Investment Rating - The investment rating for 康耐特光学 (2276.HK) is not explicitly stated in the provided content, but the report indicates a positive outlook based on performance metrics and growth potential. Core Viewpoints - 康耐特光学 reported a revenue of 2.061 billion RMB for 2024, representing a year-on-year increase of 16.1%, and a net profit of 428 million RMB, which is a 31.0% increase year-on-year [1] - The company is experiencing steady growth in standardized lenses, with revenues of 907 million RMB (+8.8% YoY), and customized and functional products growing rapidly, with revenues of 395 million RMB (+11.8% YoY) and 755 million RMB (+32.4% YoY) respectively [2] - The company’s self-owned brand revenue reached 1.150 billion RMB, a 24.5% increase, accounting for 55.8% of total revenue, indicating strong market penetration and brand growth [3] - 康耐特光学 is expanding its collaboration with leading global technology and consumer electronics companies for smart glasses, preparing for future AR or AI projects [4] - The company’s gross margin improved to 38.6%, a 1.2 percentage point increase, and the net profit margin reached 20.8%, a 2.2 percentage point increase, reflecting operational efficiency [5] Financial Summary - For 2024, 康耐特光学 achieved total revenue of 2.061 billion RMB, with projections for 2025, 2026, and 2027 to be 2.389 billion RMB, 2.762 billion RMB, and 3.184 billion RMB respectively, indicating a consistent growth trajectory [6] - The forecasted net profit for 2025, 2026, and 2027 is 544 million RMB, 663 million RMB, and 812 million RMB, respectively, with corresponding year-on-year growth rates of 27%, 22%, and 22% [6] - The company’s earnings per share (EPS) is projected to increase from 1.03 RMB in 2024 to 1.69 RMB by 2027 [6]
康耐特光学（02276）：业绩增长靓丽，智能眼镜持续丰富客户矩阵