Group 1 - The core viewpoint of the report is that 康耐特光学 is expected to see a profit increase of no less than 30% in 2025, driven by the sales growth of 1.74 refractive index lenses and other multifunctional products [1] - The company benefits from economies of scale and improved automation levels, alongside an optimized financing structure that enhances returns and reduces financing costs [1] - 中金 is optimistic about 康耐特光学's ability to maintain its advantage in the 1.74 refractive index lens market and to lead in the consumer-grade smart glasses market [1] Group 2 - 中金 has raised its profit forecasts for 2025 and 2026 by 3% each, now projecting profits of 566 million and 701 million respectively, and has introduced a profit forecast for 2027 at 916 million [1] - Considering the upward adjustment in performance and improved sector risk appetite, 中金 has increased the target price by 12% to HKD 65, corresponding to price-to-earnings ratios of 40 times and 30 times for 2026 and 2027 respectively [1] - The rating of "outperforming the industry" is maintained by 中金 [1]
研报掘金｜中金：上调康耐特光学目标价至65港元，维持“跑赢行业”评级