Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][4]. Core Insights - The company plans to invest $4 million in building an automated resin lens production line in Japan, aiming to enhance its global strategic layout and customization capabilities. The new facility is expected to increase production capacity by 20% compared to existing facilities, targeting the North American market [2]. - The report highlights three key dimensions of the new factory's value: 1. Mitigating potential tariff risks by allowing direct shipments to the U.S. market, where revenue from this region is projected to be 13% in 2024. 2. Leveraging geographical advantages to better serve Asia-Pacific customers, with significant revenue growth in the Asian market excluding mainland China. 3. Replicating overseas factory construction experience to reduce overall production costs in future projects, such as the one in Thailand [8]. - The company is positioned as a leader in lens manufacturing, actively developing a second growth curve in smart glasses, with collaborations with major consumer electronics firms. The report anticipates continued improvement in profitability driven by structural upgrades [8][4]. Financial Summary - Projected total revenue for 2024 is 2,061 million, with a year-on-year growth rate of 16.1%. By 2027, revenue is expected to reach 3,538 million, maintaining a growth rate of 19.2% [4]. - The net profit attributable to shareholders is forecasted to grow from 428 million in 2024 to 839 million in 2027, with a compound annual growth rate of approximately 24.6% [4]. - Earnings per share (EPS) are projected to increase from 1.00 in 2024 to 1.75 in 2027, reflecting a strong upward trend in profitability [4].
康耐特光学（02276）：重大事项点评：全球化布局再下一子，供应端优势继续强化