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康耐特光学(02276.HK):中国镜片行业领军企业 XR业务打开未来成长空间

Industry Overview - The lens industry in China is expected to maintain a good growth momentum due to rigid demand, scenario refinement, and structural optimization, with a projected CAGR of 6.00% for manufacturer sales and 5.04% for retail sales from 2019 to 2024, reaching sales of 29.75 billion and 53.71 billion yuan by 2029 respectively [1] Company Strategy - The company has a flexible strategy across the industry chain, enhancing competitiveness and market share through deep partnerships with core suppliers like Mitsui Chemicals, which has provided a comprehensive product matrix for nearly 15 years [2] - The company ranks among the top in market share, with new production capacities in Thailand and Japan, and an increasing proportion of high unit price and high gross margin products, which is expected to further boost competitiveness and market share [2] - The company employs a C2M business model to engage directly with consumers, utilizing diversified channels to shorten the path to individual end customers, thereby enhancing profitability [2] Smart Glasses Development - The company is actively developing a second growth curve through smart glasses, with demand for lenses in AI and AR glasses, although AR glasses face technological limitations and have not yet achieved significant sales [3] - The company collaborates with leading tech and consumer electronics firms to develop customized lenses for XR products and has acquired land in Thailand for building a production base for XR product lenses [3] - The company forecasts revenues of 2.328 billion, 2.657 billion, and 2.963 billion yuan for 2025-2027, with net profits of 561 million, 672 million, and 777 million yuan respectively, driven by lens demand growth and strategic partnerships in the smart glasses sector [3]