Core Viewpoint - The smart glasses category has seen a significant surge in sales, with a 25-fold year-on-year increase in transaction value, positioning it among the top three trending categories in Tmall's 3C digital segment [1] Group 1: Company Performance - The Quark AI Glasses S1, which exclusively uses the company's lenses, ranked first in sales among smart glasses brands and stores during the "Double Eleven" pre-sale period, with total sales exceeding 5,000 units [1] - The company is expected to enhance its competitive advantage in the XR business due to its first-mover advantage and high technological barriers, as smart glasses transition from niche products to mainstream consumer items [1] Group 2: Business Outlook - The company's main operations are stable, with North American business showing continuous recovery. A new factory in Japan is expected to be operational in Q4, adding 600,000 customized lens production capacity, which may further reduce tariffs on U.S. business [1] - With the establishment of a factory in Thailand next year, the company's global supply capabilities are expected to strengthen, supporting steady growth in its main business [1] Group 3: Investment Recommendations - The company is positioned as a leading lens manufacturer, actively cultivating a second growth curve in smart glasses. The ongoing structural upgrades in both domestic and international sales are anticipated to enhance profitability [2] - The company has partnered with several leading 3C brands to expand its smart glasses offerings, with projected net profits for 2025-2027 estimated at 560 million, 700 million, and 870 million yuan, respectively, corresponding to PE ratios of 40, 33, and 26 [2] - Based on comparable company valuations, the target price for 2026 has been raised to 63.63 HKD, maintaining a "strong buy" rating [2]
康耐特光学(02276.HK)重大事项点评：双十一智能眼镜大卖 持续看好公司XR业务进展