareholders of no less than 5.57 billion yuan in 2025, representing a year-on-year increase of no less than 30% [1] - The significant profit growth in 2025 is attributed to increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation levels, and optimized financing structure [1] Group 2 - The company has exceeded incentive targets, with net profit growth rates of +30.3% and +30.7% for 24H2 and 25H1 respectively, and a projected growth rate of no less than 29.3% for 25H2 [2] - The company is accelerating its smart glasses layout, becoming the exclusive lens supplier for Alibaba's Quark AI glasses, and expanding its XR business [2] - Recent developments in the smart glasses sector include the release of a national subsidy policy for digital products, and discussions between Meta Platforms and EssilorLuxottica to increase AI glasses production capacity to over 20 million units by the end of 2026 [2]

Core Viewpoint - The report from Guotai Junan Securities maintains an "overweight" rating for Conant Optical (02276), highlighting its position as a global leader in lens manufacturing with a diverse SKU range, strong cost-performance ratio, optimized product structure, and efficient C2M model, which enhance profitability and market share [1] Group 1 - The company has issued a positive profit forecast, expecting a net profit attributable to shareholders of no less than 557 million yuan in 2025, representing a year-on-year increase of no less than 30% [1] - The significant profit growth in 2025 is attributed to increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation levels, and optimized financing structure [1] - For the fourth quarter of 2025, the company anticipates a net profit attributable to shareholders of no less than 283 million yuan, reflecting a year-on-year growth of no less than 29.3% [1] Group 2 - The company achieved a net profit growth of 30.3% in the second half of 2024 and 30.7% in the first half of 2025, with a projected growth rate of no less than 29.3% in the second half of 2025, indicating stable profit growth [2] - The 2025 annual target for net profit (excluding share incentive costs) is set to grow by no less than 21%, exceeding the profit target [2] - Recent developments in the smart glasses business include the announcement of a national subsidy policy for digital products, discussions with Meta Platforms and EssilorLuxottica to increase AI glasses production capacity, and becoming the exclusive lens supplier for Alibaba's Quark AI glasses [2]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Insights - The company is expected to achieve a profit increase of no less than 30% in 2025, driven by the ongoing development of the smart glasses industry and sustained business prosperity [2][10] - The forecast for net profit attributable to shareholders for 2025 has been raised to 5.6 billion RMB, with growth rates of 31% for 2025, 26% for 2026, and 23% for 2027 [10] - The company is positioned as a leading global lens manufacturer, benefiting from a rich SKU portfolio, competitive pricing, optimized product structure, and an efficient C2M model [10] Financial Summary - Total revenue is projected to grow from 1,760 million RMB in 2023 to 2,374 million RMB in 2025, reflecting a growth rate of 15.2% [4] - Net profit is expected to increase from 428 million RMB in 2024 to 560 million RMB in 2025, with a growth rate of 30.8% [4] - The company's PE ratio is forecasted to be 48.51 in 2025, indicating a significant increase from 24.2 in 2024 [4] Business Development - The company has seen a steady increase in net profit growth rates of 30.3% and 30.7% for the second half of 2024 and the first half of 2025, respectively [10] - The company has become the exclusive lens supplier for Alibaba's Quark AI glasses, indicating a strategic partnership that could enhance market presence [10] - The smart glasses business is expected to accelerate due to new government subsidy policies and collaborations with major tech companies [10]

Core Viewpoint - The company has issued a positive profit forecast, expecting a year-on-year growth of no less than 30% in net profit attributable to shareholders for the year 2025, driven by increased sales of high-refractive index lenses and other multifunctional products, ongoing scale effects, and improved financing structure [1] Group 1: Company Performance and Forecast - The company anticipates significant growth in net profit for 2025, with a projected increase of at least 30% year-on-year [1] - Key drivers for this growth include increased sales of 1.74 refractive index lenses and other multifunctional products, continued scale effects, and enhanced automation levels [1] - The company has received approximately RMB 10 million in revenue from its XR business as of August 31, 2025, with expectations for further growth in the latter half of 2025 and into 2026 [1] Group 2: Industry Trends and Collaborations - The company is the exclusive lens supplier for Alibaba's Quark AI glasses, indicating strong collaboration with major domestic clients [2] - The inclusion of smart glasses in the new consumer upgrade policy is expected to lower consumer thresholds and enhance market penetration [2] - Internationally, Meta Platforms and Essilor Luxottica are discussing plans to double AI glasses production capacity by the end of 2026, reflecting a growing interest in the smart glasses market [2] Group 3: Production and Capacity Expansion - The company is actively expanding its overseas production capacity, with a new automated facility in Japan focusing on progressive lenses and youth vision health products [3] - The Thai production base is also progressing steadily, which is expected to enhance the company's market share and brand premium in overseas markets [3] Group 4: Financial Adjustments and Ratings - The company has adjusted its profit forecasts, now expecting net profits of RMB 561 million, 682 million, and 821 million for 2025-2027, respectively [3] - The corresponding price-to-earnings ratios are projected to be 47X, 38X, and 32X for the same period [3]