Group 1 - The core viewpoint of the report is that 康耐特光学 (02276) is expected to see a profit increase of no less than 30% in 2025, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing economies of scale, and improved automation levels [1] - The target price for 康耐特光学 has been raised by 12% to HKD 65, corresponding to forecasted price-to-earnings ratios of 40 times and 30 times for 2026 and 2027, respectively, while maintaining an "outperform" rating [1] - The integration of the 千问 model into the Alibaba ecosystem is expected to enhance the functionality of the 夸克 AI glasses, improving user experience and market share [1] Group 2 - 康耐特光学's earnings forecasts for 2025 and 2026 have been raised by 3% each, to RMB 566 million and RMB 701 million, respectively, with a new forecast for 2027 introduced at RMB 916 million [2] - The valuation has shifted to 2026, with the current stock price corresponding to price-to-earnings ratios of 37 times and 28 times for 2026 and 2027, respectively [2]
中金：升康耐特光学(02276)目标价12%至65港元 上调盈测