Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][5]. Core Insights - The company is a global leader in optical resin lenses, with rapid development of its own brands and a clear trend towards product upgrades, particularly in the smart glasses sector, where it has a rare positioning advantage [8][14]. - Revenue is expected to grow steadily, with forecasts of CNY 23.01 billion, CNY 26.16 billion, and CNY 29.79 billion for 2025 to 2027, representing year-on-year growth rates of +11.3%, +13.7%, and +13.8% respectively [2][4]. - The net profit attributable to shareholders is projected to be CNY 5.5 billion, CNY 6.8 billion, and CNY 8.2 billion for the same period, with growth rates of +29%, +23%, and +20% respectively [2][4]. Financial Summary - The company achieved a revenue of CNY 10.84 billion in the first half of 2025, reflecting a year-on-year increase of +11.0%, and a net profit of CNY 2.73 billion, up +30.7% [18]. - The revenue from standardized inventory lenses, functional lenses, and C2M customized lenses for 2024 is expected to be CNY 9.07 billion, CNY 7.55 billion, and CNY 3.95 billion respectively, with year-on-year growth rates of +9%, +32%, and +12% [19]. - The gross profit margins for standardized inventory lenses, functional lenses, and C2M customized lenses are projected to be 34%, 41%, and 62% respectively in the first half of 2025 [19]. Industry Analysis - The global optical lens market is projected to reach a retail value of USD 54.3 billion in 2024, with a year-on-year growth of +8.4% [32][34]. - The Chinese optical lens market is expected to reach CNY 38.2 billion in retail value in 2024, with a year-on-year increase of +9.6% [38][44]. - The demand for functional lenses is expected to grow, driven by the increasing number of myopic and presbyopic individuals, with approximately 118 million children and adolescents affected by myopia in China by 2024 [44][46].
康耐特光学（02276）：深度报告：全球光学树脂镜片龙头，XR眼镜赛道卡位稀缺