Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][86]. Core Views - The company is a leading resin lens manufacturer with a strong focus on R&D and a robust supply chain, which enhances its competitive edge. The partnership with GoerTek in the XR field is expected to drive growth and open new market opportunities [5][15][75]. Summary by Sections Company Overview - The company specializes in the R&D, production, and sales of resin lenses, with plans to establish overseas production bases starting in 2024. It has a concentrated shareholding structure and announced an equity incentive plan in November 2024, with profit growth targets for 2025-2027 set at no less than 21%/17%/15% [3][20]. Financial Performance - In 2024, the company achieved revenue of 2.061 billion yuan, a year-on-year increase of 17.1%, and a net profit of 428 million yuan, up 31% year-on-year. The revenue growth from 2018 to 2024 has a CAGR of 15.8%, while net profit has a CAGR of 32.7% [3][24][25]. Business Structure and Supply Chain - The company has built a strong supply chain through high R&D investment and stable raw material sourcing, maintaining over 30% procurement from Mitsui Chemicals. The business structure has been optimized, with a growing proportion of customized lenses, which accounted for 19.2% of revenue in 2024, up 2.8 percentage points from 2018 [4][49][63]. XR Business Development - The establishment of an XR R&D center and collaboration with GoerTek are expected to enhance the company's capabilities in the XR market. The company has signed supply framework agreements with multinational consumer electronics firms, indicating a positive outlook for XR product growth [5][75][76]. Earnings Forecast and Investment Advice - The company is projected to achieve revenue growth rates of 15%/14%/12% and net profit growth rates of 23%/19%/15% from 2025 to 2027. The report suggests that the company's strong ODM operations and increasing share of customized and functional lenses will support a rise in profitability [6][78][86].
康耐特光学（02276）：全球镜片龙头盈利稳升，智能眼镜打开成长空间