Investment Rating - The investment rating for the company is "Buy" [2][7]. Core Views - The company achieved a 32% growth in H1 performance, demonstrating operational resilience. It plans to enhance high-end manufacturing and increase automation levels to further strengthen its global competitiveness [4][7]. - The report maintains profit forecasts for 2024-2026 with net profits projected at 409 million, 492 million, and 575 million RMB, reflecting growth rates of 25.2%, 20.2%, and 17% respectively [7]. - The target price is set at 15 RMB, with a recommendation to maintain the "Buy" rating [7]. Financial Summary - Revenue for H1 reached 976 million RMB, an increase of 17.5%, while net profit was 209 million RMB, up 31.6%. The total production from three major bases was 10.4 million pieces, marking a 21.4% increase [7]. - The revenue breakdown shows standardized lens revenue at 779 million RMB (+18.4%, 79.7% share) and customized lens revenue at 194 million RMB (+13.7%, 19.9% share) [7]. - Geographically, overseas revenue was 675 million RMB (+15.3%, 69.1% share), while domestic revenue was 301 million RMB (+22.7%, 29.6% share) [7]. Profitability Metrics - The gross profit margin for H1 was 39.2%, an increase of 1.9 percentage points, with standardized lens gross margin at 33.8% (+2.4 percentage points) and customized lens gross margin at 59.5% (-0.4 percentage points) [7]. - The net profit margin was 21.4%, up 2.3 percentage points [7]. - Sales expense ratio was 5.49%, R&D expense ratio was 4.96%, and management expense ratio was 4.77% [7]. Strategic Initiatives - The company plans to acquire land in Thailand for 39 million RMB to build a production base for high-end refractive resin lenses and automated production lines [7]. - It is actively expanding its domestic business through online platforms like Douyin and Xiaohongshu, as well as offline through exhibitions and academic conferences [7]. - The company is leveraging a C2M model to enhance business processes and aims to accelerate the expansion of overseas brand lenses [7].
康耐特光学2024年中报点评：H1业绩增长32%，多措并举强化竞争力