客户端 康耐特光学（02276）早盘股价上涨4.92%，现报54.35港元，成交额931.07万港元。 12月30日，国家发改委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政策的通 知》，落实优化实施"两新"政策的决策部署，明确2026年"两新"政策的支持范围、补贴标准和工作要 求。值得关注的是，数码和智能产品购新方面，2026年品类扩围，新增智能眼镜，补贴金额和比例不 变。中金认为，该政策将显著降低终端购置成本，推动智能眼镜渗透率进入快速提升通道，为产业链各 环节打开增量市场空间。 东吴证券指出，康耐特光学凭借三大优势深度布局XR产业链：1）公司为全球少数能规模化量产1.74超 高折射率镜片的厂商，该产品轻薄特性完美契合AR眼镜的轻量化刚需，同时具备领先的自由曲面技 术，可解决光波导带来的光学畸变痛点；2）依托成熟的C2M"小单快反"生产体系，公司能够高效响应 智能眼镜新零售业态下的个性化定制需求；3）歌尔股份作为公司第二大股东，在XR整机制造领域占据 全球领先地位。公司有望借助歌尔的客户渠道，快速切入全球头部科技巨头的智能眼镜供应链。公司为 阿里"夸克AI眼镜"独家镜片供应商，产品力获验 ...

康耐特光学(02276)高开逾3%，截至发稿，涨3.47%，报53.6港元，成交额85.22万港元。 消息面上，12月30日，国家发改委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政 策的通知》，落实优化实施"两新"政策的决策部署，明确2026年"两新"政策的支持范围、补贴标准和工 作要求。值得关注的是，数码和智能产品购新方面，2026年品类扩围，新增智能眼镜，补贴金额和比例 不变。中金认为，该政策将显著降低终端购置成本，推动智能眼镜渗透率进入快速提升通道，为产业链 各环节打开增量市场空间。 东吴证券指出，康耐特光学凭借三大优势深度布局XR产业链：1)公司为全球少数能规模化量产1.74超高 折射率镜片的厂商，该产品轻薄特性完美契合AR眼镜的轻量化刚需，同时具备领先的自由曲面技术， 可解决光波导带来的光学畸变痛点；2)依托成熟的C2M"小单快反"生产体系，公司能够高效响应智能眼 镜新零售业态下的个性化定制需求；3)歌尔股份（002241）作为公司第二大股东，在XR整机制造领域 占据全球领先地位。公司有望借助歌尔的客户渠道，快速切入全球头部科技巨头的智能眼镜供应链。公 司为阿里"夸克AI眼镜"独 ...

Core Viewpoint - 康耐特光学's stock price increased by 3.38% to 53.6 HKD, with a trading volume of 11.9972 million HKD, driven by strong market demand for Quark AI glasses [1] Company Summary - 康耐特光学 is the exclusive lens supplier for Quark AI glasses, with the S1 model's lens prices significantly higher than standard lenses, indicating a strong pricing power [1] - The company is expected to benefit from the long delivery times for Quark AI glasses, which have extended to 45 days due to high demand [1] - 康耐特光学's Japanese factory is set to be completed in Q4, adding 600,000 units of customized lens capacity, which may reduce tariffs on U.S. operations [1] - The upcoming Thai factory is expected to further enhance the company's global supply capabilities, supporting stable growth in its core business [1] Industry Summary - The demand for AI glasses, particularly the Quark AI glasses, is exceeding expectations, prompting the company to expand its production capacity [1] - The XR business of 康耐特光学 is positioned well due to its first-mover advantage and high technological barriers, which may strengthen its competitive edge in the industry [1]

Core Viewpoint - The stock of 康耐特光学 (Kangnait Optical) has reached a new high, indicating strong market interest and potential growth in the optical industry [2]. Group 1 - 康耐特光学's stock price increased by over 5%, reaching a peak of 52.5 HKD, which is a new record since its listing [2]. - As of the latest update, the stock is up by 3.82%, trading at 51.7 HKD with a trading volume of 125 million HKD [2].

Core Insights - EssilorLuxottica celebrates its 30th anniversary in China and showcases multiple new products at the China International Import Expo, focusing on myopia management for children and adolescents, adult vision health, and wearable devices [1] - The company collaborates with partners to launch initiatives in consumer insights, industry standards, and public welfare education [1] - The 2026 edition of the National Vision Health Report is initiated, aiming to deepen discussions on myopia prevention and expand to "lifecycle eye health" [1] Group 1 - EssilorLuxottica supports the Shanghai Eye Disease Prevention Center in launching the national health industry standard "Guidelines for Graded and Classified Prevention and Treatment of Myopia in Children and Adolescents" [2] - The company provided over 8,000 lenses for a school-based myopia intervention project, which is part of Shanghai's public health system enhancement plan [2] - The new guidelines will promote a graded and classified approach to myopia management, emphasizing early intervention [2] Group 2 - EssilorLuxottica releases a digital version of "Our Eyes," developed in collaboration with leading optometry experts, to meet the educational needs of the digital age [3] - The digital version incorporates the latest knowledge from the "Myopia Prevention and Control White Paper (2025)" and uses animated videos and educational materials to raise awareness among children and adolescents [3] - The company also showcases the innovative Essilor Star Control smart glasses, which feature a monitoring module to help children meet recommended wearing times for effective myopia management [3]

Group 1: Bayer's Participation in the Expo - Bayer's General Manager for Health Consumer Products in China, He Yong, emphasized the Expo as a platform for creating "self-value" and "mutual value" for participants [1] - He expressed confidence in the Chinese market, highlighting its strong foundation and the ongoing urbanization and consumer demand for quality living [1] - Bayer will showcase several products at the Expo, including global debuts of various health products, reinforcing its commitment to the Chinese market [1] Group 2: Schindler's Innovations - Schindler will present new achievements in smart manufacturing and digital solutions at the Expo, including its smart maintenance system and robotic elevator installation system [1] - The company aims to enhance brand influence and contribute to China's high-quality development through its participation [2] Group 3: EssilorLuxottica's Focus on Vision Health - EssilorLuxottica will showcase innovations in vision health management for children and adults, as well as smart eyewear solutions at the Expo [2] - The company plans to initiate the compilation of the "National Vision Health Report 2.0," aiming to integrate the concept of "lifecycle vision health" into the national public health system [2] Group 4: Panasonic's Strategic Presentation - Panasonic will present innovative solutions across various spaces at the Expo, demonstrating its technological strength and social value [3] - The company will hold a strategic conference to discuss its core strategy and value chain in the AI-driven industrial transformation [3]

Core Viewpoint - 康耐特光学's stock price increased by over 6% in early trading, reflecting positive market sentiment following the announcement of its exclusive partnership with 阿里 for the Quark AI glasses [1] Group 1: Company Performance - 康耐特光学's stock rose by 4.82% to HKD 43.96, with a trading volume of HKD 34.99 million [1] - The company is the exclusive lens supplier for 阿里’s Quark AI glasses, which achieved the top sales position in the smart glasses category on Tmall within 10 hours of its pre-sale launch [1] Group 2: Industry Developments - 华创证券 forecasts that 康耐特光学's Japanese factory will commence production in Q4, enhancing its global supply capabilities and mitigating tariff risks [1] - The company possesses a significant first-mover advantage and high technological barriers in its XR business, which is expected to strengthen its competitive position in the industry [1]

Core Viewpoint - The company will be included in 13 indices, including the Hang Seng Composite Index and the Hang Seng Hong Kong Stock Connect Index, starting from September 8, 2025, which is expected to enhance liquidity [1] Company Overview - The company is a global leader in resin lenses, with strong technology, production capacity, and customer barriers [1] - High refractive index products are rapidly increasing in volume, and the growth path for profitability is clear, driven by traditional resin lenses and smart glasses optical lenses [1] Financial Performance - In the first half of 2025, U.S. tariffs impacted revenue, while the second half is expected to see revenue recovery driven by capacity release [1] - Standard lenses increased by 20% due to product structure optimization and an increase in the share of self-owned brands; functional lenses grew by 8.8%; customized lenses saw a decline of 4.9% due to slowed order rhythm from American clients [1] - Revenue growth rates for different regions: China +19%, Asia (excluding China) +22.5%, Europe +6%, and America -1.8% [1] Production Capacity and Market Trends - A new customized production line in Japan is set to start operations in the third quarter, releasing about 20% of customized capacity, which is expected to help recover revenue in America [1] - The global smart glasses shipment volume increased by 110% in the first half of 2025, driven by strong sales of Ray-Ban Meta and new brands like Xiaomi and RayNeo [1] - Meta's market share reached 73%, with new products expected to launch in the second half of the year, indicating continued high growth in the industry [1] Domestic Market Insights - In the first half of 2025, China's smart glasses retail volume reached 468,000 units, a 148% increase [1] - The market is expanding with new products from various brands, and retail volume in China is expected to exceed 1.4 million units by 2025, representing a 216% increase [1] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains largely unchanged, with the current stock price corresponding to 39/31 times P/E for 2025/2026 [1] - The target price has been raised by 7% to 58 yuan, corresponding to 47/38 times P/E for 2025/2026, indicating a 20% upside potential from the current stock price [1]

Core Viewpoint - The company reported strong mid-year performance for 2025, with significant revenue and profit growth driven by both domestic and international business expansion, as well as product upgrades in high-value segments [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 1.08 billion, an increase of 11.1% year-on-year; net profit attributable to shareholders was 270 million, up 30.7% [1]. - The gross margin for H1 2025 was 41.0%, an increase of 1.8 percentage points, while the net profit margin was 25.2%, up 3.8 percentage points [1]. - Product-wise, standard lens revenue was 510 million, up 20%, with a gross margin of 33.6%; functional lens revenue was 380 million, up 8.8%, with a gross margin of 40.6%; customized lens revenue was 180 million, down 4.9%, with a gross margin of 61.9% [1]. Product and Sales Growth - The company sold 9.3 million units in H1 2025, a 7.5% increase, with an average product price of 23.3 yuan, up 3.3% [1]. - The growth in standard and functional lens revenue was attributed to the promotion of high-refractive and multifunctional lenses, leading to continuous product structure upgrades [1]. Regional Performance - Domestic revenue reached 360 million, a 19.0% increase, while overseas revenue was 730 million, up 7.5% [2]. - In Asia, revenue was 300 million, up 23%; in Europe, it was 170 million, up 6%; in the Americas, it was 220 million, down 2% [2]. - The company is expanding overseas production capacity, with a customized production line in Japan expected to start in H2 2025 and a new production base in Thailand also set to begin construction in H2 2025 [2]. XR Business Development - The company is making progress in its XR business, including AR and AI glasses, with ongoing collaborations with both domestic and international technology and consumer electronics companies [2]. - The number of overseas projects is increasing, with a shift in focus from product functionality and technical validation to scaling production [2]. Profit Forecast - The company maintains its profit forecast, expecting net profits of 560 million, 670 million, and 790 million for 2025-2027, corresponding to PE ratios of 35X, 29X, and 25X [3].

Core Viewpoint - 康耐特光学 reported a revenue of RMB 1.084 billion for the six months ending June 30, 2025, representing an increase of 11.04% year-on-year [1] - The profit attributable to the owners of the parent company was RMB 273 million, reflecting a year-on-year increase of 30.73% [1] - The company proposed an interim dividend of RMB 0.15 per ordinary share (tax included) [1] Revenue and Profit Growth - The increase in revenue and profit was primarily due to the orderly expansion of both international and domestic businesses [1] - Sales of high value-added products showed stable growth [1] - Upgrades to automated production lines effectively improved production and labor efficiency while reducing production costs [1]