Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [6]. Core Insights - The company is actively promoting its own brand and domestic market presence, with a stock incentive plan reflecting confidence in future growth. The plan involves granting 11.93 million shares (2.8% of total shares) to 155 employees, with a grant price of HKD 4.58 per share, which is 31% below the latest closing price [6]. - The smart glasses market is entering a rapid growth phase, with the company forming partnerships with multinational consumer electronics firms and establishing an XR department, indicating significant long-term potential [6]. - The company has a strong manufacturing capability and is increasingly focusing on its own brand and domestic market, with a projected steady growth in its lens manufacturing business [6]. Financial Data and Profit Forecast - Revenue projections are as follows: - 2023: 1,760 million RMB - 2024E: 2,075 million RMB (13% growth) - 2025E: 2,397 million RMB (15% growth) - 2026E: 2,760 million RMB (15% growth) [5][9] - Net profit forecasts are: - 2023: 327 million RMB - 2024E: 418 million RMB (28% growth) - 2025E: 500 million RMB (20% growth) - 2026E: 593 million RMB (19% growth) [5][9] - Earnings per share (EPS) estimates are: - 2023: 0.77 RMB - 2024E: 0.98 RMB - 2025E: 1.17 RMB - 2026E: 1.39 RMB [5][9] Market Position and Competitive Advantage - The company is a leading player in lens manufacturing, with a comprehensive product SKU matrix and solid upstream and downstream partnerships, enhancing its supply chain advantages [6]. - The company has significantly increased its domestic market share, with 30.9% of revenue coming from the domestic market in the first half of 2024, up 16.2 percentage points since 2018 [6].
康耐特光学：积极发力自主品牌及国内市场，股权激励彰显发展信心，布局智能眼镜打开远期空间