Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 15 RMB per share [4][19]. Core Insights - The company has over 20 years of experience in the resin lens industry, establishing itself as a leading exporter with a market share of approximately 7.3% in China [4][19]. - The company is positioned as the second-largest resin lens manufacturer globally by volume and fifth by sales revenue in 2023 [4][19]. - The report forecasts a compound annual growth rate (CAGR) of 25.2%, 20.2%, and 17% for net profit from 2024 to 2026, with net profits projected at 4.09 billion, 4.92 billion, and 5.75 billion RMB respectively [4][12]. Summary by Sections 1. Profit Forecast and Valuation - The company is expected to achieve revenues of 20.1 billion, 22.7 billion, and 25.4 billion RMB from 2024 to 2026, with respective growth rates of 14.5%, 12.9%, and 11.8% [12][19]. - The report highlights the company's competitive advantages, including a strong C2M model and a diversified product matrix [11][19]. 2. Company Development - The company has three production bases in Shanghai, Jiangsu, and Japan, with capacity utilization rates exceeding 90% [20][109]. - The company has a concentrated shareholding structure, with the founder holding approximately 49.87% of the shares [4][29]. - The revenue from customized lenses has increased significantly, with a CAGR of 20.3% from 2019 to 2023 [4][32]. 3. Industry Outlook - The global lens market is projected to grow from 50.1 billion USD in 2023 to 67.7 billion USD by 2028, with a CAGR of 6.2% [51][62]. - The demand for customized lenses is expected to grow rapidly, driven by increasing consumer preferences for personalized and functional products [51][62]. - The report notes that the prevalence of myopia is rising globally, which is expected to drive demand for corrective lenses [57][62]. 4. Core Advantages - The company boasts a rich product matrix with over 700 SKUs, catering to diverse consumer needs [102][104]. - The company has a strong R&D capability, with a research expense ratio of around 4%, which is above industry standards [114][109]. - The C2M model enhances operational efficiency by connecting consumers directly with manufacturers, reducing costs and improving service delivery [126][129]. 5. Financial Performance - The company has shown resilience with a revenue increase from 1.07 billion RMB in 2019 to 1.78 billion RMB in 2023, reflecting a CAGR of 10.7% [38][41]. - The net profit has grown from 112 million RMB in 2019 to 327 million RMB in 2023, with a CAGR of 23.9% [38][41]. - The gross margin has improved from 33% in 2019 to 37.4% in 2023, driven by a higher proportion of customized lenses [41][44].
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