Group 1 - The core viewpoint of the report is that CICC maintains its profit forecast for 康耐特光学 (02276) for 2025/2026, with the current stock price corresponding to P/E ratios of 39/31 times for those years. The target price is raised by 7% to HKD 58, indicating a 20% upside potential from the current price [1] - The company is recognized as a global leader in resin lenses, with strong technology, production capacity, and customer barriers. The high refractive index products are accelerating in volume, and the growth path for smart glasses optical lenses is clear, supported by a dual growth driver of traditional resin lenses and smart glasses [2] Group 2 - In the first half of 2025, U.S. tariffs impacted revenue, but capacity release in the second half is expected to drive revenue recovery. Standard lenses saw a 20% increase due to product structure optimization, while functional lenses grew by 8.8%. Custom lenses faced a 4.9% decline due to slowed order rhythm from U.S. clients. Revenue growth in China, Asia (excluding China), Europe, and the Americas was +19%, +22.5%, +6%, and -1.8% respectively [3] - The XR verification is ready, and AI glasses are set to ramp up production. Global smart glasses shipments in the first half of 2025 increased by 110%, driven by strong sales of Ray-Ban Meta and new brands like Xiaomi. Meta's market share reached 73%, and several new products are expected to launch in the second half of the year, indicating continued high growth in the industry [4] - In China, the retail volume of smart glasses reached 468,000 units in the first half of 2025, a 148% increase. The market is expected to expand significantly, with projections of nearly 1.4 million units sold in 2025, representing a 216% increase. The company is collaborating with various domestic startups and tech giants to secure the next generation of smart optical solutions [5]
中金：维持康耐特光学跑赢行业评级 目标价58港元