Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][17]. Core Insights - The company reported a revenue of 2.061 billion RMB for 2024, reflecting a year-on-year growth of 17.1%, and a net profit of 428 million RMB, up 31.0% year-on-year [6]. - The company is experiencing robust growth in its XR business, with significant collaboration with leading technology and consumer electronics firms, enhancing its market position [6][7]. - The company has adjusted its equity incentive plan, extending the assessment period to four years, which reflects confidence in long-term growth [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 1.76 billion RMB - 2024: 2.061 billion RMB - 2025: 2.403 billion RMB - 2026: 2.790 billion RMB - 2027: 3.248 billion RMB - The net profit forecast is as follows: - 2023: 327 million RMB - 2024: 428 million RMB - 2025: 528 million RMB - 2026: 636 million RMB - 2027: 762 million RMB - The company’s earnings per share (EPS) are projected to increase from 0.77 RMB in 2023 to 1.59 RMB in 2027 [2][8]. Market Data - As of April 8, 2025, the closing price of the company's stock was 22.20 HKD, with a market capitalization of 10.654 billion HKD [3]. - The stock has shown significant volatility, with a 52-week high of 32.00 HKD and a low of 7.72 HKD [3]. Business Development - The company is focusing on product structure upgrades, with significant growth in functional lenses, which saw a revenue increase of 32.4% year-on-year [6][7]. - The company is expanding its market presence in regions such as South America, India, and Mexico, contributing to revenue growth [6][7]. - The company’s self-owned brand business achieved a revenue of 1.15 billion RMB in 2024, marking a 24.5% increase year-on-year, accounting for 55.8% of total revenue [6][7].
康耐特光学（02276）：2024年报点评：收入增长稳健，产品结构升级带动盈利持续改善，XR业务进展顺利、空间广阔