机构：国海证券 研究员：林昕宇/赵兰亭 本篇报告解决了以下核心问题：1、智能眼镜趋势下传统镜片厂商的优势何在；2、如何看待康耐特光学 的竞争壁垒；3、对标海外光学镜片巨头依视路陆逊梯卡，如何看待国内光学镜片厂商的发展路径和成 长空间。 受Rayban Meta爆款AI眼镜产品拉动，2024年AI智能眼镜进入快速发展期。2023年全球AI眼镜销量24万 副，2024年增至152万副，同比增长533.33%。目前AI眼镜仍处于成长初期阶段，在研新品功能不断升 级，功能迭代有望助品类渗透率进一步提升。传统镜片厂商对智能眼镜产品开发和销售的参与逐渐增 加，且重要性凸显。产品端来看，传统镜片、镜架厂商可解决产品美观度和佩戴舒适度问题，同时光学 镜片可做屈光矫正，让AI眼镜佩戴体验更接近普通眼镜。长期来看，光学镜片也是智能眼镜减重的关 键一环，一定程度上决定了佩戴体验。渠道端，传统镜片渠道可以提供验光配镜服务和镜片定制化服 务，相比于消费电子渠道具备一定不可替代性，线下眼镜门店或成为智能眼镜销售的重要渠道之一。 如何看待康耐特核心竞争壁垒？ 公司概况：全球领先的树脂镜片制造商 客户：公司的客户网络覆盖全球，其中包括若干知 ...

Investment Rating - The report assigns a "Buy" rating for 康耐特光学 (Conant Optical) as part of its initial coverage [1]. Core Insights - The report addresses key questions regarding the advantages of traditional lens manufacturers in the context of smart glasses trends, the competitive barriers for 康耐特光学, and the growth potential of domestic optical lens manufacturers compared to international giants like Essilor Luxottica [7][12]. Company Overview - 康耐特光学 is a leading resin lens manufacturer in China, ranking first in both sales volume and revenue in the domestic market as of 2023. The company has a strong custom production capability and has established close partnerships with various eyewear brands and international optical companies [8][15]. - The company has seen a steady revenue growth with a compound annual growth rate (CAGR) of 14.05% from 2018 to 2024, and a net profit CAGR of 33.5% during the same period [8][34]. Industry Trends - The lens industry is experiencing a clear trend towards high-end and smart products. The Chinese lens market is projected to continue growing, driven by increasing demand for functional lenses and a higher replacement frequency among consumers [9][55]. - The global market for AI smart glasses is expected to grow significantly, with sales projected to increase from 240,000 units in 2023 to 1.52 million units in 2024, marking a growth of 533.33% [9]. Competitive Barriers - 康耐特光学 has built a robust customer network, including several well-known eyewear brands, which enhances its production quality and efficiency. The company has a long-standing relationship with core clients, ensuring stable orders [11]. - The company’s business model leverages its custom production capabilities to enhance product value, with a gross margin exceeding 50% for customized lenses [11]. Growth Potential - The report forecasts 康耐特光学's revenue to reach 2.35 billion yuan in 2025, with net profits expected to be 537.78 million yuan, reflecting a strong growth trajectory [13]. - The company is actively expanding its presence in the smart glasses segment, collaborating with leading technology and consumer electronics firms to develop and produce smart eyewear lenses [12][19]. Financial Performance - 康耐特光学's revenue increased from 859 million yuan in 2018 to 2.06 billion yuan in 2024, with a net profit growth from 78 million yuan to 428 million yuan during the same period [34]. - The company’s gross margin improved from 30.61% in 2018 to 38.58% in 2024, driven by increased production efficiency and a higher proportion of high-margin customized products [43][34]. Market Position - 康耐特光学 is positioned as a significant player in the global resin lens market, ranking second in sales volume and fifth in revenue as of 2023, with a strong international presence in over 90 countries [15][8].