Investment Rating - The report gives a "Buy" rating for 康耐特光学 (2276.HK) with a target price of 61.10 HKD [2][10]. Core Insights - 康耐特光学 is a leading global manufacturer of resin lenses, ranking second in sales volume globally. The company has shown a compound annual growth rate (CAGR) of 15.8% in revenue and 32.7% in net profit from 2018 to 2024, driven by both volume and price increases [7][8]. - The traditional lens market is expected to grow, with a projected CAGR of 5.8% in production and 6.2% in retail sales from 2024 to 2029. The demand for smart glasses is also anticipated to surge, with global shipments expected to reach approximately 61.07 million units by 2029 [7][8]. - The company has a strong competitive edge due to its pricing advantages, access to high-refractive index lens materials, and exceptional customization capabilities. The partnership with 歌尔股份 is expected to enhance its smart glasses business [7][8]. Summary by Sections Company Overview - 康耐特光学 was established in 1996 and has become a leading resin lens manufacturer, covering a full range of products including standardized, functional, and customized lenses. The company has a production capacity of over 7 million SKUs [7][13][16]. Traditional Lens Market - The traditional lens market is driven by health needs and technological advancements, with a significant increase in demand for high-refractive index lenses. The company is well-positioned to benefit from these trends [8][58]. Smart Glasses Market - The smart glasses segment is expected to open new growth opportunities, with 康耐特光学 actively engaging in R&D and partnerships to supply lenses for upcoming smart glasses products [8][9]. Financial Projections - Revenue and net profit forecasts for 2025-2027 are projected at 5.6 billion, 6.9 billion, and 8.4 billion RMB respectively, with corresponding P/E ratios of 47, 38, and 32 [2][10][31].
康耐特光学（02276）：首次覆盖报告：创新引领蜕变，科技改变视界