Group 1: Company Overview - The company is a global leader in resin lenses, with strong technology, production capacity, and customer barriers [2] - High refractive index products are accelerating in volume, and the growth path for profitability is clear due to the ramp-up of smart glasses optical lenses [2] - The market has expectations for the value and market share of AR glasses lenses, and the company is expected to benefit from a dual growth driver of traditional resin lenses and smart glasses optical lenses [2] Group 2: Financial Performance - In 1H25, revenue was impacted by U.S. tariffs, but a recovery in revenue is expected in 2H25 due to capacity release [3] - Standard lenses saw a revenue increase of 20% due to product structure optimization and an increase in the share of proprietary brands; functional lenses grew by 8.8% despite a high base; customized lenses faced a revenue decline of 4.9% due to slowed order rhythm from U.S. clients [3] - Revenue growth rates for different regions were +19% for China, +22.5% for Asia (excluding China), +6% for Europe, and -1.8% for the Americas, reflecting strong local demand and tariff impacts [3] Group 3: Industry Trends - Global smart glasses shipments increased by 110% in 1H25, driven by strong sales of Ray-Ban Meta and new brands like Xiaomi and RayNeo [4] - Meta's market share reached 73% due to capacity expansion by Luxottica, and new products are expected to be launched in the second half of the year [4] - The company has successfully validated its technology path and is expected to benefit from the ramp-up of AR glasses [4] Group 4: Market Outlook - In China, the retail volume of smart glasses reached 468,000 units in 1H25, a 148% increase, with various brands launching new products [5] - The market for smart glasses in China is projected to exceed 1.4 million units in 2025, representing a 216% increase [5] - The company is engaging with domestic startups and major internet firms to secure the next generation of smart optical solutions, which is expected to drive continuous revenue growth [5]
中金：维持康耐特光学(02276)跑赢行业评级 目标价58港元