Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 43.90 [1][8]. Core Insights - The company reported a revenue of HKD 2.06 billion for 2024, representing a year-on-year increase of 17.1%, and a net profit of HKD 428 million, up 31.0% year-on-year [1][8]. - The growth in revenue and profit is attributed to increased customer orders and the appreciation of the US dollar [8]. - The company has a diversified product line with significant growth in functional lenses, which achieved revenue of HKD 760 million, a 32.4% increase year-on-year [8]. - The company is actively expanding into the smart glasses market, collaborating with leading consumer electronics firms, which is expected to drive future growth [8]. Financial Summary - For 2024, the company achieved a gross margin of 38.6%, an increase of 1.2 percentage points year-on-year, and a net profit margin of 20.8%, up 2.2 percentage points year-on-year [8][10]. - The company’s revenue is projected to grow to HKD 2.57 billion in 2025, with a year-on-year growth rate of 24.6% [3][11]. - The forecasted net profit for 2025 is HKD 547 million, reflecting a growth rate of 27.6% [3][10]. - The company’s earnings per share (EPS) is expected to increase from HKD 1.00 in 2024 to HKD 1.14 in 2025 [3][10]. Product and Market Performance - The revenue breakdown for 2024 shows that functional lenses accounted for 36.6% of total revenue, standard lenses 44.0%, and custom lenses 19.2% [8]. - The company’s sales volume reached 180 million pieces in 2024, a 12.1% increase year-on-year, with an average selling price of HKD 11.6 per piece [8]. - Revenue by region indicates strong performance in mainland China, the Americas, and Asia (excluding mainland China), with year-on-year growth rates of 13.9%, 16.9%, and 37.9% respectively [8].
康耐特光学（02276）：2024年报点评：业绩符合预期，利润表现亮眼