Core Viewpoint - CICC reports that 康耐特光学 (02276) expects a profit increase of no less than 30% for 2025, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation, and optimized financing structure [1] Group 1: Financial Performance - The company anticipates a profit of 566 million RMB for 2025 and 701 million RMB for 2026, reflecting an upward revision of 3% for both years [2] - The 2027 profit forecast is introduced at 916 million RMB, with a valuation switch to 2026, resulting in a current stock price corresponding to 37 times and 28 times the earnings multiples for 2026 and 2027 respectively [2] Group 2: Market Position and Opportunities - The integration of the 千问 model into the Alibaba ecosystem is expected to enhance the functionality of the Quark AI glasses, improving user experience and market share [1] - The AI glasses market is experiencing rapid growth, with Meta planning to expand production of Ray-Ban AI glasses, creating opportunities for upstream supply chains [1] - 康耐特光学 is well-positioned to maintain its leading advantage as a core optical supplier [1]
中金：升康耐特光学目标价12%至65港元 上调盈测