Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.18, representing an expected upside of 24.6% from the current price of HKD 8.17 [3][6]. Core Insights - The company, Conant Optical (2276.HK), is a leading exporter of resin lenses in China, with a strong focus on customized and high-end products. It has a product network of over 6 million SKUs and sold 79.4 million pairs of lenses in 2023, achieving a CAGR of 9.89% from 2020 to 2023 [3][5]. - The global demand for eyewear is on the rise, with the market expected to reach USD 148.6 billion in 2024, and the lens segment projected to grow to USD 61.72 billion, accounting for 41.5% of the market. The Chinese lens market is also expected to grow at a CAGR of 5.6% from 2023 to 2028 [5][6]. - The company has a competitive edge in R&D and manufacturing, with all lens molds independently developed and produced. It has established a strong brand presence and is expanding its online sales channels [6][7]. Company Overview - Conant Optical is a one-stop service provider specializing in resin lens products, offering both standardized and customized lenses to meet diverse customer needs [12][16]. - The company has a rich history, having been established in 1996 and going public in 2021. It has expanded its production capabilities and market reach over the years [13][14]. Financial Performance - The company reported a revenue of HKD 1.775 billion in 2023, a year-on-year increase of 12.86%, with a CAGR of 12.63% from 2020 to 2023. The gross profit for the same year was HKD 658 million, reflecting a 22.4% increase [26][27]. - The net profit for 2023 was HKD 327 million, up 31.6% from the previous year, with a net profit margin of 18.42% [28][29]. Industry Analysis - The eyewear and lens industry is experiencing significant growth, driven by increasing awareness of vision care and the rising prevalence of myopia, particularly among children and the elderly [31][35]. - The market for functional lenses, which address various vision needs, is expanding, with a market share of 48.2% in 2023. The demand for high-refractive index lenses is also increasing due to consumer preferences for lighter and thinner eyewear [36][38].
中国镜片出海领先品牌，聚合多元高端定制产品