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康耐特光学(02276.HK):结构优化及盈利提升明显 XR进展顺利

Core Viewpoint - The company reported strong mid-year performance for 2025, with significant revenue and profit growth driven by both domestic and international business expansion, as well as product upgrades in high-value segments [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 1.08 billion, an increase of 11.1% year-on-year; net profit attributable to shareholders was 270 million, up 30.7% [1]. - The gross margin for H1 2025 was 41.0%, an increase of 1.8 percentage points, while the net profit margin was 25.2%, up 3.8 percentage points [1]. - Product-wise, standard lens revenue was 510 million, up 20%, with a gross margin of 33.6%; functional lens revenue was 380 million, up 8.8%, with a gross margin of 40.6%; customized lens revenue was 180 million, down 4.9%, with a gross margin of 61.9% [1]. Product and Sales Growth - The company sold 9.3 million units in H1 2025, a 7.5% increase, with an average product price of 23.3 yuan, up 3.3% [1]. - The growth in standard and functional lens revenue was attributed to the promotion of high-refractive and multifunctional lenses, leading to continuous product structure upgrades [1]. Regional Performance - Domestic revenue reached 360 million, a 19.0% increase, while overseas revenue was 730 million, up 7.5% [2]. - In Asia, revenue was 300 million, up 23%; in Europe, it was 170 million, up 6%; in the Americas, it was 220 million, down 2% [2]. - The company is expanding overseas production capacity, with a customized production line in Japan expected to start in H2 2025 and a new production base in Thailand also set to begin construction in H2 2025 [2]. XR Business Development - The company is making progress in its XR business, including AR and AI glasses, with ongoing collaborations with both domestic and international technology and consumer electronics companies [2]. - The number of overseas projects is increasing, with a shift in focus from product functionality and technical validation to scaling production [2]. Profit Forecast - The company maintains its profit forecast, expecting net profits of 560 million, 670 million, and 790 million for 2025-2027, corresponding to PE ratios of 35X, 29X, and 25X [3].