Company Overview - On October 24, the company announced the pre-sale of its first self-developed "Quark AI Glasses," with Quark Optics as the exclusive lens supplier. The company is expected to leverage its leading resin lens production capacity and increasing R&D resources to capture the consumer smart glasses market, solidifying its position as a leading player in the optical technology sector in China [1][2]. Product Features - The Quark AI Glasses are the first integrated display smart glasses in China, focusing on lifestyle service functions. They feature a design with 7.5mm temples and an ultra-thin frame, weighing 42g. The hardware supports distance adjustment and offers a fitting solution for myopic users. The glasses include functionalities such as object recognition, real-time translation, reminders, navigation, calls, and photography, with a unique "look and pay" feature using biometric recognition [1]. - The pricing for the lenses varies based on refractive index, with costs of 4699, 5418, 5598, and 6228 yuan per pair for plano, 1.60, 1.67, and 1.74 refractive index products, respectively [1]. Competitive Landscape - On September 18, Meta launched its first neural interactive display glasses, Meta Rayban Display, which uses muscle signal detection for gesture control and features a single-eye display using waveguide technology. The glasses are priced at $799 and weigh 89g, with capabilities for real-time audio-visual content capture and analysis [2]. Growth Potential - The company’s exclusive provision of integrated solutions is expected to open up further growth opportunities. The complexity of the integrated display lens manufacturing process is anticipated to increase costs compared to traditional C2M custom solutions. As high-priced orders for smart glasses grow, the company expects an increase in average selling price and gross margin, leading to improved overall profitability [2]. Financial Forecast - The company maintains its profit forecasts for 2025 and 2026 at 550 million and 680 million yuan, respectively. The current stock price corresponds to a price-to-earnings ratio of 34 and 27 times for 2025 and 2026. The target price remains at 58 yuan, implying a potential upside of 38% from the current stock price [3].
康耐特光学(02276.HK)：独供夸克带显智能眼镜 看好量产提速盈利向上