Group 1 - Core viewpoint: Kangnait Optical (02276) is deeply engaged in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, and structural upgrades are expected to drive continuous improvement in profitability [1] - The company has partnered with several leading 3C brands to develop smart glasses, indicating promising growth potential [1] - The projected net profit attributable to shareholders for 2025-2027 is estimated at 560 million, 700 million, and 870 million yuan, respectively, with corresponding PE ratios of 41, 33, and 27 times [1] Group 2 - The Quark AI glasses market demand has exceeded expectations, with delivery times for the Quark AI glasses S1 extended to 45 days on platforms like Tmall, Douyin, and JD [2] - Kangnait is the exclusive lens supplier for Quark AI glasses, with the S1 model's lens prices significantly higher than standard lenses, indicating a strong market position [3] - The company is expected to enhance 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 North American business showing continuous 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 strengthen with the establishment of a factory in Thailand next year, supporting steady growth in the company's main business [4]
华创证券：维持康耐特光学“强推”评级 上调目标价至63.63港元