Workflow
康耐特光学(02276):结构优化及盈利提升明显,XR 进展顺利

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Viewpoints - The company's revenue for the first half of 2025 reached 1.08 billion, representing an 11.1% year-on-year increase, while the net profit attributable to shareholders was 270 million, up 30.7% year-on-year [1]. - The improvement in profitability is attributed to the orderly expansion of both international and domestic businesses, stable sales of high-value-added products, and effective cost reductions from automated production line upgrades [1]. - The company is actively promoting high refractive index and multifunctional lenses, leading to a continuous upgrade in product structure and a notable increase in gross margin [2]. Revenue Breakdown - For the first half of 2025, revenue from standard lenses was 510 million, up 20% year-on-year, with a gross margin of 33.6%, an increase of 2.8 percentage points [2]. - Revenue from functional lenses was 380 million, up 8.8% year-on-year, with a gross margin of 40.6%, also an increase of 2.8 percentage points [2]. - Custom lens revenue was 180 million, down 4.9% year-on-year, but with a gross margin of 61.9%, which increased by 2.4 percentage points [2]. - Total sales volume reached 9.3 million pieces, a 7.5% increase year-on-year, with an average product price of 23.3 yuan, up 3.3% [2]. Regional Performance - Domestic revenue was 360 million, a 19.0% increase year-on-year, with a focus on high-end differentiated products to enhance market share [3]. - Overseas revenue was 730 million, up 7.5% year-on-year, with significant growth in Asia (23% increase) while revenue from the Americas decreased by 2% [3]. - The company is expanding overseas production capacity, with a new customized production line in Japan expected to start in the second half of 2025 [3]. XR Business Development - The company is making steady progress in its XR business, collaborating with both domestic and international technology and consumer electronics companies [4]. - The number of overseas projects is increasing, with some key projects transitioning from product functionality verification to scaling up production [4]. - Domestic collaborations have also progressed, with some key projects already delivering products and receiving positive feedback from end users [4]. Profit Forecast - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 560 million, 670 million, and 790 million respectively, corresponding to PE ratios of 35X, 29X, and 25X [5].