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康耐特光学(02276):主业增长稳健,利润率持续提升,AI眼镜国内外进展顺利

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [8]. Core Insights - The company reported a solid performance in H1 2025, with revenue reaching 1.084 billion RMB, a year-on-year growth of 11.0%. The net profit attributable to shareholders was 273 million RMB, reflecting a 30.7% increase year-on-year [7]. - The company is focusing on optimizing its product structure and enhancing its domestic market presence, with significant growth in standard lens products and a strong emphasis on high-value products [7][8]. - The XR (Extended Reality) business is expanding successfully, with strategic partnerships enhancing growth opportunities, particularly in the smart glasses segment [8]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: 2023: 1.76 billion RMB, 2024: 2.061 billion RMB, 2025E: 2.403 billion RMB, 2026E: 2.786 billion RMB, and 2027E: 3.233 billion RMB, with growth rates of 13%, 17%, 17%, 16%, and 16% respectively [6]. - The net profit attributable to shareholders is forecasted to be 327 million RMB in 2023, increasing to 840 million RMB by 2027, with corresponding growth rates of 32%, 31%, 29%, 24%, and 23% [6]. - Earnings per share (EPS) are projected to grow from 0.77 RMB in 2023 to 1.75 RMB in 2027, reflecting the company's improving profitability [6]. Market Position and Competitive Advantage - The company is recognized as a leading manufacturer in the lens industry, with a comprehensive product SKU matrix and strong upstream and downstream partnerships [8]. - The company is actively enhancing its domestic market and proprietary brand initiatives, which are expected to drive new growth momentum [8]. - The smart glasses market is experiencing rapid growth, with the company positioned to leverage its first-mover advantage and strategic collaborations to expand its market share [8].