Group 1 - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the subsidy program for 2026, with a subsidy rate of 15% and a maximum subsidy of 500 yuan per unit, applicable to products priced below 6000 yuan [1] - The introduction of subsidies is expected to lower the purchase threshold and accelerate market penetration, as over half of the top-selling XR devices on Tmall during the Double Eleven sales were priced below 4000 yuan, aligning with the subsidy criteria [1] - The upcoming CES from January 6-9, 2026, is anticipated to showcase over 50 exhibitors of AI glasses, indicating a rapid acceleration in product education and market presence [1] Group 2 - Kangnait is the exclusive lens supplier for Quark AI glasses, with higher prices for lenses with different refractive indices compared to standard lenses, indicating a strong competitive advantage in the XR business [2] - The company is expected to strengthen its competitive position in the smart glasses supply chain, with a projected net profit of 5.6 billion, 7.0 billion, and 8.7 billion yuan for 2025-2027, corresponding to PE ratios of 41, 34, and 27 [2] - Kangnait has established partnerships with several leading 3C companies to expand its smart glasses offerings, with a target price of 63.63 HKD based on a 40X valuation for 2026, maintaining a "strong buy" rating [2]
康耐特光学(02276.HK)重大事项点评：智能眼镜首次纳入国补 看好消费级产品渗透率加速提升