康耐特光学(02276.HK)：全球领先的镜片制造商 智能眼镜打开成长空间

Group 1 - The core viewpoint of the article highlights the strong growth potential and profitability of 康耐特光学, a leading resin lens supplier in China, with a projected revenue CAGR of 17.2% and a net profit CAGR of 35.2% from 2020 to 2024 [1][3] - 康耐特光学 has established a robust moat in technology, distribution, and customer resources, supported by its production bases in Shanghai, Jiangsu, and Japan, with a new facility in Thailand expected to commence operations in 2026 [1][2] - The company is benefiting from the increasing demand for high-value products such as high refractive index lenses and customized lenses, which has led to an improvement in gross margin from 35.0% in 2020 to 41.0% in the first half of 2025 [1][2] Group 2 - The lens industry is experiencing significant growth driven by the rigid demand for vision correction, with projections indicating that the sales revenue in China will reach 20.72 billion yuan in 2024 [2] - The demand for functional lenses with properties such as blue light blocking and anti-fatigue is rapidly increasing, alongside a substantial market opportunity for high refractive index lenses, which currently represent only about 0.7% of the domestic market [2] - The smart glasses sector is at a critical turning point, with major tech companies like Alibaba and Meta accelerating their investments, creating opportunities for leading lens manufacturers to benefit from the demand for ultra-thin high refractive index lenses [2] Group 3 - 康耐特光学 is well-positioned in the XR industry, leveraging its ability to mass-produce 1.74 ultra-high refractive index lenses, which are essential for the lightweight requirements of AR glasses [2] - The company has a mature C2M production system that allows for efficient responses to personalized customization demands in the new retail landscape of smart glasses [2] - As a key supplier of lenses for Alibaba's "Quark AI Glasses," 康耐特光学 is expected to expand its client base among other smart glasses manufacturers following successful product validation [2][3]