Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Kangnait Optical (02276), setting a target price of HKD 54.5 based on a relative valuation method with a 2026 valuation of 35X [1] Financial Projections - The company is expected to achieve net profits attributable to shareholders of RMB 560 million, RMB 700 million, and RMB 870 million for the years 2025, 2026, and 2027, respectively, corresponding to PE ratios of 33X, 26X, and 21X [1] Industry Position and Product Development - Kangnait Optical is actively engaged in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, indicating potential for continuous improvement in profitability due to structural upgrades [1] - The company has partnered with several leading 3C brands to expand its footprint in the smart glasses market, suggesting promising growth prospects [1] Product Launch and Market Performance - The first self-developed AI glasses, Quark AI glasses, began pre-sale on Tmall on October 24, 2025, and quickly became the top-selling product in the smart glasses category within 10 hours [1] - During the Double 11 shopping festival, the final transaction price for the Quark AI glasses was RMB 3,329, benefiting from an 88VIP platform subsidy and a 10% discount coupon [1] Technological Innovation - The Quark AI glasses feature a unique prescription lens fitting solution that is more integrated and comfortable compared to most domestic products, which typically use clip-on or magnetic methods [1] - The innovative design includes a dual-battery and hot-swappable battery system, allowing users to replace the main battery easily, achieving a total battery life of up to 24 hours for all-day usability [1]
华创证券：维持康耐特光学“强推”评级 目标价54.5港元