机构：华创证券 研究员：刘一怡 国内标杆客户反馈积极，持续看好消费级产品放量。康耐特是夸克AI 眼镜的独家镜片供应商，以S1 为 例，1.60/1.67/1.74 折射率的镜片价格较平光片高出719/899/1529 元。中长期来看，公司XR 业务先发优 势明显且技术壁垒高。有望在产业链推新过程中强化竞争优势，持续看好公司供应链卡位。 主业经营稳健，北美业务持续修复。公司日本工厂预计于四季度建成落地，新增60 万副定制化镜片产 能，对美业务关税有望进一步降低。随着明年泰国工厂落地，全球化供应能力持续强化，看好公司主业 平稳增长。 投资建议：镜片制造龙头企业，积极培育智能眼镜第二成长曲线。康耐特光学深耕眼镜制造行业，内外 销齐头并进，结构升级有望带动盈利能力持续改善。 目前公司已和多家头部3C 龙头合作布局智能眼镜，成长可期。考虑到智能眼镜产业链发展提速叠加公 司产品结构稳步向上，我们预计公司25-27 年归母净利润分别为5.6/7.0/8.7 亿元，对应PE 为41/33/27X。 参考可比公司估值，给予26 年估值为40X，上调目标价至63.63 港元，维持"强推"评级。 风险提示：智能眼镜发展不及预期、国 ...

Group 1 - The core viewpoint of the news is that Lian De Equipment has experienced fluctuations in stock price and trading volume, with a recent increase in share price and a notable decline in revenue and profit year-on-year [1][2]. - As of December 19, Lian De Equipment's stock price rose by 2.02% to 30.32 CNY per share, with a total market capitalization of 5.623 billion CNY [1]. - The company has seen a net inflow of main funds amounting to 178,500 CNY, with significant trading activity reflected in the buying and selling of large orders [1]. Group 2 - For the period from January to September 2025, Lian De Equipment reported a revenue of 934 million CNY, a year-on-year decrease of 6.97%, and a net profit attributable to shareholders of 96.61 million CNY, down 50.47% year-on-year [2]. - The company has distributed a total of 158 million CNY in dividends since its A-share listing, with 80.45 million CNY distributed over the past three years [3]. - The top ten circulating shareholders include several new institutional investors, indicating a shift in shareholder composition [3].

Group 1 - The core viewpoint of the report is that 康耐特光学 (02276) is well-positioned in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, and structural upgrades are expected to enhance profitability [1] - The company has established partnerships with several leading 3C companies to develop smart glasses, indicating strong growth potential [1] - 华创证券 forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 560 million, 700 million, and 870 million yuan respectively, with corresponding PE ratios of 41, 33, and 27 times [1] Group 2 - The demand for 夸克AI glasses has exceeded expectations, with delivery times on platforms like Tmall, Douyin, and JD extended to 45 days [2] - 康耐特 is the exclusive lens supplier for 夸克AI glasses, with prices for lenses with refractive indices of 1.60, 1.67, and 1.74 being significantly higher than standard lenses [3] - The company is expected to strengthen its competitive advantage in the XR business due to its first-mover advantage and high technical barriers [3] Group 3 - The company's main operations are stable, with the North American business showing signs of recovery [4] - A new factory in Japan is expected to be completed in the fourth quarter, adding 600,000 customized lens production capacity, which may further reduce tariffs on U.S. business [4] - The global supply capability is expected to be continuously strengthened with the upcoming establishment of a factory in Thailand [4]

港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,061 | 2,347 | 2,835 | 3,380 | | 同比增速(%) | 17.1% | 13.9% | 20.8% | 19.2% | | 归母净利润(百万元) | 428 | 564 | 696 | 869 | | 同比增速(%) | 31.0% | 31.7% | 23.3% | 25.0% | | 每股盈利(元) | 0.89 | 1.18 | 1.45 | 1.81 | | 市盈率(倍) | 48 | 41 | 33 | 27 | | 市净率(倍) | 13.0 | 8.1 | 6.9 | 5.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 月 17 日收盘价 其他轻工Ⅲ 2025 年 12 月 18 日 春节旺季临近，关注夸克 AI ...

Company Overview - Starshine Technology Co., Ltd. is located in Xiamen, Fujian Province, and was established on December 21, 2017. The company is primarily engaged in the research and sales of video surveillance chips, with 99.93% of its revenue coming from product sales and 0.07% from other income [1]. Stock Performance - As of December 18, Starshine Technology's stock price increased by 2.03% to 59.28 CNY per share, with a trading volume of 311 million CNY and a turnover rate of 2.86%. The total market capitalization is 24.999 billion CNY [1]. - Year-to-date, the stock price has decreased by 25.62%, but it has seen a recent increase of 3.49% over the last five trading days and 7.29% over the last 20 days [1]. Financial Performance - For the period from January to September 2025, Starshine Technology achieved a revenue of 2.166 billion CNY, representing a year-on-year growth of 19.50%. The net profit attributable to shareholders was 202 million CNY, with a growth of 3.03% year-on-year [2]. Shareholder Information - As of December 10, the number of shareholders for Starshine Technology is 33,800, an increase of 10.49% from the previous period. The average number of circulating shares per shareholder is 5,539, which has decreased by 9.50% [2]. - The company has distributed a total of 126 million CNY in dividends since its A-share listing [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include the E Fund创业板 ETF (159915), which holds 3.571 million shares, a decrease of 584,800 shares compared to the previous period [3]. Industry Classification - Starshine Technology is classified under the electronic industry, specifically in the semiconductor and digital chip design sectors. It is associated with concepts such as autonomous driving, smart glasses, millimeter-wave radar, SOC chips, and chip concepts [2].

Core Viewpoint - Longqi Technology's stock has experienced fluctuations, with a year-to-date decline of 9.03% and a recent drop of 2.00% on December 18, 2023, indicating potential challenges in the market [1]. Financial Performance - For the period from January to September 2025, Longqi Technology reported a revenue of 31.332 billion yuan, representing a year-on-year decrease of 10.28%. However, the net profit attributable to shareholders increased by 17.74% to 507 million yuan [2]. - Cumulative cash dividends distributed by Longqi Technology since its A-share listing amount to 461 million yuan [3]. Stock Market Activity - As of December 18, 2023, Longqi Technology's stock price was 42.08 yuan per share, with a trading volume of 196 million yuan and a turnover rate of 1.73%. The total market capitalization stood at 19.792 billion yuan [1]. - The stock has seen a net inflow of main funds amounting to 3.271 million yuan, with significant buying and selling activities recorded [1]. Business Overview - Longqi Technology, established on October 27, 2004, is headquartered in Shanghai and specializes in the research, design, production, and comprehensive services of smart products. The main revenue sources include smartphones (70.44%), AIoT products (16.68%), tablets (9.55%), and other products (3.33%) [1]. - The company operates within the electronic industry, specifically in consumer electronics and components, and is involved in various concept sectors such as smartwatches, smart glasses, smart speakers, virtual reality, and consumer electronics [1].

Group 1 - The core viewpoint of the news is that Crystal Optoelectronics has experienced fluctuations in its stock price and trading volume, with a recent decline of 2.01% in its share price, reflecting a total market capitalization of 33.208 billion yuan [1] - As of December 18, the stock price of Crystal Optoelectronics is 23.88 yuan per share, with a trading volume of 331 million yuan and a turnover rate of 1.01% [1] - The company has seen a net outflow of 53.0653 million yuan in principal funds, with significant selling pressure from large orders [1] Group 2 - Crystal Optoelectronics, established on August 2, 2002, and listed on September 19, 2008, specializes in the research, production, and sales of optical imaging, film optical panels, automotive electronics (AR+), and reflective materials [2] - The company's revenue composition includes 84.20% from consumer electronics, 8.00% from automotive electronics (AR+), 6.21% from reflective materials, and 1.60% from other sources [2] - As of September 30, 2025, Crystal Optoelectronics reported a revenue of 5.123 billion yuan, a year-on-year increase of 8.78%, and a net profit attributable to shareholders of 983 million yuan, reflecting a growth of 14.13% [2] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Crystal Optoelectronics include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 119 million shares, an increase of 61.2862 million shares from the previous period [3] - In the same period, Invesco Great Wall Quality Evergreen Mixed A is the fourth-largest shareholder with 39.2899 million shares, an increase of 23.4589 million shares [3] - Southern CSI 500 ETF is the fifth-largest shareholder, holding 20.2325 million shares, which is a decrease of 385,500 shares compared to the previous period [3]

Company Overview - Guanghetong Wireless Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on November 11, 1999. The company went public on April 13, 2017. Its main business involves the design, research and development, and sales services of wireless communication modules and their applications [2]. - The company's revenue composition is primarily from wireless communication modules, accounting for 99.38%, with other sources contributing 0.62% [2]. - Guanghetong is classified under the communication equipment sector, specifically in communication terminals and accessories, and is associated with concepts such as AI toys, embodied intelligence, edge AI, smart glasses, and 5G [2]. Financial Performance - For the period from January to September 2025, Guanghetong reported a revenue of 5.366 billion yuan, representing a year-on-year decrease of 13.69%. The net profit attributable to shareholders was 316 million yuan, down 51.50% year-on-year [2]. - Since its A-share listing, Guanghetong has distributed a total of 869 million yuan in dividends, with 620 million yuan distributed over the past three years [3]. Stock Performance - As of December 18, Guanghetong's stock price was 27.43 yuan per share, with a market capitalization of 24.702 billion yuan. The stock has increased by 38.53% year-to-date, but has seen a decline of 2.07% over the last five trading days [1]. - The stock experienced a net outflow of 24.3166 million yuan in principal funds, with significant buying and selling activity noted in large orders [1]. - Guanghetong has appeared on the stock market's "Dragon and Tiger List" three times this year, with the most recent appearance on December 2, where it recorded a net buy of -925.283 million yuan [1]. Shareholder Information - As of September 30, 2025, Guanghetong had 79,500 shareholders, a decrease of 3.54% from the previous period. The average number of circulating shares per shareholder increased by 3.67% to 6,703 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 6.3011 million shares, an increase of 1.553 million shares from the previous period [3].

Core Viewpoint - Lian De Equipment's stock price has shown fluctuations, with a recent increase of 2.08% to 30.36 CNY per share, while the company has experienced a year-to-date decline of 2.47% [1] Financial Performance - For the period from January to September 2025, Lian De Equipment reported a revenue of 934 million CNY, representing a year-on-year decrease of 6.97%, and a net profit attributable to shareholders of 96.61 million CNY, down 50.47% year-on-year [2] - The company has distributed a total of 158 million CNY in dividends since its A-share listing, with 80.45 million CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Lian De Equipment was 20,500, a decrease of 1.84% from the previous period, with an average of 5,828 circulating shares per person, an increase of 6.66% [2] - New institutional shareholders include Hong Kong Central Clearing Limited and several funds from Jin Ying, which have recently entered the top ten circulating shareholders [3] Market Activity - The stock has seen significant trading activity, with a net inflow of 3.23 million CNY from major funds and a notable presence on the trading leaderboard, with a net buy of 180 million CNY on November 27 [1]

Core Viewpoint - Xingchen Technology has shown a positive market performance with a 2.32% increase in stock price, reaching a market capitalization of 24.502 billion yuan, indicating investor interest in the company's growth potential in the AI and semiconductor sectors [1]. Company Overview - Xingchen Technology Co., Ltd. is located in Xiamen, Fujian Province, and specializes in the design, research, and sales of edge AI SoC chips, primarily serving sectors such as intelligent security, IoT, and automotive applications [3][7]. - The company was established on December 21, 2017, and went public on March 28, 2024. Its main revenue source is from product sales, accounting for 99.93% of total income [7]. Financial Performance - For the period from January to September 2025, Xingchen Technology reported a revenue of 2.166 billion yuan, reflecting a year-on-year growth of 19.50%. The net profit attributable to shareholders was 202 million yuan, with a growth of 3.03% compared to the previous year [7]. - The company has distributed a total of 126 million yuan in dividends since its A-share listing [8]. Market Activity - The stock has experienced a net outflow of 11.1868 million yuan today, with a total market activity showing no significant trend in major shareholder movements [4][5]. - The average trading cost of the stock is 59.77 yuan, with the current price approaching a resistance level of 59.22 yuan, indicating potential volatility in the near term [6]. Strategic Developments - The company has developed chips suitable for AI glasses and is actively engaging with various clients, including mobile brands and ODMs, to expand its market reach [2]. - Xingchen Technology has invested 10 million yuan in Nanjing Qipao Electronic Technology Co., Ltd., acquiring a 4% stake, which focuses on low-power satellite navigation chips for smart wearables [2].