Group 1 - The core viewpoint of the report is that 康耐特光学 (02276) is well-positioned in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, and structural upgrades are expected to enhance profitability [1] - The company has established partnerships with several leading 3C companies to develop smart glasses, indicating strong growth potential [1] - 华创证券 forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 560 million, 700 million, and 870 million yuan respectively, with corresponding PE ratios of 41, 33, and 27 times [1] Group 2 - The demand for 夸克AI glasses has exceeded expectations, with delivery times on platforms like Tmall, Douyin, and JD extended to 45 days [2] - 康耐特 is the exclusive lens supplier for 夸克AI glasses, with prices for lenses with refractive indices of 1.60, 1.67, and 1.74 being significantly higher than standard lenses [3] - The company is expected to strengthen its competitive advantage in the XR business due to its first-mover advantage and high technical barriers [3] Group 3 - The company's main operations are stable, with the North American business showing signs of recovery [4] - A new factory in Japan is expected to be completed in the fourth quarter, adding 600,000 customized lens production capacity, which may further reduce tariffs on U.S. business [4] - The global supply capability is expected to be continuously strengthened with the upcoming establishment of a factory in Thailand [4]
华创证券：维持康耐特光学(02276)“强推”评级 上调目标价至63.63港元