Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [13]. Core Insights - The company is positioned advantageously in the XR (Extended Reality) market, with significant growth potential in smart glasses, supported by strategic partnerships and investments from major players like GoerTek [13][19]. - The company has implemented a stock incentive plan to align the interests of management and employees with future growth, reflecting confidence in its business trajectory [13]. - The company is enhancing its manufacturing capabilities and expanding its domestic market presence, which is expected to drive steady growth in its core lens manufacturing business [13]. Financial Summary - Revenue projections show a steady increase from 1,760 million RMB in 2023 to 2,760 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 15% [15]. - Net profit is expected to grow from 327 million RMB in 2023 to 593 million RMB in 2026, reflecting a strong growth trajectory with a CAGR of around 18% [15]. - Earnings per share (EPS) are projected to rise from 0.77 RMB in 2023 to 1.39 RMB in 2026, indicating improving profitability [15]. Market Position and Strategy - The company has established a robust product portfolio with over 700 SKUs, focusing on high-end products that are gaining market recognition [13]. - The company is actively expanding its domestic market share, with domestic sales accounting for 30.9% of total revenue in the first half of 2024, up 16.2 percentage points since 2018 [13]. - The strategic partnership with GoerTek is expected to enhance the company's market position and open new business opportunities, particularly in the smart glasses segment [13].
康耐特光学：歌尔拟连续认购、收购公司股权，彰显产业链认可；公司卡位XR优势显著，智能眼镜空间广阔