Core Viewpoint - Huachuang Securities reports that 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][5] Group 1: Financial Projections - The company has partnered with several leading 3C brands to develop smart glasses, indicating promising growth potential [1] - Huachuang Securities forecasts the company's net profit attributable to shareholders for 2025-2027 to be 560 million, 700 million, and 870 million yuan respectively, with corresponding P/E ratios of 41, 34, and 27 times [1][5] - The target price for 2026 is set at 63.63 HKD, maintaining a "strong buy" rating based on a valuation of 40 times [1][5] Group 2: Policy Impact - On December 30, 2025, the National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for 2026, including smart glasses for the first time, with a subsidy rate of 15% and a maximum subsidy of 500 yuan per unit for products priced under 6000 yuan [6] - It is estimated that smart glasses priced above 3300 yuan can fully enjoy the national subsidy [6] Group 3: Market Trends - The Tmall Double Eleven sales data shows that over half of the top 20 hot-selling XR devices are priced below 4000 yuan, with mainstream AI/AR glasses meeting the subsidy requirements [2][6] - The company expects that the reduction in product prices due to subsidies will further stimulate consumer demand, leading to an increase in smart glasses penetration rates next year [2][6] Group 4: Upcoming Events - The 2026 International Consumer Electronics Show (CES) will take place from January 6-9 in North America, with over 50 exhibitors showcasing AI glasses, indicating a rapid acceleration in product education and market presence [3][6] - The supply and ecosystem are expected to enter a fast development phase, resonating with the national subsidy to create a "supply prosperity + demand stimulation" effect [3][6] Group 5: Competitive Position - Kangnait is the exclusive lens supplier for Quark AI glasses, with higher prices for lenses with different refractive indices compared to standard lenses [3][6] - The company has a significant first-mover advantage and high technical barriers in its XR business, which is expected to strengthen its competitive position during the industry innovation process [3][6]
华创证券：维持康耐特光学“强推”评级 目标价63.63港元