Core Viewpoint - The report from Shenwan Hongyuan indicates a positive outlook for 康耐特光学 (02276), raising the net profit forecasts for 2025-2026 and introducing a new forecast for 2027, driven by the rapid development of its own brand and potential growth in XR business [1] Group 1: Financial Performance - The company achieved a revenue of 2.061 billion yuan in 2024, representing a year-on-year growth of 17.1%, with a net profit of 428 million yuan, up 31.0% year-on-year [2] - For the second half of 2024, the company reported a revenue of 1.084 billion yuan, a growth of 16.8%, and a net profit of 220 million yuan, increasing by 30.3% [2] - The company plans to distribute a dividend of 0.28 yuan per share, corresponding to a payout ratio of 30% [2] Group 2: Revenue Growth by Region and Product - In 2024, revenue by region was as follows: Mainland China (655 million yuan, +13.9%), Americas (474 million yuan, +16.9%), Asia (522 million yuan, +37.9%), Europe (319 million yuan, +6.4%), Oceania (65 million yuan, -13.8%), and Africa (24 million yuan, +0.8%) [3] - Revenue by product category in 2024 was: functional lenses (755 million yuan, +32.4%), standard lenses (907 million yuan, +8.8%), and customized lenses (395 million yuan, +11.8%) [3] Group 3: Profitability and Cost Management - The company's gross margin for 2024 was 38.6%, an increase of 1.2 percentage points, attributed to the focus on its own brand and the domestic market [4] - Sales and distribution expenses, administrative expenses, and financial expenses for 2024 were 6.3%, 9.4%, and 0.5% respectively, with slight changes year-on-year [4] Group 4: Strategic Partnerships and Market Position - The company has established collaborations with leading global technology and consumer electronics firms, enhancing its market position [5] - The investment from GoerTek, which now holds a 20% stake in the company, is expected to create synergies and expand business opportunities [5] Group 5: Brand Development and Market Strategy - The company is actively developing its own brand and domestic market presence, with its own brand revenue reaching 1.15 billion yuan in 2024, a growth of 24.5% and accounting for 55.8% of total revenue [8] - The company has a strong manufacturing capability and a diversified supply chain, which supports its growth strategy and mitigates potential trade risks [8] Group 6: Employee Incentives and Long-term Growth Confidence - The company has adjusted its 2023 equity incentive plan, extending the assessment period to four years, reflecting confidence in long-term growth [6] - The new incentive plan aims to further align employee interests with company performance [6]
申万宏源：维持康耐特光学(02276)“买入”评级 镜片主业有望保持稳健增长