Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [6][18]. Core Insights - The company has issued a positive profit forecast for the first half of 2025, expecting a year-on-year increase of no less than 30% in net profit attributable to shareholders, driven by strong sales of high refractive index and functional products, as well as favorable product mix enhancing average selling prices [2][6]. - The traditional business is undergoing structural upgrades, with continuous improvement in profitability. The company is one of the few in China capable of producing 1.74 high refractive index lenses, benefiting from strong ties with upstream suppliers and significant technical barriers [4][6]. - The XR business is poised for growth, with ongoing collaborations with leading global tech and consumer electronics companies, preparing for potential mass production of AR or AI glasses [5][6]. Financial Performance and Projections - The company expects revenue growth rates of 19%, 18%, and 18% for 2025, 2026, and 2027 respectively, with net profit growth rates of 29%, 22%, and 21% for the same years [6][8]. - The projected earnings per share (EPS) are expected to increase from 0.89 in 2025 to 1.71 in 2027, reflecting a strong upward trend in profitability [8][12]. - The company’s main revenue for 2025 is estimated at 2,457 million RMB, with a net profit of 555 million RMB, indicating a robust growth trajectory [8][11].
康耐特光学（02276）：25H1利润高增，XR业务兑现在即